Legal Business Cites Edwards Gibson Data in “From Bellwether to Perfect Storm: Can Travers Pull Through Choppy Waters?”
A recent Legal Business article by Tom Cox, “From Bellwether to Perfect Storm: Can Travers Pull Through Choppy Waters?” features data from Edwards Gibson, highlighting the significant shift in partner departures at Travers Smith over the past two years.
Historically known for its stability, Travers Smith has faced an unprecedented wave of lateral departures, with 10 partners leaving in 2023—roughly 12% of the firm’s total partnership. According to data from Edwards Gibson, this figure is particularly striking when compared to the previous nine years combined (2014–2022), during which the firm only saw 11 lateral partner departures.
The trend continued into 2024, with an additional seven partners departing, including several practice heads, as well as senior counsel Andrew Ross. The departures, particularly from key transactional teams, have raised questions about the firm’s ability to retain talent in an increasingly competitive London legal market.
Scott Gibson, Director at Edwards Gibson, provided insights into the challenge Travers faces in balancing profitability with retention. He pointed out that the firm’s relatively modest profit pool—around £80 million—must be carefully allocated to keep star performers satisfied while maintaining financial sustainability across the partnership.
The article explores how US firms have aggressively targeted Travers Smith’s talent, particularly in private equity, leveraging higher pay structures to attract leading lawyers. Gibson noted that the inability of firms like Travers to significantly overhaul their compensation models puts them at a disadvantage in a market where top-tier lateral hires are increasingly costly.
Despite these challenges, Travers Smith Managing Partner Edmund Reed remains optimistic, citing strong financial results for 2023-24 and a strategic focus on transactions, disputes, and complex advisory work. The firm has also made targeted lateral hires to bolster key areas such as funds and infrastructure debt.
As the firm looks to steady itself amid ongoing market pressures, Edwards Gibson’s data underscores the scale of recent departures and the broader challenges facing independent UK firms in an increasingly US-dominated lateral hiring landscape.
Read the full Legal Business article here.