Travers Smith has joined the growing ranks of firms posting bumper trading results, with profit per equity partner (PEP) soaring by nearly a quarter at the ‘silver circle’ firm.

The firm said today PEP came in at £1.2m, a rise of 24.3% for the year to 30 June. Turnover also rose sharply, by 17.5% to reach £146m. 

Managing partner David Patient said: ‘The strategic investments in our people and business over the last few years are paying dividends, and the confidence we, and our clients, have in our model is reflected in some fantastic work this year, and our bumper promotion round of eight new partners.’

Like other firms however, he warned of fresh challenges and ‘bumps in the road ahead’ in a year in which the UK will officially exit the EU.