Finish of an period for Travers as Reed, succeeding Affected person as managing companion
David Patient will hand over the baton of managing partner of Travers Smith to private equity partner Edmund Reed, the company announced this morning (November 16).
Reed, a partner in Travers’ private equity and financial sponsorship group since 2013 and a member of the company’s partnership committee, will assume the role on July 1, 2021.
The popularity of Patient (pictured), who was originally elected to the helm in January 2015 to succeed Andrew Lilley, was felt in 2018 when he was freely elected for a second term of three years.
His successor Reed joined Travers in 1994 and became a partner in 2005. Between 2000 and 2004 he was an investment manager at Phoenix Equity Partners. He is credited with playing an active role in leading the company and developing Travers Smith’s business strategy in addition to his M&A experience focusing on private equity and real estate businesses.
His clients include private equity firms Phoenix Equity Partners, Inflexion and Patron Capital, as well as large companies such as Ascential Group and Foster + Partners.
Due to the aftermath of the coronavirus pandemic, Patient has led the company through six-year revenue growth and has been instrumental in realigning the company’s professionalism without compromising its highly valued culture.
Patient and former senior partner Chris Hale were also the forces behind the firm’s hugely successful Paris office, helping UK private equity clients do more English legal work on the continent and building a referral network.
Travers posted sales growth for nine straight years, with the tenth year being negatively impacted by the impact of a reporting period through June rather than April, meaning the pandemic has been hit harder by the pandemic. This resulted in a 1% drop in revenue to £ 160.9 million, a 11% decrease in net income and a 19% decrease in earnings per equity partner (PEP) to £ 1 million.
Senior Partner Kathleen Russ said, ‘Edmund is an outstanding strategist who combines a deep understanding of the benefits of independence, culture and ethos in the company with innovative thinking and a highly commercial perspective. This is a period of change for the legal industry, and with these challenges, opportunities arise. I am very much looking forward to working with Edmund when we are in a phase of innovation and development and using these developments to build on the company’s current success and reputation in the marketplace. ‘
Russ also praised Patient for his “thoughtful leadership” of the company through the coronavirus pandemic.
The patient said: I would like to congratulate Edmund on his appointment as the next managing partner. With his in-depth knowledge of Travers Smith, his business acumen, and diverse experience, he has all the qualities to be a great managing partner. I am delighted that he is taking on this important leadership role in the company. ‘
Reed added, ‘Travers Smith is a vibrant and dynamic law firm with fantastic clients and an excellent team of highly qualified lawyers and business services professionals. Over the past few years, under David’s leadership, we have built a stellar business focused on our market-leading skills in asset management, M&A and disputes.
“I’m also proud of the way the company is caring for its employees, not just through the current pandemic but more broadly, including the significant advances we are making on diversity and inclusion.”
For more information on Travers Smith’s success under David Patient, see Defying Gravity in the Unlikely Rise of Travers and Macfarlanes (£).