Lucie Cawood, the head of Travers Smith’s private equity and financial sponsors group, has left the firm, marking the latest in a series of exits from the City firm’s transactional practices.
Cawood has led the firm’s PE group since January 2023, when she succeeded Ian Shawyer, following his move to Cleary Gottlieb Steen & Hamilton. She has spent over 20 years at the firm, making partner in 2012, and was also on the firm’s diversity and inclusion board.
Recent key deals she has been involved in include co-leading on Inflexion’s £342m take-private of DWF last year alongside corporate partners Richard Spedding and Ben Lowen.
In a statement, the firm said that she had decided to retire from the partnership to focus on her family. She will be replaced as practice head by Will Yates, has been at the firm since 2007, making partner in 2015.
Cawood’s departure is another blow for Travers’ private equity practice, which saw the double departure of partners Ian Keefe and George Weavil to Goodwin this spring. Other recent departures include Genna Marten, who joined Linklaters in March 2023, and James Renahan, who moved to Fried Frank in mid-2022, as well as Shawyer’s predecessor as practice head, Paul Dolman, who left for Latham & Watkins in 2021.
Eight partners remain in the firm’s private equity and financial sponsors group – Yates, Victoria Bramall, Alex Dixon, Tom Hartwright, Emma Havas, Adam Orr, Laura Kelly, and managing partner Edmund Reed. The team has recently handled matters such as advising Sixth Street Partners and Patron Capital on the £1.35bn acquisition of Cala Homes from Legal & General, on which Dixon took a lead role.
Yates thanked Cawood for her ‘considerable contribution’ and cited ‘a very busy start to the new financial year’.
‘We are excited and energised to drive the private equity business forward, and build on our enviable client base,’ he said. ‘Our dynamic and flexible approach, coupled with a focus on building long lasting relationships puts us in a great position to pursue, alongside our valued clients, the many opportunities arising from current market dynamics, and to provide the right environment for a fulfilling and enjoyable career in the industry for our people.’
Recent departures from other practices include Mahesh Varia, the head of the firm’s incentives and remuneration group, whose move to A&O Shearman was announced last week (8 November), although the firm did recently secure a boost for its funds team with the hire of Joel Grossmark, who joined from Blackstone Credit and Insurance, where he had led the Europe legal function for five years.
Despite the recent exits, Travers posted strong financials for 2023-24, with a near-10% increase in revenue to £215m and a 18% increase in PEP. The firm cited strong performances across core sectors including disputes and investigations, corporate, M&A and asset management, as well as ‘continued success in private equity’, according to senior partner Andrew Gillen.
