Partner Promotions Slow at Top London Firms
The number of lawyers promoted to partner at the top 10 law firms in London dropped 10 percent in the most recent financial year.
The firms promoted 207 lawyers to partner, compared to 231 in fiscal 2007, Legal Week reports. The publication says the figures suggest that law firms are already tightening their belts in preparation for the slowing economy.
Most new partners will be salary partners rather than equity partners, the publication says.
Linklaters promoted only 28 lawyers to partner, compared to 38 last year, and Lovells promoted only 18, compared to 31 last year.
However, figures for 47 of the top 50 law firms announcing results so far show partner promotions are marginally higher. At these firms, 585 lawyers had been promoted to partner by May 1, compared to 581 at the same time last year. Helping boost the numbers were Bird & Bird, which promoted a record 14 lawyers to partner, and Olswang, which promoted a record 10 lawyers.
