Record Partner Promotions at UK Firms
With the mergers-and-acquisitions business booming, London’s largest law firms are naming more partners this year than last, with many major firms promoting record numbers.
Linklaters, Eversheds, DLA Piper and Pinsent Masons will all promote the largest number of associates to partner in their histories, London’s Legal Week reports.
Lovells will name 30 new partners – a figure equal to 10 percent of its current partnership.
U.S. associates who work for the firms are presumably among those benefiting. Linklaters, Freshfields Bruckhaus Deringer, Allen & Overy and Lovells – all of which have one or more U.S. office – made no more than 40% of their promotions in London.
At Freshfields, the promotions come after a round of downsizing, the paper notes. A year ago, the firm had about 500 partners; after it promotes this year’s crop of 22, it will have only 450. And the firm has also instituted a non-equity partnership tier in the past 12 months.
