Partnership ranks at top UK law firms still in flux, research shows
DLA Piper has seen more partners resign from its limited liability partnership (LLP) since January 2010 than any other top 10 firm, according to Legal Week research that shows the extent to which leading law firms are continuing to reshape their partnerships. Filings with Companies House show DLA Piper has seen 75 partners resign from its international LLP since January 2010, of which 60 have left the firm entirely. Of the remaining 15, eight have stayed with DLA in non-partner roles, with seven set to rejoin the LLP on 1 May when the merger with former Australian alliance partner DLA Phillips Fox takes effect.
April 06, 2011 at 07:39 PM
3 minute read
LLP filings show upheaval at DLA Piper, Eversheds and Ashurst
DLA Piper has seen more partners resign from its limited liability partnership (LLP) since January 2010 than any other top 10 firm, according to Legal Week research that shows the extent to which leading law firms are continuing to reshape their partnerships.
Filings with Companies House show DLA Piper has seen 75 partners resign from its international LLP since January 2010, of which 60 have left the firm entirely. Of the remaining 15, eight have stayed with DLA in non-partner roles, with seven set to rejoin the LLP on 1 May when the merger with former Australian alliance partner DLA Phillips Fox takes effect.
DLA's tally equates to just under 10% of the firm's total partner count as it stood on 30 April 2010. Eversheds has seen the second-highest number of partners leave since the start of 2010, according to LLP filings, with only five of the 31 partners listed as resigning from the LLP staying with the firm as consultants.
Breaking down the number of confirmed departures as a percentage of total partnership size at the close of the last financial year, Ashurst comes second, with 8.8% of its partnership leaving, followed by Eversheds on 8.7%. In contrast, Allen & Overy has seen only 12 departures from 21 LLP resignations – equating to 2.6% of its partnership at 30 April.
Most of DLA's departures were from the firm's international offices, with 26 of the 75 departures listed with Companies House based in the UK. DLA's count does not include the trio of high-profile UK departures – including global co-head of litigation Neil Gerrard and European private equity chief Will Rosen – announced in recent days, as these have not yet been registered with Companies House.
DLA joint chief executive and managing partner Nigel Knowles (pictured) said: "We have an ambitious and stretching vision and strategic plan which are driven by a large, vibrant and entrepreneurial partner group which continues to grow. However, this group has and will continue to change as our clients' and our partners' needs evolve and develop."
Legal Week's research demonstrates the extent to which many firms are continuing to resize their partnerships several years after the peak of the financial crisis. In total, there have been 211 partner departures from the UK top 10 law firms since the start of 2010, equating to around 5.8% of total partner count at 30 April 2010. At DLA, for example, the departures from January 2010 to date are higher than during the 2009 calendar year, when 53 partners left the firm.
Meanwhile, Eversheds' departures come on top of 35 exits from the firm between 1 May 2009 and November the same year. Similarly, Ashurst saw 22 partners leave between January 2009 and the end of October 2009.
Eversheds managing partner Lee Ranson said: "Given the size and reach of Eversheds' business, it is inevitable that we see partners move due to retirements, career moves or changing priorities."
In a statement, Ashurst said: "Over the last few years, performance management has been increasingly important and in consequence Ashurst, like most firms, has seen a larger number of partners depart."
[asset_library_tag 2783,Click here] for full details of LLP partner resignations at the UK's top 10 firms since January 2010.
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