Global ambitions see firms shift promotions focus as City partnership prospects drop
London partner promotions across the top 50 have dropped this year, as the UK's largest law firms continue to shift their traditional City-centric focus to a more international outlook.
June 28, 2012 at 07:00 PM
3 minute read
City partner promotions fall while total numbers remain static; new markets in focus for top 50 leaders
London partner promotions across the top 50 have dropped this year, as the UK's largest law firms continue to shift their traditional City-centric focus to a more international outlook.
The number of London lawyers promoted across the group fell to 158 this year, accounting for 31% of all new partners, down from the 2011 total of 191, which equated to 39% of last year's promotions. The drop in London numbers comes as total partner promotions across the UK top 50 have remained static at 514 this year, on the back of a sharp rise of 38% from 2010 to 2011.
Among the regions to see an increase this year was the US, where promotions by UK firms increased from 56 to 68, equating to 13% of all this year's new partners. Firms showing renewed commitment to their US arms included Clifford Chance (CC), Freshfields Bruckhaus Deringer and Clyde & Co, all of which made up two partners in the US after making up none last year.
In total, 19 of the UK top 50 increased their partner promotions this year, with the most notable performers including Bird & Bird, which made up 12 partners after a round of just two last May, and Norton Rose, where promotions rose from 15 to 36 in the wake of the firm's moves into new territories in Canada, Latin America and Africa.
Norton Rose chairman Stephen Parish (pictured) said: "We are contrary to trend. This year we doubled the number of both London and Asia-Pacific promotions by headcount. We have also entered new markets and have more than doubled our total number of partner promotions."
Other emerging markets represented in this year's promotions round included Sao Paulo, Brazil, where CC promoted two partners, and Caracas, Venezuela, where Norton Rose made up its first local partner.
Asia partnership prospects have decreased slightly this year amid a slowdown in the region, with total promotions falling from 52 to 46, comprising 9% of this year's round. Similarly, in the EMEA region (excluding London) numbers fell slightly from 387 to 379 – 74% of all promotions.
Simmons & Simmons senior partner Colin Passmore said: "All decent-sized firms are looking to become as global as they possibly can. It's important that partners are willing to relocate to other offices."
In contrast to the increased promotions numbers at some of the UK's leading firms, many of those in the lower reaches of the UK top 50 saw reduced rounds this year.
Charles Russell and Holman Fenwick Willan were among those to report significantly lower partner promotions numbers this year, making up two and three new partners respectively, compared with ten and nine the previous year.
Meanwhile, a number of top 50 firms opted against London promotions this year, including Irwin Mitchell, Nabarro, Shoosmiths and Ince & Co, while Osborne Clarke chose not to make any partner promotions at the firm this year.
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