Opinion: law firms should not be afraid to cull partners to keep rising talent
Firms have to balance pruning senior ranks with promoting new talent
July 17, 2014 at 07:43 PM
3 minute read
Since the magic circle made a series of high profile partner culls at the height of the recession, attention has been focused both internally and externally on how they – and the rest of the UK's leading firms – have been managing their partnerships.
The upshot is that while mass exits of the kind that happened in 2009 remain few and far between, firms have steadily continued to prune their ranks and their equity ever since.
And with good reason; even ignoring the fact that businesses – partnerships or not – should not be carrying underperformers taking home more than their fair share of the pie, firms quite simply can't afford not to. An ageing population means voluntary retirements and departures to other firms combined are unlikely to clear enough space to allow firms to promote sufficient junior lawyers to partner.
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