Law Firm Partners

International Edition

The rocky road to riches – partners' struggle to equity is bad news for juniors

By Georgina Stanley | June 6, 2013

You know the outlook is bleak when even the most genial of law firm managers privately suggests they probably wouldn't encourage today's university students to pursue a career in the law. Or at least a career as a partner in a City law firm. Ever-more demanding clients and growing pressure on firms to maintain profits despite stagnating or even falling revenues means that, for most, the path from junior lawyer to the heady heights of partnership is long, and getting longer. And for the exclusive few who do make it there, the view from the top is decidedly more precarious than it used to be, with annual pruning now the norm rather than the exception.

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The rocky road to riches – partners' struggle to equity is bad news for juniors

By Georgina Stanley | June 6, 2013

You know the outlook is bleak when even the most genial of law firm managers privately suggests they probably wouldn't encourage today's university students to pursue a career in the law. Or at least a career as a partner in a City law firm. Ever-more demanding clients and growing pressure on firms to maintain profits despite stagnating or even falling revenues means that, for most, the path from junior lawyer to the heady heights of partnership is long, and getting longer. And for the exclusive few who do make it there, the view from the top is decidedly more precarious than it used to be, with annual pruning now the norm rather than the exception.

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Transfer Window Asia: recent moves including Simmons and Ashurst

By Elizabeth Broomhall in Hong Kong | June 3, 2013

Akin Gump Strauss Hauer & Feld has expanded its Beijing team with the recruitment of corporate lawyer Chen Li from Milbank Tweed Hadley & McCloy. Chen, who was an Of Counsel with Milbank in Beijing, has more than a decade of experience handling cross-border transactions in China, concentrating on outbound M&A and foreign direct investment, with a focus on major Chinese state-owned enterprises.

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A&O Tokyo chief leaves for Milbank in key projects hire for US firm

By Elizabeth Broomhall in Hong Kong | May 31, 2013

Milbank Tweed Hadley & McCloy has made a key hire in Japan with the addition of Allen & Overy (A&O) Tokyo managing partner Aled Davies. Davies, who has worked in Japan for over 10 years and has considerable experience in banking, structured finance and project finance, recently resigned from A&O and is currently on sabbatical.

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K&L Gates hires White & Case corporate partner for Hong Kong office

By Elizabeth Broomhall in Hong Kong | May 30, 2013

K&L Gates has added to its Hong Kong corporate team with the hire of partner Virginia Tam from US rival White & Case. Tam, who is qualified in New York and Hong Kong, focuses on cross-border corporate mergers and acquisitions involving publicly-traded companies, mostly advising on private equity financing.

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Associates face long road to the top as partnership track lengthens

By Gerard Starkey | May 30, 2013

The track to partnership at the country's largest law firms is continuing to lengthen, with the average level of experience held by new UK partners now standing at more than 10 years, according to research by Legal Week. Figures compiled from the UK top 20 firms' 2013 partner promotions show the average length of time taken for UK lawyers to reach partnership from qualification reached 10.5 years, up from last year's figure of 10.3. When focusing solely on the top 10, the figure rises further to an average of 10.6 years, up from 10.4 last year. These figures are significantly higher than those seen before the onset of the credit crunch in 2008, when the average post-qualification experience (PQE) for new partners at top 10 firms stood at 8.8 years.

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A&O boosts Australian litigation practice with Corrs partner hire

By Elizabeth Broomhall in Hong Kong | May 29, 2013

Allen & Overy (A&O) has added to its Australian litigation practice with the hire of Corrs Chambers Westgarth (CCW) partner Mark van Brakel. Brakel, who is based in Perth as the first litigation partner in that office, specialises in advising energy and resources companies on everything from engineering, project and joint venture disputes, to contentious matters involving directors and shareholders.

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Lock down – the impact of the downturn on the recruitment market

By Legal Week | May 23, 2013

Partnership used to be for life as a general rule – barring exceptional circumstances. This meant that any moves between law firms in a partner's career were the exception, rather than the rule. And then the world changed. The impact on major and mid-tier law firms, and by implication the outlook of their top talent, has been significant and has continued to shift in response to a range of macro and micro situational indicators. Over the past 25 years, there have been many contributory macro-economic, corporate and political factors to contend with: a technological revolution; the huge expansion of law firms into global businesses; the advent of the US firms' threat to City firms from the late 1990s onwards; and most recently, the global credit crunch.

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Hong Kong ranks third most popular destination with expat lawyers - survey

By Elizabeth Broomhall in Hong Kong | May 20, 2013

Hong Kong is the third most popular destination in the world for expatriate lawyers, according to a new report commissioned by business school ESCP Europe and recruiter Hydrogen. Some 9% of legal professionals surveyed ranked the North Asian financial hub as their preferred relocation destination, beating Australia, which was the favourite of 7%, and Canada which was number one among 6%.

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Ex-Cobbetts partners face £100k penalty to break two-year DWF lock-in

By Gerard Starkey | May 16, 2013

Legacy Cobbetts partners could face a financial penalty of up to £100,000 if they choose to break the two-year lock-in set out in the failed firm's pre-pack purchase agreement with DWF. The former Cobbetts partners, who had their capital contributions protected following the Manchester firm's collapse earlier this year, all joined DWF as fixed-share partners as part of the £3.8m distressed purchase. In order to protect its investment, DWF imposed a two-year lock-in on the transferring partners and it is now understood that this includes a release clause penalty of £100,000 for any partners trying to leave during the first year and £70,000 for any trying to leave in the second.

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Law.com

Compliance Hot Spots: DOJ Unveils New 'Inability to Pay' Guidance | 'Unfortunate Series of Events' in CFTC Dust-up | SEC Is Hiring New Chief Data Officer | All the New Moves

By C. Ryan Barber | October 8, 2019

Welcome to Compliance Hot Spots. The US Justice Department's got new guidance for prosecutors about how to assess corporate fines when the defendant claims they can't pay. Plus: hear from the Chicago federal trial judge who's justifying orders setting up a contempt inquiry against leaders of the CFTC. Plus, all the new white-collar and regulatory moves. Thanks for reading!

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National Law Journal

Rolling with the Punches: How to Use Tough Criticism as a Young Lawyer

By Eric R. Nitz | October 8, 2019

At some point, no matter how much time we invest on a matter, our work product will receive a sharp critique. Here's how to keep a clear head and embrace the positive.

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The American Lawyer

Big Law Supporters Form New Group Backing Kamala Harris

By Christine Simmons | October 8, 2019

Lawyers from Kirkland, Paul Weiss, Weil Gotshal, Sullivan & Cromwell, Quinn Emanuel and other firms attended the group's first meeting in New York.

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New York Law Journal

Big Law Supporters Backing Kamala Harris Meet in NY

By Christine Simmons | October 8, 2019

Lawyers from Kirkland, Paul Weiss, Weil Gotshal, Sullivan & Cromwell, Quinn Emanuel and other firms attended the group's first meeting in New York.

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Litigation Daily

In Memoriam: Bill Urquhart

By Jenna Greene | October 8, 2019

At most AmLaw 100 firms, of course, the name partners are long gone—and the transition from founders to next generation of lawyers is a distant memory. But for a few newer AmLaw 100 firms—Quinn Emanuel and Boies Schiller Flexner come to mind—this transition is still to come.

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The American Lawyer

Impeachment Inquiry Brings Paul Hastings' Luskin Back Into the Fray

By David Thomas | October 8, 2019

Robert Luskin is representing Gordon Sondland in an escalating tug-of-war between House Democrats and the Trump administration.

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National Law Journal

Latest Impeachment Blowup Brings Robert Luskin Back Into the Fray

By David Thomas | October 8, 2019

The Paul Hastings partner is representing Gordon Sondland in an escalating tug-of-war between House Democrats and the Trump administration.

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The American Lawyer

Amid Failed Merger Talks, O'Melveny Grew London Profits Over 400%

By Rose Walker | October 8, 2019

The firm's London arm is in the process of looking for new office space.

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Supreme Court Brief

Atlanta Firm Advocating for LGBT Protections | Rare Intervention Grant | Verrilli Leads for Sandy Hook Victims | Big Law Arbitration Clauses

By Marcia Coyle | Tony Mauro | October 8, 2019

The US Supreme Court today is hearing a major test of the scope of LGBT protections under Title VII. Here's the role a small firm in Atlanta played. Plus: the justices, over the objections of a party, granted a rare intervention in an EEOC case. Thanks for reading!

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The American Lawyer

Minority Partners Disproportionately Placed in Nonequity Partnership Tier

By Dylan Jackson | October 8, 2019

More than half of all minority partners are nonequity partners, according to an analysis by The American Lawyer.

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