Partner promotions at Allen & Overy (A&O) have slumped to a three-year low as news emerges that the magic circle firm has invited just 14 associates to join the partnership. Last year the firm promoted 21 associates, while in 2003, 29 were made up.
Of the new partners, six specialise in banking, three in litigation, two in tax and one in private client. A&O has also promoted two corporate associates but these two lucky individuals are based in Paris and Amsterdam. The news that A&O hasn't made up any partners in its London corporate group shouldn't come as a surprise. As first reported by The Lawyer (2 August 2004), A&O dashed the hopes of aspiring associates vying to make partner after announcing that there wouldn't be any promotions in their department in 2005.
However, it's not all gloom. A&O sources are predicting the corporate team will put in big improvements this financial year, we can only hope that those associates who missed out in this round will have more luck in 2006.