I'm A Banking Assistant At A Magic Circle Firm. Where Should I Go?

Banking assistants have more choice than many, but don’t think you are going to get much luck at other magic circle firms. Freshfields Bruckhaus Deringer has hired a Linklaters associate into partnership and Linklaters has hired partners from Clifford Chance and Lovells, but these are exceptional cases. Allen & Overy (A&O) and Clifford Chance virtually never take on laterals.

A&O’s last foray into lateral hiring was in 2002 with a four-partner team from Norton Rose, while Clifford Chance took on restructuring partner Nick Frome from Lovells in 2001 and banking partner James Johnson from the former Wilde Sapte in 2000. A&O’s tally of London promotions has dropped from its high of four in 2003-04 to one in 2005-06. Clifford Chance has not been entirely consistent in London either, with no promotions in 2004-05 and four in 2005-06.

In 2005-06, four of Norton Rose’s worldwide finance promotions were in London. The structured finance group recently hired two associates from Freshfields and A&O into partnership, along with a Lovells partner. In 2005-06, Simmons & Simmons laterally recruited four finance partners in London. US firms do not have a strong track record of making partners. The best prospects in finance are easily at White & Case and Cadwalader Wickersham & Taft. White & Case has promoted nine associates in three years and Cadwalader seven.