I’ve Qualified Into The Real Estate Department In A Top 10 Firm. Should I Stay Or Look Elsewhere?

You can forget the magic circle. Real estate is simply not as remunerative as corporate. Allen & Overy (A&O) has not made up an internal candidate to partnership in three years, although it took on a lateral from Clifford Chance in 2003-04. Clifford Chance has made one internal promotion in three years into the mainstream real estate group; the other internals have been in Frankfurt and Prague. Freshfields Bruckhaus Deringer has made up one partner in London in three years but none outside London. Linklaters has had the best track record for promoting internally with five partners in three years, of whom two have been in London.

In the top 10, Herbert Smith consistently has a minimum of moving one internal candidate into partnership over the past four years. Lovells made up two partners in 2005-06 after two years of no promotions. Outside the top 10, Nabarro Nathanson has promoted seven partners in three years and made three lateral hires, while in 2003-04 Hammonds promoted two, then one the following year and then another two in 2005-06. Wragge & Co also has a consistent record of real estate promotions, as does SJ Berwin.

In the UK, DLA Piper Rudnick Gray Cary has made up more laterals over three years (nine) than internals (six), but these have been spread across the country. In 2005 it promoted two partners in Leeds, one in Manchester and one in London.