Freshfields restructuring derails promotions process

The £40m restructuring undertaken by Freshfields Bruckhaus Deringer has thrown its its partnership promotion programme into chaos.

The magic circle firm made two more surprise promotions to the partnership today, making up a couple of London-based finance associates, in addition to the 22 promotions the firm announced just two weeks ago.

It is understood there still are promotions to be announced although it is not clear in what areas.

Finance associates James Grand and Martin Hutchings will become partners on 1 May.

Since April 2006, the firm has lost 100 equity partners. It has a around 500 partners in all, who are a mixture of equity and non-equity. The firm does not publicly disclose the split, but it is believed that there are around 440 equity partners.

This takes the number of new partners in London to seven out of the new total of 24. Grand’s and Hutchings’ promotions also means that the finance department as a whole scored seven promotions, just two behind corporate.

Co-senior partner Guy Morton said: “On behalf of the firm I would like to welcome James and Martin to the partnership, and look forward to working with them.”