Herbert Smith has upped the number of partner promotions to 13 this year, signalling a renewed confidence in business activity.
The firm made up 19 partners in April 2001 but dropped down to 11 in 2002 after its 2001-02 financial results showed an 8 per cent drop in profits on the previous year. While new partner numbers remained at the same level in 2003.
However by contrast, average profits per partner were up by ten per cent in 2002-03, spurring the increase in lawyers admitted to equity.
Litigation dominated promotions this year, with five lawyers in litigation and arbitration becoming partners compared to three in corporate and just one in finance.
One of the litigation associates becoming a partner is from Herbert Smith’s Moscow office, showing the firm’s renewed focus on Russia following its August 2002 hire of Clifford Chance partner John Balsdon.