In an unusual move, mid-size City firm Lawrence Graham is making nobody up to partnership this coming financial year.
Because of a demographic quirk, Lawrence Graham’s strict rule of considering only seven-year qualified assistants meant that none was in the frame for promotion.
Senior partner Bill Richards said: “We had six internal promotions last year, which is the most we’ve ever made.” Richards added that Lawrence Graham also made a slew of lateral partner appointments last year, including a team from Tite & Lewis. The equity partner-salaried partner split currently stands at 60:40.
Last year, Lawrence Graham posted record average profit per equity partner (PEP), at £416,000. Sources close to the firm are predicting PEP to dip some 5 per cent below £400,000.