According to managing partner Nicole Paradise, the exercise, which has been around in larger magic circle firms for some time, is not about “identifying a small elite group, but about achieving certain benchmarks”.
Paradise believes that, having been used to regular assessment more or less since primary school, associates want more tangible feedback on their progress after qualification rather than just the annual appraisal process.
Real estate continues to be one of the practice areas with the best-structured career paths.
Three out of the seven internal promotions last year were in the real estate and planning groups. However, overall the total 13 lateral hires and internal promotions last year were across the board.
The retention rate at the firm is high and Paradise claims that this is not simply the result of the usual package of benefits, such as medical insurance, life insurance and corporate gym membership.
Instead she says it is largely due to a down-to-earth management and a historically high proportion of female partners (currently around 25 per cent), which have helped create an inclusive internal working environment.