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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.
Lawrence Graham's move contrasts with other mid- size City players. Nabarro Nathanson is promoting seven to its partnership and Macfarlanes has promoted six, while Addleshaw Goddard promoted 10.
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.