Fri, 17 May 2013
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Mayer Brown promotes a bumper crop to partner
Making up or down?
Mayer Brown has made up 43 partners this year, but they're actually down more than that number for the year as they have actually lost more than 90 partners since the last round of promotions (some involuntarily, most not). The failure to get salaried partners through to equity has also meant a further bolt for the door with a number of partners resigning recently and (according to recruiters) many looking to leave. London had until recently been spared the mass defections blighting the firm globally, but even that has now changed with partners even resigning from the firm leading corporate group. Driving all of this (amongst other reasons) is the push to rebalance equity and salaried partners (to artificially inflate PEP) and the relatively poor salaries paid to FSP's (who earn a little more than senior associates). Indeed, the firm mistakenly released a memo last week noting that the management committee has decided to ensure that salaried partners remain salaried for 5 years, rather than the previously stated 3.
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