The legal arm of PricewaterhouseCoopers, Landwell, which is the UK’s sole surviving accountancy-tied law firm, has made up a salaried partner to the equity in only its second salaried partner promotion since its launch in 1996.
Richard Edmundson, a lawyer in the firm’s successful HR/international corporate restructuring practice, has joined the equity.
The firm now has five equity partners, although only four are fee-earning. Landwell global operations manager Paul Downing, who will retire next year without being replaced, is a partner only for regulatory reasons.
The firm has historically struggled to promote its own talent. A confidential strategy document prepared by Landwell in autumn 2001 identified the failure to make up equity partners as a key issue. At the time, sources inside the firm claimed that it inevitably harmed morale among salaried partners.
The firm’s first equity promotion came last year as salaried corporate partner Shirley Brookes was made head of corporate.
Managing partner Leon Flavell said: “We’re putting a lot of emphasis on our international corporate structuring practice going forward.”