Last week, The US Law Firms in London Salary Survey, produced by recruitment consultants Taylor Root with The Lawyer, revealed that the number of UK associates promoted to partner in US firms had decreased by 10 per cent this year. US firms promoted 70 per cent of their partner entry-level UK associates this year, compared with 80 per cent of the comparable groups the year before.
Bob Goldspink, London head of litigation, Morgan Lewis
“We've made up 100 per cent of our British seven to nine-year qualified associates this year. Our London office is new and small, however, meaning we're actively looking for good Brits, as we need to grow from the top down. In the more established London offices of US firms, I'd expect to see the number of partner promotions going down to cope with the downturn in non-contentious work.”
Recently made up partner at a top 25 UK law firm
“I think a drop from 80 to 70 per cent is a negligible difference. So what? Compared to what's happening in the UK market, with firms like Linklaters de-equitising existing partners, this is nothing, and shows the US firms are still growing in London. What makes the story interesting is that the partner promotions at US firms in London have only dropped by 10 per cent.”
Vasson Giorgiadis, head of private practice search, Principal Search
“I don't think it matters. It's just a marginal difference. The majority of US firms right now are looking to develop significant English law practices in London. I think it's just that less partners are being made up generally in both US and UK firms. It's worth noting that one of the magic circle firms is promoting only one partner in the whole of the corporate department in London this year.”