UK partner promotions rebound

The UK legal market has shown its strongest sign yet that business is buoyant.

19 of the largest firms in the market have announced partnership promotions for the next financial year, according to The Lawyer. In total there has been a 32% jump in the number of associates promoted to the partnership across the top 30 UK firms as ranked by The Lawyer. Following a disappointing 206 promotions last year firms have announced a total of 272 promotions this year, which also represents a significant improvement on the 2009 tally of 236. Across the UK legal profession more than 3,500 jobs were made redundant during the three years of the global financial crisis, which began in late 2007.

Corporate and commercial practices showed the strongest improvements with 91 promotions in corporate and 45 in finance. Litigation and arbitration practices have also been hiring partners, with 45 promotions across both areas in 2011. Real estate remains one of the hardest hit legal areas in the UK, with only 15 partner promotions across the 19 firms.

The Australian legal market has been making similar progress post GFC with a raft of firms promoting and hiring partners in the past six months. Clayton Utz, Freehills and Mallesons Stephen Jaques announced a string of partner promotions beginning 1 January 2011. The firms promoted seven, two and 12 staff respectively to partnership in stark contrast to the end of 2009, when no partner promotions were made.


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