Show me the door

Throughout July and August, more than 400 partners in London completed the Legal Business Partnership Survey 2007 – an online questionnaire circulated by management to the owners of the top firms in the City. The capital’s 50 largest law offices by London turnover were surveyed, and in only six instances did law firm leaders decide not to invite their colleagues to participate.

The result is the largest canvassing of partners’ opinions ever, and given the fantastic financial performance of the profession described in our last issue, it makes for grim reading.

When asked whether they expect to spend the rest of their careers in private practice, 36% of respondents say no. When asked if they are fulfilled, just 38% respond positively. Perhaps most surprising of all is the mood amongst the next generation: of partners aged under 35, only half expect to spend the rest of their working lives in law firms.

More than half of the partners who responded are earning north of £400,000 a year, and three-quarters have never been partners at other law firms. Many have seen their firm’s profits increase by well over 10% last year, but still one in ten say they are bored, one in five say they are overworked, and 14% say they need a new challenge. Apparently money alone does not make for a contented legal industry.

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