The first wave of US firms has announced their latest round of partner promotions, as Kirkland & Ellis, White & Case, Goodwin, Morgan Lewis and Covington & Burling revealed their classes of 2022.
Kirkland & Ellis has minted 193 lawyers in a new record for the expansive juggernaut, following the 151-strong round announced last year and the 145 promotions unveiled in 2020.
Of this year’s class, more than 80% are based in the US, reflecting the continued importance of the American market to the world’s highest-grossing law firm. Of the US contingent, 44 operate from the firm’s Chicago headquarters, while 39 are based in New York.
Unsurprisingly given Kirkland’s reputation, M&A and private equity was the most prevalent practice area for the promotions, with 44 lawyers made up in the group. The investment funds practice saw 32 lawyers elevated, while litigation (27), debt finance (19) and intellectual property disputes (16) also saw substantive investments.
‘Our newest partners are an immensely talented group who have demonstrated dedication to our clients by excelling at high-stakes litigation and dispute resolution.’ Rob Insolia, Goodwin
The strategic importance of London continued to be evident as 26 lawyers were promoted in the City, more than any other region outside the US. The UK contingent is made up of seven M&A lawyers, four for investment funds, three apiece for competition and IP litigation, two in general litigation and one each in tech transactions, ESG, tax, debt finance, capital markets, financial services regulation and restructuring.
The firm’s supersized promotion round is in part due to its atypical strategy of promoting a high number of salaried partners, while keeping equity closely guarded, until the star performers among them have earned their stripes.
Operating a fast-track model, the firm shortened the track on which associates can reach salaried partner level from six to five years in 2021.
Meanwhile, White & Case unveiled its latest cohort, featuring 46 new partners. Taking effect from 1 January 2023, the new class includes 24 female lawyers and new partners in 19 of the firm’s 44 offices.
Ten of the latest round are based in London, taking the number of partners made up in the City to 49 over the last five years. In total, 54% are based in EMEA, compared to 35% in the Americas and 11% in Asia-Pacific. Practice area-wise, M&A was the most invested specialism, accounting for 18 of the new partners, followed by project finance (eight) and international arbitration (five).
Speaking to Legal Business, White & Case executive committee member Oliver Brettle (pictured) expands on the firm’s strategy: ‘You can’t just look at promoting to partnership as being a short-term measure. Partnership is intended to be a promotion for that person’s career. I’ve been a partner at a law firm for 21 years, and in that time, I have seen practices which have been up and practices which have been down. What you need to do is make sure you are promoting and recruiting the right people in the right places.
‘You can’t just make every single person partner who is worthy, because you must have, with every partnership promotion, satisfaction of two dimensions. First of all, the micro. Is the individual candidate up to it, is there sufficient work in that practice to sustain another partner. The other factor is the macro. The global economic position and the overall economic position of the firm and even the overall economic position of the firm in that region. We don’t just say: “There are only 20 slots this year.”’
On this year’s round specifically, Brettle adds: ‘54% of the total are in our US offices and in London, which reflects a trend that we’ve been seeing for a few years at White & Case, reflecting the firm’s focus there.
I would also note the wide range of locations, different practices, reflecting the diversity of the firm. That is part and parcel of what White & Case is all about. Our global reach and global strength are the things which the clients really appreciate and expect from us.’
Elsewhere, Goodwin has announced its largest ever promotions round. This year’s 58-strong group outstrips the 40 partners made up last year and includes seven UK lawyers – six in London and one in Cambridge. The promotions coincided with the firm unveiling its new Singapore office, though none of the newly minted partners are to be based in the region.
Goodwin chair, Rob Insolia, says: ‘Our newest partners are an immensely talented group who have demonstrated dedication to our clients by excelling at high-stakes litigation and dispute resolution, providing world class regulatory and advisory services, and executing complex transactions globally across our clients’ industries of focus and at the intersection of capital and innovation.’
‘You can’t just look at promoting to partnership as being a short-term measure. Partnership is intended to be a promotion for that person’s career.’ Oliver Brettle, White & Case
Morgan Lewis has also revealed its latest promotion round, comprising 47 lawyers across 14 offices. There are seven more promotions than last year, with three new partners in London – investment management lawyer Steven Lightstone, litigator Paul Mesquitta and antitrust and competition specialist Leonidas Theodosiou.
Finally, Covington & Burling has promoted 15 lawyers to partner. The 2022 class, eight of whom are women, spans Dubai, London, Los Angeles, Palo Alto, San Francisco and Washington and features lawyers with specialisms in commercial disputes, life sciences, capital markets and intellectual property. Four of the group are based in London – renewable energy specialist Ursula Owczarkowski, former scientist and life science lawyer Winsome Cheung, commercial litigator Monique O’Donoghue and Sinead McLaughlin, who focuses on crisis management and class actions.