US firms continue to break ground in London and are increasingly investing in moving their City lawyers up the partnership ranks.
Three out of Global London’s top ten US firms made over a fifth of their partner promotions in the City. Weil, Gotshal & Manges led the way with the highest percentage of partner promotions in January, having a total of 33% of its promotions round in the City. The firm recently announced strong partner profits – up 16.5% in 2014 after two disappointing years of falling profits – and stated its restructuring, finance and transactional practices in London were performing well.
Not far behind were Reed Smith and Dechert, which both saw 27% of total promotions being made in London. The firms to make up the lowest percentage of City partners with just 5% were Latham & Watkins and Mayer Brown, followed by Baker & McKenzie with 6% – the second largest firm in the world with nearly 4,000 lawyers, although Bakers’ promotions took effect in July 2014. The only other firm that promoted under 10% of their total rounds in London was Jones Day with 7%.
White & Case and Shearman & Sterling, on the other hand, fared better, promoting 16% and 15% of their total rounds in the UK respectively, followed by Kirkland & Ellis with 10% (these also took effect in 2014).
Although outside of the top-ten largest US firms in London, notably, disputes leader Quinn Emanuel Urquhart & Sullivan once again made no City promotions last year, alongside Akin Gump Strauss Hauer & Feld. Ropes & Gray, on the other hand, made up 20% after having announced in November last year its intention to boost City headcount to get better aligned with its US practice offering. The firm is set to relocate to 1 New Ludgate, almost doubling its current office space later this year.
Aside from Bakers and Kirkland, all promotions at the remaining top-ten firms took effect at the beginning of 2015.
jaishree.kalia@legalease.co.uk