Magic Circle partner promotions: numbers fall but gender diversity improves

Marco Cillario assesses the latest rounds at London’s big five

The overall number of partner promotions at Magic Circle firms has dropped 10% this year to 89 after nearing 100 in 2017.

Freshfields Bruckhaus Deringer, Allen & Overy (A&O) and Slaughter and May all minted far fewer lawyers compared to last year’s round, while Linklaters and Clifford Chance (CC) increased their intakes slightly.

However, the proportion of women admitted to the partnership passed the 30% mark, as Linklaters, CC and Slaughters all improved their gender balance.

Geographically, the often-heard claim about the growing importance of Asia was evident this year. Only 33% of the new partners in the Magic Circle are based in London, while Asia increased its share to 31%.

‘I am very pleased with the diversity, both in gender and practice area,’ said Linklaters’ senior partner Charlie Jacobs (pictured) speaking to Legal Business of his firm’s intake. ‘The days of all-white male slates in London have thankfully gone.’

Linklaters increased the size of its promotion round for the fifth year in a row to 27, up from 26 last year. With 37% women among the new partners, it exceeded its 30% target after a disappointing round in 2017, when only five were promoted.

The London headquarters had the lion’s share, with ten getting the nod, but Asia was a close second with nine. The mainstream corporate and banking groups had the largest intakes globally, at seven and six respectively, while disputes stood at four.

Jacobs concluded: ‘This is the sort of talent we have globally and 27 new partners shows we remain bullish as a firm.’

Meanwhile, women made up ten of CC’s 26 new partners – the firm’s largest promotion round since 2012. It was a significant improvement on last year, when it only made up four female lawyers out of 24.

But with women representing 18.2% of the global partnership in 2017, there is still some way to go to achieve the 30% target the firm set itself in 2009. Senior partner Malcolm Sweeting told Legal Business: ‘We are looking to promote more and more of that female talent, so each year as we grow organically the position will change. But we are realistic – it is a medium-to-long-term project.’

Continental Europe saw more partners promoted than London, with eight compared to seven. Asia Pacific followed at six and the US at three. The firm also promoted one lawyer in Riyadh and one in Dubai.

Sweeting also pointed to ‘the overwhelming number’ of new partners that have spent time in more than one office across the firm’s network: ‘They have a perspective that is not rooted in one point of view but is multi-faceted.’ Most of the promotions were in corporate and finance, which have nine and six new partners respectively. Litigation saw three promoted, with the firm also promoting lawyers in capital markets, real estate and tax.

‘We do feel as a firm that we have sufficiently strong momentum in a number of areas that we are prepared to invest and promote people,’ concluded Sweeting.

Going the other way, promotions to Slaughter and May’s tight partnership dipped for the second year in a row as the firm promoted four lawyers to partner, spread equally between its corporate and disputes practice.

The promotions are down from seven last year and a significant drop from a bumper 2016, when the firm made up ten. However, proportionately the firm performed well in terms of diversity, as three of its four new partners are women.

A&O and Freshfields saw both a drop in the lawyers promoted and a small proportion of women among them. Only two of A&O’s 20 new partners were women, a far cry from the 41% female percentage the firm achieved in 2015. Perhaps surprisingly for a firm that has outperformed its closest rivals financially, the overall promotion round is down on last year’s 24, the largest intake since 2008. Only four were promoted in London, while Singapore gained five new partners.

Corporate and banking made up the majority of the global round, with six partners promoted in each, while litigation saw four made up.

Freshfields saw an even bigger fall, promoting only 12 lawyers compared to last year’s 18. Just three were women – the lowest figure since 2013. Bucking the general trend, most of the promotions at the Fleet Street-headquartered firm were European. The firm promoted five in London, four in Germany across its Frankfurt, Düsseldorf and Hamburg outposts, and one in Madrid. Hong Kong and Singapore got one new partner each.

The corporate practice had the lion’s share, with seven promoted, while disputes had four and real estate one.

marco.cillario@legalease.co.uk