City Law Firms Promote Regional and Foreign Based Employees

Thu, 29 Apr 2010

Employees in the foreign and regional offices of leading City law firms are enjoying improved promotion prospects as London offices struggle to recreate the profits seen prior to the recession. Linklaters has become the latest legal firm to announce its partner promotions, with 14 associates making the jump to partner – down on the 18 who were promoted last year. Many of these came from outside London – a theme common to the partner promotions of many law firms at present.

Six of the fourteen newly-made partners were from regional or foreign offices at Linklaters, while just six of Freshfields 14 new partners were from their London Office, and just 2 of 18 at Allen and Overy. It has been a difficult year for commercial law firms, with a number of redundancies affecting both admin staff and lawyers and solicitors. Clients have been eager to secure lower legal costs in light of the financial pressures associated with the economic downturn, squeezing the profit margins of big City firms.

Commenting on the increased foreign presence of City law firms, managing partner at Allen and Overy, Wim Dejonghe, commented that more than half of the company’s turnover is generated from outside of the UK.
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