Record year for City law firm partner moves

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Last year marked a record year for law firm partner moves, with 510 commercial law partners moving between firms – a 6% rise on 2022’s figure.

International law firms in the City saw the bulk of the transfers. US firm Paul Weiss, which relaunched last year, topped the list for most partner-to-partner hires (14) in London. Addleshaw Goddard and Eversheds Sutherland (International) LLP came in joint second, with both firms accounting for nine partner-to-partner moves.

The report, conducted by recruitment consultancy Edwards Gibson, found that US firm Kirkland & Ellis International LLP topped the list for most hires (18), including recruiting lawyers into partner roles. Aside from Axiom Ince, which collapsed last year and lost 27 partners, Kirkland & Ellis “suffered the highest attrition” in 2023, losing 18 serving partners to rivals. In fact, the firm has seen 10 laterals transfer to Paul Weiss’ London office since August alone, following the New York law firm’s relaunch. Paul Weiss also recruited two partners from magic circle firms Linklaters LLP and Clifford Chance.

The report also cited the formation of A&O Shearman as “by far the most significant event in BigLaw in 2023”. The New York firm Shearman & Sterling saw 11 laterals leave the firm in 2023. However, the report highlights the merger’s coincidence with the firm’s slowdown in partner attrition, as only two of the 11 departures occurred in the second half of the year.

According to the report, “the partner hire market has been fuelled by an odd mixture of (sometimes dramatic) countercyclical investments by US law firms in private equity-related hires, alongside voluntary or involuntary partner moves resulting from perceived or actual structural failings at individual law firms”.