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Matthew Dwyer
Private Practice team
London
UK Law Firms in London
To be considered for partnership, senior associates will generally need at least seven years' PQE. This figure will vary depending upon the partnership structure, whether it is an all-equity partnership or fixed share/equity partnership. If it is all equity partnership the level of PQE is generally slightly higher.
Magic Circle firms
The Magic Circle firms have both structures; some have all-equity partnerships and others have fixed share/equity. The Magic Circle firms do not generally have a policy of career assistants, although there are always exceptions.
Equity Magic Circle partnerships
It is very rare for the Magic Circle firms with all-equity partnerships to recruit partners designate. Informally the firms will have earmarked most candidates for partnership by the time they gain five years' PQE.
Over the last couple of years, from approximately 2001 onwards, there has been a bottleneck at seven years' PQE for those individuals who are potentially considered for partnership each year, as the all-equity Magic Circle partnerships have been making up very few partners in their core business areas.
There have been instances where senior associates have been brought in on a track to partnership, and in exceptional cases individuals have been made immediate partners.
Fixed share/equity Magic Circle partnerships
It is considerably easier to be recruited 'on a track' in a Magic Circle firm with a fixed share/equity partnership. Firms sometimes recognise a gap at senior associate level in specific practice areas. Individuals have been considered as partner designates and also as immediate partners.
To be considered at this level the interview process is incredibly rigorous.
Large/medium-sized UK firms
Recruiting at this level has become a focus for quite a few of the large and medium-sized UK firms in London. You maybe surprised at the quality of the lawyers these firms interview. Successful recruits come from both high-profile US and UK firms.
These firms look strategically for growth and, instead of trying to recruit high-profile partners to establish practice areas, will consider senior associates for immediate partnership.
If a firm has been actively recruiting at this level over the last couple of years, they will have been able to consider some of the best associates from some of the best firms. In doing so, they will have recognised they are investing in the future and will now be very well placed for the predicted increase in work.
This has also been a very successful strategy in specific practice areas where quality lawyers are always in short supply (tax often falls into this category).
Smaller/West End firms
Although these firms have been relatively busy, particularly in areas such as property, they have not been able to take advantage of the corporate senior associates/partner designates who have been on the market.
The teams are of course smaller and there has not been such a huge amount of growth. Rather the recruitment has been more strategic or replacement-driven.
