Nabarro and Trowers and Hamlins have announced unusually low partner promotions, with fewer than half the numbers made up in 2013.
They are not alone amongst City firms in announcing reduced partner promotions this year. Allen & Overy managed 16 worldwide, down on 19 last year and 23 in 2012. And Squire Sanders, a firm of 1,300 lawyers, only promoted seven associates with none making the cut in London.
Nabarro only managed three, all in London, and all men. Boo. Insiders say that the firm over-reached itself when it promoted a bumper eight associates last year, and that partners further up the foodchain who might have been expected to move on in a better market are grimly clinging on to their equity. A spokesman wouldn't comment on this, simply saying "every year we look at each case for partnership on its own merits. As a result, some years we promote more than others based on whether someone is ready for partnership and where we need to invest."
Trowers did marginally better with four promotions. Two of them are women, and all bar one are based in the Middle East. It's down on seven promotions made in 2013 and 11 in 2012, and comes on the back of dreadful financials and redundancies being sought amongst the firm's secretaries. Again, a spokeswoman would only say that it was normal for numbers to fluctuate from year to year.
Hmm. While some fluctuation clearly is normal, it's not encouraging that five years after the credit crunch some firms still have such little confidence in the future of their own businesses.
Tip Off ROF
They are not alone amongst City firms in announcing reduced partner promotions this year. Allen & Overy managed 16 worldwide, down on 19 last year and 23 in 2012. And Squire Sanders, a firm of 1,300 lawyers, only promoted seven associates with none making the cut in London.
Nabarro only managed three, all in London, and all men. Boo. Insiders say that the firm over-reached itself when it promoted a bumper eight associates last year, and that partners further up the foodchain who might have been expected to move on in a better market are grimly clinging on to their equity. A spokesman wouldn't comment on this, simply saying "every year we look at each case for partnership on its own merits. As a result, some years we promote more than others based on whether someone is ready for partnership and where we need to invest."
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Associates' career paths yesterday |
Trowers did marginally better with four promotions. Two of them are women, and all bar one are based in the Middle East. It's down on seven promotions made in 2013 and 11 in 2012, and comes on the back of dreadful financials and redundancies being sought amongst the firm's secretaries. Again, a spokeswoman would only say that it was normal for numbers to fluctuate from year to year.
Hmm. While some fluctuation clearly is normal, it's not encouraging that five years after the credit crunch some firms still have such little confidence in the future of their own businesses.