Booming demand for London’s legal market drives record number of City partner moves in 2023
Law firms’ partner CVs were flying around the City in 2023, as the year saw the highest number of job moves ever recorded.
According to data provided by legal recruiter, Edwards Gibson, there were 510 partner moves recorded over 2023. This figure is up six per cent on the 480 partner moves recorded over 2022, and it’s a 12 per cent increase on the five-year average.
Speaking to City PM Christopher Clark, director at Definitum Search said: “Last year saw a surprising amount of partner moves as firms looked to position for the market recovery and litigation uptick.”
US law firm Paul Weiss topped the list with the most partners recruited in the City with 14 lateral hires of partners. With Addleshaw Goddard and Eversheds Sutherland in joint second place with nine partner-to-partner moves.
Fellow US law firm Kirkland & Ellis topped the list in total hires of partners which includes hiring lawyers into partner roles. This is helped by the firm having a different structure which includes having a non-equity partnership. The firm hired 18 people, of which eight were lateral partner hires.
“The real fun began in the Summer when Paul Weiss started the musical chairs, with the ripple effect still playing out,” Clark added.
The re-launch of Paul Weiss last year saw the firm raid Kirkland & Ellis, taking more than 10 partners from it, including debt finance rainmaker Neel Sachdev and deal star Roger Johnson. Despite, topping the top hiring list, Kirkland & Ellis was also one of the firms that suffered the highest attrition, losing 18 serving partners to rival firms.
Not surprisingly, Axiom Ince was the firm that topped the list with the most lost partners over 2023, as it is estimated to have lost 27 partners after the firm collapsed last year.
Also, in the City, Shearman & Sterling suffered huge losses as 11 partners left the firm. Partners flocked out the door after it announced it was merging with magic circle firm Allen & Overy.
The merger of what will be known as A&O Shearman was voted through by partners back in October. When complete the combined firm will be worth an estimated $3.4bn (£2.7bn).