Partner lateral hiring in the London market has returned to 2008 levels, according to my most recent research. I’ve compiled the first of what will become a quarterly review of trends in a new bulletin, with a ‘does-what-it-says-on-the-tin’ title: The London Lateral Hiring Trends Bulletin. There were 130 partner hires announced in Q1 of this year, a 12% increase on the same time last year.
I am grateful to The Lawyer for running a nice news piece on their site today, which gives a detailed run-down of some of the main findings.
Main headlines are that hiring has returned to its – peak – 2008 levels in the last quarter. Finance accounts for the greatest proportion of hires, although interestingly only 10% of the hires are going to firms with greater profitability. In the case of corporate, fully 50% of hires are moving up the ‘food chain’. This could be an interesting trend if it continues, so watch this space!
Following some comments, I’d like to point out that the base-data for this research – the newsletter LegalMoves – is a digest publication, and while it is very accurate, it is ever-so-slightly behind firms’ press releases and coverage of those releases in the mainstream legal press. This has the effect, then, of placing partner moves in a particular quarter when, occasionally, they will have left sometime before this, especially from the firm’s point of view. I am confident any apparent distortions will level out over time and will take care to reflect this more prominently in future issues of the Bulletin.
For the two-page pdf of the Bulletin, please feel free to email me at email@example.com and I’ll get it put in the download section here on the site as soon as I can.