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Survey: UK partner numbers tumbling
The number of law firm partner positions across the UK fell for the first time since the depth of the recession amid poor financial performances and widespread uncertainty over the introduction of alternative business structures.
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According to a survey released yesterday by business consultancy Wilkins Kennedy, the number of partner roles lost over the last year outstripped those gained. The overall result saw a drop of 153 partner roles, taking the total to 33,662.
Promotions nosedive
In comparison, 689 positions were created in 2010-11, while 1,466 roles were added the year before that.
Wilkins Kennedy added that the drop is likely to be linked to a nosedive in the number of associates being promoted to partner. The increase in merger activity is cited as another catalyst for the fall.
Delaying retirement
Wilkins Kennedy analyst Tommy White commented: ‘Slow growth in fees means fewer promotions are taking place. At the same time some partners at smaller law firms have been forced to delay their retirement because of the recession.
‘Given the state of the economy and its impact on the profitability of some law firms, it’s understandable that firms are reluctant to promote lawyers who don’t already have a track record of bringing in income.’
