Fewer associates are winning promotion to partnership this year, a trend industry experts say is a result of the economic downturn. This month, Cleary Gottlieb Steen & Hamilton elected four new partners firmwide, half as many as in 2008, while Latham & Watkins cut its firmwide promotions 25 percent to 23. Consultants say the trend likely is a reflection of the financial condition law firms have found themselves in, with demand for legal services down and profits falling.
Law Firms Promote Fewer Senior Associates to Partnership
New York Law Journal
November 30, 2009