Partner numbers across top 50 grow 7% as equity partner ranks see more modest rise
Partner numbers across the UK top 50 have grown almost 7% this year, as a number of significant mergers continue to drive headcount growth at leading law firms. Across the 2012-13 financial year there were an average of 10,115 partners working at the top 50 firms, up 6.9% from 9,458 the previous year. Following a spate of mergers, DWF saw the largest growth in partner numbers across the group, leaping from 152 to 285 over the year as a result of tie-ups with Biggart Baillie, Fishburns and Buller Jeffries as well as taking on a number of partners from now defunct Cobbetts.
August 01, 2013 at 07:03 PM
3 minute read
Partner numbers across the UK top 50 have grown almost 7% this year, as a number of significant mergers continue to drive headcount growth at leading law firms.
Across the 2012-13 financial year there were an average of 10,115 partners working at the top 50 firms, up 6.9% from 9,458 the previous year.
Following a spate of mergers, DWF saw the largest growth in partner numbers across the group, leaping from 152 to 285 over the year as a result of tie-ups with Biggart Baillie, Fishburns and Buller Jeffries as well as taking on a number of partners from now defunct Cobbetts.
Pinsent Masons likewise saw partner numbers swelled by its May 2012 merger with McGrigors, with the combined firm having an average of 364 partners over the course of the year. However, despite the 42% growth in partners, the firm held three separate redundancy rounds over the year, resulting in the loss of 13 fee-earner and 62 support staff jobs.
Among the fastest growing firms to have not carried out a major merger during 2012-13 included RPC and Stephenson Harwood, with the former seeing an 11% hike while the latter now has 112 partners, a 6% rise on last year.
In contrast, equity partner numbers have risen by just 2.9% during 2012-13, up to 5,680 from 5,518, with firms including Linklaters, Freshfields Bruckhaus Deringer, Olswang and Watson Farley & Williams all reporting lower equity partner numbers this year.
Osborne Clarke CEO Simon Beswick (pictured) said: "There is a sentiment among clients that they don't mind paying partners to work on a particular piece of work or to support a team, but it must be done in a cost-effective way – there's been a kick-back against the high leverage approach. This has highlighted a structural issue within law firms and the question is how do you deal with it?
"It's a tough market where there hasn't been the normal level of movement among lawyers resulting in firms accumulating senior resource, creating an imbalance between senior and mid-level and junior-level resources. Firms can try and manage that without redundancies but the problem has to be addressed sooner or later – the issue isn't going to go away."
- Click here for the full table of of top 50 results and key figures
- Click here for a global overview of the UK top 20 firms
- Click here for a five-year overview of the UK top 20 firms
Related:
- UK top 50 push revenues past £13bn as PEP growth falters
- Mergers fuel growth in domestic market as national firms outpace top 50 rivals
- 2012-13 case studies – RPC
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