There is a theory in scientific circles that the act of observing something will alter the subject. You can see the logic with the UK legal profession, which has gone through radical changes at the same time as it has become used to unprecedented transparency. There is no doubt that the publication and benchmarking of revenue and partner profit figures made these targets more central to law firm thinking. On that basis, the question becomes whether a more rigorous analysis of partnership will do to the demographics of law firms what the reporting of financial results did to the economics of partnership.
The answer almost certainly is ‘yes’. And this will bring additional pressures on law firms, since even basic analysis of their partnership record says a lot about their business. Which firms are attempting to expand the partnership? Which firms are trying to shrink it? Which firms favour flashy laterals over home-grown talent? Once these issues were little discussed. But that time has passed, as can be seen by our analysis and breakdown of partner promotions (see pages 4-5).
