The Times, in its article ‘Salary boom for young lawyers sets alarm bells ringing’, have extensively relied upon our November – December Partner Moves and end-of-year roundup.
“In Britain, Edwards Gibson, a legal recruitment consultancy, published figures showing that the market for partners at City law firms was booming. Last year there were 473 announced partner moves in what are classed as City law firms — a 26 per cent increase over 2020.”
The article goes on to explore the factors which might have triggered the increase in partner hires, and the effects which the increase has had on the legal market more generally. Relaying an interview with director Scott Gibson, the article reflects upon the associate salary wars which have followed the hiring bonanza, and scepticism as to the sustainability of the current market.
“Gibson points out that two similar City legal profession salary wars have blazed in the past 25 years: the first during the dotcom boom from 1999 to 2001, the second before the global financial crash about seven years later.
“Both ended badly for associates when the market cooled,” says Gibson, pointing out that in London associate pay fell sharply in 2002 and 2010 for those that remained in jobs, while hundreds of lawyers — including partners — were sacked.”
The Partner Moves was also reported in the Law Gazette, Legal Futures, City AM, The Horizon and The Lawyer Australasia which presented the overall figures, information and trends and the Legal Week (Law.com UK), which focused primarily on the top hirers and losers of partners, namely Kirkland & Ellis and White & Case.