UK Law Firms in London
Senior Associates are generally made partners anywhere from 7 years' pqe onwards. This will vary depending upon the partnership structure, whether it is an all equity partnership or fixed share/equity partnership. If it is all equity partnership the level of pqe is generally slightly higher.
Magic Circle Firms
The Magic Circle firms have both structures; some have all equity partnerships and others have fixed share/equity. The Magic Circle firms do not generally have a policy of career assistants.
Equity Magic Circle Partnerships
It is very rare for the Magic Circle firms with all equity partnerships to recruit partner designates. Informally, the firms have virtually selected most of the individuals who are ‘ear-marked' for partnership by 5 years' pqe.
There have been instances where senior associates have been brought in on a track to partnership and in exceptional cases individuals have been made immediate partners. This is very rare.
Fixed Share/Equity Magic Circle Partnerships
It is considerably easier to be recruited 'on a track' in a Magic Circle firm. There have been firms that have recognised a gap at the senior associate level in specific practice areas. Individuals have been considered as partner designates.
To be considered at this level the interview process is incredibly rigorous.
Large/Medium-sized UK Firms
Recruiting at this level has been a focus for quite a few of the large/medium-sized UK firms in London . You maybe surprised at the quality of the lawyers these firms have been interviewing. Successful recruits have come from both high profile US and UK firms.
These firms have looked strategically for growth and instead of trying to recruit high profile partners to establish practice areas, the firms have considered senior associates and have then provided immediate partnership.
Over the last couple of years, if a firm had been actively recruiting at this level, they have been able to consider some of the best associates from some of the best firms. In doing so, they have recognised they are investing in the future and are very well placed for the predicted increase in work.
This has also been a very successful strategy in specific practice areas where quality lawyers are always in short supply.
Smaller/West End Firms/Niche City Firms
The West End/niche City firms have been strategically recruiting across their practice areas by reason of strategic growth and succession planning. This has provided specific opportunities for lawyers to join firms with a clear path to partnership with either a small client following or no clear following at all. Key practice areas are: property, corporate/commercial, employment and tax.