According to the research, some 15 per cent of lawyers claim their partnership aspirations and opportunities are being stymied by a general reluctance on the part of existing partners to shuffle off to their suburban gardens. The survey – conducted by global recruitment agency Laurence Simons – says that annual retirement figures from the profession have shrunk by 30 per cent compared with 15 years ago.
Tight grasp on equity
It is suggested that the continuing harsh economic conditions have encouraged existing partners to hang on to their positions longer than they might have done in balmier weather. Also, partnerships themselves are more inclined to keep a tight grasp on existing equity during the rough climate and have therefore reduced the number of annual partnership openings.
The research shows that the annual average rise of 3.2 per cent in the number of practising solicitors in England and Wales has not been matched in partnership numbers, which have grown annually by only 1.8 per cent over the same period.
Lack of opportunities
Commenting on the research, a Laurence Simons director, Guy Adams, said: ‘An increased emphasis has been put on creating as lean a business structure as possible in order to safely ride the latest economic instability and law firms are no exception. This restructuring has led to fewer partner positions becoming available despite the consistent flow of new talent into the lower tiers of firms. This problem is exacerbating the impact fewer partner retirements is having on the lack of opportunities available to those with progression in mind.’
The survey also shows that the average partner in the UK is aged 44 and has been with his current firm for 11 years -- an indication, maintain the researchers, that ‘most partners have not joined their current firm at partner level but have taken the internal route to partnership’.
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