London’s private equity partner market had its busiest year on record in 2025, with 50 moves across leading larger law firms, according to a report by legal headhunters Macrae.
Last year’s activity was almost double the 28 recorded in 2024, according to Macrae’s latest Legalscape report, underscoring what it described as a change not only in the volume of movement but in how firms are building out sponsor-side practices.
Macrae said 2025 was “the most active year for London private equity partner movement since [it] began tracking the market”, adding that the increase reflected “not just a return of lateral confidence but a meaningful broadening of how talent enters the partnership”.
External promotions and in-house lateral transitions together accounted for roughly a third of all moves, up from 11% in 2024, while the share of traditional lateral hires fell from 89% to 66%.
The report also points to a shift in the competitive balance between US and UK firms in London. Macrae said UK firms were “outpacing US firms on net growth for the first time in this tracking period”, while US top 50 firms showed zero net growth in 2025 because gains and losses cancelled each other out.
By contrast, both the largest UK law firms and Silver Circle firms were together net positive for the first time in the dataset, which Macrae said marked “a meaningful shift in the competitive dynamic”.
At a firm level, Goodwin and White & Case led the market with four additions each, followed by Addleshaw Goddard, Akin, Clifford Chance and Dechert with three apiece. Macrae said the pattern showed that private equity growth in London is “no longer the exclusive domain of US platform firms”.
The report’s list of 2025 moves illustrates the breadth of that competition; Akin added Angela Becker and Daniel Oates from Ropes & Gray, as well as Daniel Wayte from Orrick.
Dechert recruited Jarlath Pratt from GIC, Joseph Dennis from HSF Kramer and Nick Tomlinson from Gibson Dunn. Goodwin, meanwhile, brought in Anu Balasubramanian, Jamie Holdoway and Chetan Sheth from Paul Hastings, while White & Case hired Helen Croke, Laura Kayani and Nick Matthew from Ropes & Gray.
Sullivan & Cromwell also boosted its London ranks in hiring Weil’s former London managing partner Mike Francies, who had retired in 2024.
On diversity, Macrae said the picture regarding female private equity lawyer recruitment had recovered significantly, with women representing 30% of movers in 2025, up from 7% a year earlier and the highest proportion in five years. However, it also recorded a drop in the proportion of women in internal partner promotions, from 48% in 2024 to 13% in 2025.
Looking ahead, Macrae said demand remained intact despite softer early-2026 deal activity, noting that, given a limited pool of established private equity rainmakers, demand would circle around “rising star” hires. Private equity real estate and infrastructure were areas of particular interest, Macrae added.
As examples, it cited Paul Weiss’s launch of a London infrastructure team with the hire of Paul Foote from Simpson Thacher, and Ashurst’s March 2026 team move for Ian Keefe, George Weavil and Michael Miranda from Goodwin.
Siobhán Lewington, partner at Macrae, commented: “US firms continue to dominate the lateral moves, particularly when it comes to the more prominent hires. Nevertheless, UK headquartered firms remain in the hiring game and continue to want to maintain a presence in the private equity market.”
Lewington added: “When you hire a name in this space, that partner will attract other stars to the firm, including up-and-coming stars, creating a very strong team.”
McDermott Will & Shulte London managing partner and co-head of transactions Aymen Mahmoud said: “Record partner movement tells you London private equity and private capital more generally is still a growth story, not a mature one.
“The real differentiator now is not who hires fastest, but more who can build the most connected platform across M&A, finance and funds.”
Connectivity, said Mahmoud, was a key focus of McDermott’s merger, noting the firm was seeing increased output, particularly in London and New York.
His firm has also hired multiple senior PE partners, including senior partner Graham White and prominent younger London figures such as Fatema Orjela, Jason Zemmel, Jamie Burgess and Daniel Weston.
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