BCG News - 01/06/09
US Firms Split on Partner Promotions in Face of Economy
Annual partner promotions are down among US firms due to mounting concerns about the economic downturn and the legal market's significant drop in workflow. Among the biggest examples, Weil Gotshal & Manges have had the biggest decrease, with promotion figures dropping by 35% from 20 in 2007 to seven in 2008. Mayer Brown, Milbank Tweed Hadley & McCloy, Simpson Thacher & Bartlett and Weil Gotshal & Manges have all added fewer people to their partnerships than in 2007. Dewey & LeBouef and Latham & Watkins bucked the trend by adding 20 and 30, respectively.Looking beyond market pressures and investing during challenging times are what these and other firm leaders see as key to long-term growth.