The road to partnership

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The road to partnership Are law firms ready for the Millennial partner?

PARTNERSHIP SPECIAL The changing face of partnership

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Crunching the data

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Perspectives

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ANALYSIS

@ll restless souls As Millennials start colonising the top ranks of City firms, we assess the changing face of partnership. Can law firms change fast enough to keep the model relevant for a new generation? NATHALIE TIDMAN AND TOM BAKER

‘I

t was so long ago,’ reflects Malcolm Sweeting, Clifford Chance’s (CC) senior partner, of his promotion to partner in 1990. ‘My only involvement in the process was playing football in Hackney one winter when a junior partner sidled up. “It’s all looking good,” he cryptically confided, before sidling away. Later, the senior partner rang me to say congratulations.’ Nearly 30 years from that night, the once obtuse path to partnership has been replaced with an excess of procedure, meaning the latest generation of partners has gone through a very different tournament to their colleagues currently nearing retirement. That shift has been as much forced upon leading law firms by less deferential attitudes of young associates (not to mention society as a whole) as a proactive move from law firms. In Legal Business’ first in-depth look at the modern realities of partnership for five years,

56 Legal Business June 2018

we conducted dozens of interviews with new partners, and their older counterparts. In a post-banking crisis environment in which leading City firms have maintained a decade-long squeeze on partner promotions, it remains hugely challenging to make partner (see pages 64-65 for full breakdown and analysis). The UK’s ten largest practices by revenue on average promoted fewer than seven new partners in their home market in 2018. Even with ten new UK partners at Linklaters, the entire Magic Circle made up just 28 in the UK this year, out of a global round of 89. Back in the boom year of 2008, the same group created 137 partners globally. Yet the legal environment has materially changed since the collapse of Lehman Brothers. In-house teams have expanded dramatically in scope, there are more promotion opportunities at the local arms of US law firms and flexible working as a freelancer or within law firms has become a mainstream option. Moreover, the newer ranks of associates and young partners, u

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Jonathan Kewley, Clifford Chance

Photographer JUAN TRUJILLO

ANALYSIS

“

Coutts is very proud to have supported numerous partnerships alongside NatWest Corporate for many years now. We have seen many changes over the years and firms have continued to evolve and adapt to keep pace with the changing environment. At Coutts we work with partners of most of the leading law firms in the UK throughout their career as a partner and beyond into retirement; and understanding the lifecycle of the partner has been key to our success. We are passionate about supporting our professional clients and we’re committed to continuing to support these partnerships in the future, helping to bring the best of the bank to help them realise their ambitions.

“

PETER FLAVEL CHIEF EXECUTIVE

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u who have matured during a period of economic turbulence, are more comfortable with the notion of quitting law to work in other fields. Notes Allen & Overy (A&O) managing partner Andrew Ballheimer: ‘It’s now a more fluid market and [junior lawyers] are more sophisticated in understanding options open to them. In my day, we turned up with no idea in terms of career. You just worked; got your head down.’ Slaughter and May senior partner Steve Cooke puts the shift in even starker terms: ‘I come from a generation which joined a firm and tended to think about options less. I was hilariously ill-prepared. I didn’t look far ahead. Then you find it’s what you want. There are different options now.’ Can the profession change partnership enough to keep it relevant for a new generation?

THE AGONY OF CHOICE ‘Partnership wasn’t my dream as a little girl,’ notes Clare Connellan, a partner in White & Case’s arbitration practice since 2016. Quite. One thing that hasn’t much changed is the motivation for going into law in the first place. The draw of a well-paid, ‘respectable’ career still carries much initial weight, even with younger lawyers. Where associate attitudes have diverged is how they feel about partnership and the law once inside the industry. Generation X partners recall quickly wanting to join the club – and wondering how that magic happened: ‘asking about your chances of becoming partner was the kiss of death in the 1980s’, says Ballheimer. ‘Too pushy.’ By contrast, the current generation is more likely to see the law as a stepping stone, rather than focus on partnership as the ultimate goal. One senior associate at a Magic Circle firm being lined up for partnership concedes: ‘Partnership still holds a certain kudos, especially among clients. But it is a longer and more uncertain path. Partnership isn’t an automatic choice anymore.’ Stephenson Harwood senior partner Roland Foord notes that more mid-level associates are ambivalent about partnership. ‘There have been cases with three different associates who have said: “I’m not sure what I want to do, can I have three or four months out to make up my mind?” That would never happen 20 years ago. It’s part of the modern mindset.’ These comments illustrate a switch since Legal Business’ last in-depth analysis in 2013, ‘Few are chosen.’ Then the clear feeling was that firms held all the cards in determining promotion rounds. Now veteran lawyers believe the balance has moved, with more of the most-talented

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young lawyers opting out of the track of their own volition. Cooke, who was made up in 1991, says bluntly: ‘The pool of people who wish to become a partner has shrunk. You lose people you would like to stay more frequently. Start-ups and law tech are quite popular. A lot of people join law firms to gain experience and move on. That is a modern phenomenon.’ ‘I’m not sure partnership is the end goal anymore,’ says Baker McKenzie partner Kate Corby. ‘The people who are already senior associates, most of them still aspire to it, but there’s been a loss of a universal aspiration at the more junior end.’ Yet even for the most hard-bitten veteran rainmakers, the view of young lawyers is one of near-universal admiration for their work ethic and ambition, far from the caricature of flaky Millennials (the term is generally taken as defining those born from the early 1980s to the late 1990s). ‘The young lawyers are intellectually very talented,’ notes Cooke. ‘Low-level work doesn’t play to their strengths.’ If there is a negative it is the unease that this group has grown more privileged. ‘Social mobility has got worse,’ says one Magic Circle partner, who notes recent falls in state-educated trainees at all elite London law firms. ‘We are thinking about what we should do about that. People from harder backgrounds can have more grit.’ Connellan, who studied English and French law, joined White & Case as an associate in 2008 having trained at Lovells. She describes her attitude to making partner: ‘At every stage of my career I’ve thought of the options, questioned whether it was the right move and taken stock. I didn’t feel I was on an escalator and couldn’t get off.’ David Martin, a Linklaters trainee who became a partner in 2012, reflects: ‘I remember thinking, do people get made up here? I looked around at alternatives, in-house, US firms. I didn’t want to turn around in seven years’ time and think: “I’m not going to make partner!” Fortunately for me, at the right time, a senior partner said: “You’re in our thoughts.”’ Jay Dharan, a director at private bank Coutts, has plenty of chances to observe the new breed. She notes: ‘The newly-made up partners I’ve taken on this year have really good interpersonal skills. They’re down to earth.’ Her colleague, Coutts’ head of professionals Alex Liddle, picks up the theme and challenge for new partners seeking to balance technological and personal fluency. ‘The interconnection is interesting but it’s what you do with that. The current recruitment drive is all about finding

PARTNERSHIP SPECIAL

‘Asking about your chances of becoming partner was the kiss of death. Too pushy.’ Andrew Ballheimer, Allen & Overy

people with the right skillset who understand how to strike the best balance between technology and human interconnection.’

THE CONVERSATION Jonathan Kewley’s route to CC partnership couldn’t be further removed from Sweeting’s experience on that frosty football pitch. Kewley, who was made up in 2017 and is co-head of the firm’s tech group, is positive about the system. ‘The process is exceptionally transparent. There is a partnership council. You have to give a tenminute speech on why you should be considered. The fact that it’s a difficult process speaks to the quality of the partnership. It instils confidence.’

Tara Waters became a corporate partner at Ashurst having retrained as a lawyer after working in the New York tech industry for several years. ‘Getting to partnership is an intensive process. You need the right approval from the admissions committee. You need to show you are going to contribute and bring in work, but also that you understand what it takes to be a partner. You get assessed as a leader, the business case and how you understand the financial management of the firm.’ She says Ashurst’s increasing focus on technology clients and her specialist background helped her carve out her niche. ‘Coming from a non-traditional background helped me differentiate myself. I had unique skills.’ Comparing Cooke’s experience of partnership with that of Victoria MacDuff, who became a Slaughters partner in 2016, highlights how the process has changed. ‘It used to be opaque. You worked with a load of people outside of your group who you knew were looking down the microscope at you. You knew you were in the frame and you worried about the partners’ meeting that would decide your fate. That was about it,’ recalls Cooke. MacDuff notes that aspiring partners working across practice groups has remained – befitting Slaughters’ prized generalism. But that is where the similarity ends. She says she was encouraged to focus on making partner by the ability to talk openly about her prospects in a way unheard of in the 1990s. ‘The head of my group had an honest and transparent conversation, which was essential for my personality type. A good friend, Sally Wokes, was made up the year before me. It was useful to have someone I could talk to about the challenges. We are the same generation and could relate more readily. You do have to work incredibly hard. It helps to know someone else who has reached the same goal. It spurred me on.’ Unusually, Slaughters still does not require associates to put forward their own business case. Says MacDuff: ‘For a number of years before becoming a partner, you work on high-profile, technically-challenging deals to demonstrate your skillset. That’s the test of your ability to become a partner.’ She argues the model prepares lawyers for the new challenges the younger generation has to face. ‘It leads to a cross-fertilisation of ideas and thinking about things in a new way. Say you use a certain type of legal tech on one deal, you might be able to use that in a different context. You challenge the norm and become more rounded.’ Peter Banks, corporate partner at Allen u & Overy since 2017, cites partners Stephen

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June 2018 Legal Business 59

ANALYSIS

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Coutts has extensive experience in looking after the needs of our professional clients. We understand that the demands of work can often leave little time to manage financial affairs and we appreciate how financial requirements change as careers progress. With an extensive network of clients and businesses alike, we are proud to work with some of the most successful individuals within the professional world.

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ALEX LIDDLE HEAD OF COUTTS PROFESSIONALS [email protected] 020 7753 1005


u Lloyd, Gordon Milne and Karan Dinamani as drivers for his decision to go for partnership. ‘We build things up and pitch together as a team. That sort of mentor is very important. That flipped a switch in me. I saw them and thought: “I want to do that!”’ He extols the benefits of a rigorous process. ‘You put a lot of pressure on yourself but there is a huge amount of support. When you’re in it you think the sole purpose is to assess whether you are suitable to be a partner, but a huge part is to prepare you for what comes next.’ Oliver Brettle, partner at White & Case, says of modern partnership: ‘There is much more of a business focus and the firm is open about the criteria it uses to evaluate its partner candidates. What we are trying to avoid is surprises.’ Connellan observes: ‘Your own personal business case has to fit with the firm’s business case. For me, international arbitration made sense because what I and the firm wanted were aligned.’ The White & Case system includes an internal dossier where those who have worked with the candidate contribute about their experiences. The associate puts together the business case with the regional sector head and presents to the new partners committee. For all its stress, a structured path to promotion suits young lawyers and allows for earlier decisions by mid-level associates about their careers. On the transition to partner, MacDuff says variety and autonomy are the biggest attractions. ‘I love being a partner. As a partner you are managing transactions, fostering client relationships and mentoring talent internally. You use a wide range of skillsets every day. As an associate, there is less diversity.’ Banks speaks for many of his contemporaries when he flags the increased management as one of the main changes to the working life. ‘Managing people wasn’t a cliff-edge step change but you are more formally responsible to the team. You end up spending less time on billable work and more on client development.’ Martin agrees. ‘HR stuff takes a lot of time. If you only knew how long it takes to do appraisals. But it’s our business and we have to run it.’ Apart from the oft-cited advantage of increased client contact, younger partners unanimously agree they feel more in control of their time and like the ownership of the business. If there is one common thread between the Generation X partners and their Millennial counterparts, it is the pursuit of self-determination. ‘The main features of partnership are building the practice, relationships and the network rather

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‘I love being a partner. You use a wide range of skillsets every day.’ Victoria MacDuff, Slaughter and May


than just doing the deals. That hasn’t changed a huge amount,’ says Cooke. Technology and mobile working have, of course, changed, but at least newlyminted partners accept that Faustian pact of the always-on partner having known no alternative. Says Banks: ‘On one hand you are always contactable, on the other, you are very mobile. With technology, you can harness the benefits of working while exercising a degree of discipline so that it doesn’t dominate your world.’

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A YOUNG PERSON’S GAME As attitudes to partnership change, the question inevitably arises as to how enduring the model will remain for attracting, retaining and motivating the lawyers of the future. The model – based on delayed gratification – has served the legal industry extremely well but has been tested by more transactional and mobile attitudes to work across society and lawyers young and old. The good news is that there is widespread agreement that the role retains much of its pulling power, in large part because clients still strongly

value it. Rich rewards, of course, speak to a more materialistic age, and a sense of ownership has become an even stronger attraction for a generation that has reached adulthood amid economic turbulence and with the expectation that they would have to relentlessly compete rather than fit into a defined career role for life. ‘People are still very attracted to partnership as a model, but it has to have meaning,’ concludes Ballheimer. ‘It has to mean you are entrepreneurial as the owner of the business. If you’re a glorified associate, it doesn’t have u


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ANALYSIS

u the same meaning. There is an emphasis here on ensuring this is a real partnership, not just a hierarchical thing.’ The prized autonomy of partners, which was confidently predicted a decade ago to be fading as law firms became corporatised in governance, has if anything reasserted itself in recent years. And even the most jaded of industry observers would concede that law firms have hugely upped their efforts in terms of detailed feedback for their potential partners. Linklaters senior partner Charlie Jacobs concludes: ‘I still think partnership is an important part of our culture. It makes us take a long-term view of the business. Partners are simply custodians. You need to make sure the partnership is in better shape for the next generation.’ Coutts executive director Dennis Howard strikes a similar note: ‘Partnership still carries a lot of gravitas and status, and for a lot of new partners that brings more opportunity as well as responsibility.’ These realities alone will probably not be enough to stop leading law firms facing a situation in which they struggle to find enough top-quality talent willing to stick it out for partnership. The dramatic expansion of the in-house profession in the UK has opened up an attractive career alternative, which is drawing out huge numbers of mid-level associates. Anecdotal claims and hard data illustrate that large numbers of talented women lawyers are still selecting themselves out of the partnership race at top firms (see box, right). Ballheimer notes: ‘There is a perception among some, especially female associates, that the partnership process is slightly harrowing. It is not as harrowing as people think. Female candidates often do much better in the interview process than men.’ The message certainly doesn’t appear to have got through to A&O associates: just 15% of the partners the Magic Circle firm has promoted over the last three years have been female. There will be increasing pressure on law firms to start making partnership decisions earlier to engage their associates, even if overall levels do not change. While only a handful of US firms have deployed this approach, prolific promoters like Kirkland & Ellis and White & Case and, to a lesser extent, Latham & Watkins are some of the most influential players in the City market now. Kirkland, which has made up 268 partners over the last three years, including 97 this year, with 13 in the UK, makes a disruptive virtue of its model of promoting large numbers of lawyers


PARTNERSHIP AND WOMEN – THREE STEPS FORWARD, TWO BACK Our research suggests recent efforts towards gender diversity are having some impact at many major UK and US firms. Firms to average more than 30% female promotion rounds over the last three years include Sidley Austin, Ashurst, Slaughter and May, Hogan Lovells, Herbert Smith Freehills (HSF), Baker McKenzie, Latham & Watkins, Kirkland & Ellis, Debevoise & Plimpton, White & Case and Stephenson Harwood. Ashurst and HSF lead the pack among UK peers, with female promotions making up 40% and 45% respectively over three years. US-based advisers were hot on the heels of their London counterparts, however, with Sidley and Debevoise & Plimpton achieving among the highest proportion of female promotions in our research with 40% and 42%. Perhaps surprisingly, some mid-tier players cited had lower rates of female promotions than larger rivals, though the firm with the lowest proportion of female promotions in the table was Allen & Overy with just 15% of its new partners. Modern partnerships only get so progressive apparently. The rest of the Magic Circle ranged from 26% (Linklaters) to 33% (Slaughters). At these levels, it will take decades to much impact the gender mix of elite City firms. (See pages 64-65 for full breakdown and analysis.)

Even for hard-bitten veteran rainmakers, the view of young lawyers is one of nearuniversal admiration for their work ethic and ambition, far from the caricature of flaky Millennials. to its non-equity ranks at an early stage, before giving them a crack at equity. Finance partner Neel Sachdev argues this approach has been key to engaging young lawyers: ‘Today, there are lots of different career options: start-ups, Google, banking… At Kirkland, we look to find young graduates who want to become partners. It’s always been an accelerated and transparent career path, but it’s now more transparent. Private equity is a young person’s game, and with our model you get young, energised, entrepreneurial lawyers.’ Weil, Gotshal & Manges has just announced changes to accelerate its track, so partners are typically made up seven-and-a-half years after qualification. Announcing the change, executive partner Barry Wolf said: ‘The current generation of lawyers doesn’t want to wait nine years for a promotion decision.’ Neither are such shifts merely a US phenomenon. Slaughters and Linklaters, for example, have been proactive on this front,

with both firms respectively appointing 29% and 26% of their current partnerships in the last five years. Notes Cooke: ‘We are all restless souls here. Added to that, this is our youngest partnership ever. There is a young weighting with new ideas.’ It seems an astute move because if there is one thing partners young and old agree on it is that there will be more pressure on law firms to sell the notion of partnership to the best associates, rather than expect deference and institutional mystique to do it for them. The prize is engaging the best-educated and most commercially aware generation the industry has ever seen. Judging the industry in recent years, it turns out the tournament of partnership is as dominant as ever in law. But these days, it is increasingly hard to work out which side – law firm or prospective partner – is calling the result. Long may it continue. LB [email protected] [email protected]

PARTNERSHIP SPECIAL

‘At every stage of my career I’ve taken stock. I didn’t feel I couldn’t get off the escalator.’ Clare Connellan, White & Case



DATA AND ANALYSIS UK FIRMS Partners made up in 2018

Partners made up in 2017


UK promotions 2018

Former trainees who made partner 2018

Female partners promoted 2016-18 (% of total)

DLA Piper (1,205)

62

46

48

10

15

45 (29%)

Clifford Chance (570)

26

24

24

7

15

20 (27%)

Allen & Overy (549)

20

24

21

4

13

10 (15%)

Linklaters (473)

27

26

25

10

19

20 (26%)

Hogan Lovells (835)

31

29

24

5

5

27 (32%)

Freshfields Bruckhaus Deringer (392)

12

18

16

4

9

13 (28%)

Norton Rose Fulbright* (1,200)

32*

45

39

TBC

TBC

39* (34%)

Herbert Smith Freehills (474)

17

21

20

6

10

26 (45%)

Ashurst (394)

24

19

12

9

8

22 (40%)

Slaughter and May (112)

4

7

10

3

2

7 (33%)

Number of partners

US FIRMS Partner promotions UK promotions 2016-18 (firm-wide) 2016



UK promotions 2018

UK promotions 2017

31

7

8

8

102

31 (30%)

80**

6***

5

3

262

97** (37%)

Latham & Watkins (74 UK, 681 firm-wide)

31

2

2

4

83

27 (33%)

Kirkland & Ellis (86 UK, 975 firm-wide)

97

13

6

8

268

87 (32%)

Shearman & Sterling (36 UK, 211 firm-wide)

16

3

0

5

35

8 (23%)

Weil, Gotshal & Manges (30 UK, 274 firm-wide)

10

0

2

3

31

7 (23%)

Skadden, Arps, Slate, Meagher & Flom (30 UK, 361 firm-wide)

14

0

0

2

37

7 (19%)

Sidley Austin (45 UK, 667 firm-wide)

19

0

1

1

58

23 (40%)

Cleary Gottlieb Steen & Hamilton (21 UK, 191 firm-wide)

3

1

1

0

18

5 (28%)

Debevoise & Plimpton (20 UK, 138 firm-wide)

5

2

2

2

19

8 (42%)

Number of partners White & Case (105 UK, 498 firm-wide) Baker McKenzie** (90 UK, 1,570 firm-wide)

UK MID-TIER FIRMS Number of partners




UK promotions 2018

Former trainees who made partner 2018


Osborne Clarke (250)

5

6

3

5

1

3 (21%)

Stephenson Harwood (170)

8

4

11

5

2

9 (39%)

Macfarlanes (85)

4

3

6

4

2

3 (23%)

Fieldfisher (250)

10

9

5

6

2 in the UK

5 (21%)

Watson Farley & Williams (158)

9

6

8

3

1

6 (26%)

* Norton Rose Fulbright’s partner promotions date for 2018 has been moved to align with its new financial calendar year. The partners made up in 2018 and total number of female partners promoted figures exclude 2018 EMEA promotions as they are yet to take place. ** Baker McKenzie’s promotions to be announced after press time. Responses are based on 2017 promotions. Combined female partner promotions figure is based on 2017, 2016 and 2015. *** Expected size of UK promotion round, to be confirmed.


PARTNERSHIP SPECIAL

THE PARTNERSHIP SCOREBOARD – TRENDS AND TRIBULATIONS respectively over the last three rounds, both sustaining active levels As part of our analysis of the modern realities of partnership, Legal of promotions. The top ten as a whole promoted 223 in 2018, though Business collected data on partnership rounds for the last three years only 58 in the UK. These numbers do not account for Norton Rose across three groups: the top ten UK law firms by revenue, the ten USFulbright (NRF), which has just shifted its promotions round to move based law firms with the largest organically-built London branches to a new financial year. On previous form, NRF would add around 40 and a select group of mid-tier City players. to that total. The most obvious observation is that there has been – barring a There is an interesting comparison at leading US firms with major few exceptions – little easing up of the post-banking crisis clampdown City offices. The group splits between those promoting aggressively, on making up partners. One City head of a major US firm notes: ‘It’s including Kirkland & Ellis, Baker McKenzie, White & Case and Latham harder to become a partner. All the firms are focused on profitability, & Watkins. Sitting in the middle camp are Shearman & Sterling, the motivations are a lot more financial. Firms will always question Debevoise & Plimpton and Weil, Gotshal & Manges, while those with a the business case.’ very tight grip on promotions include Cleary Gottlieb Steen & Hamilton, Such a dynamic is apparent among the Magic Circle, which is Sidley Austin and Skadden, Arps, Slate, Meagher & Flom. still as a group post-Lehman promoting barely enough to sustain While there has been considerable growth in the overall UK partnership sizes. No exception is Freshfields Bruckhaus Deringer, partnership promotions at US firms, the group as a whole managed which has in recent years been slow to make up new partners, a trend a modest 34 in the 2018 round and 20 of those rest on just two which has apparently intensified through 2016-18. The 392-partner firms: Kirkland and White & Case. Of the top ten largest US offices in firm promoted 46 partners across its last three rounds, a lower London, no less than three firms – Sidley, Skadden and Weil – went percentage than its Magic Circle peers and a rate that if sustained through 2018 without making up a single partner. would lead to a continual shrinking of its partnership. Numbers at the largest US firms have not trended up in recent More expansive were Linklaters, Clifford Chance and Allen & Overy, years across the group – these firms created 27 partners in 2017 and which respectively made up 78, 74 and 65 partners over the last three 36 in 2016, meaning they have in recent years promoted roughly half rounds. Such rates modestly exceed levels seen from the trio in a as many UK-based partners annually as the largest ten UK law firms. three-year analysis Legal Business conducted of partnership rounds As in so many things, Kirkland is the ultimate outlier, making up for the years 2011-13. The most generous was Linklaters, which has 268 partners over the last three years, reflecting both its aggressive averaged 26 new partners annually during 2016-18 – a robust level for expansion track but also its model of making up large numbers of a 473-partner firm. non-equity partners at an early stage before giving them a shot at its Yet the most obvious changing of the guard is at Slaughter and closely-held equity ranks. In 2018, it promoted 97 partners, one of the May, which made up ten in 2016, seven in 2017 and four in 2018, a largest rounds ever seen in the legal industry, including 13 in the UK. total of 21. This is not only a rebound on the subdued levels seen Judging the mid-level firms, Fieldfisher has led the way for the during 2011-13, when the firm made up just nine partners, but mid-tier pack, reflecting dramatic growth at the top 50 UK firm, with shows a decisive tilt towards new blood for an institution with just 24 promotions over the last 112 partners. On a five-year three rounds. Proportionately, UK view, Slaughters has created however, there were more active 32 partners, nearly 30% of its promotions promotion levels at Stephenson current partnership. in 2018 by top Harwood, Macfarlanes and As a group the Magic Circle ten firms Watson Farley & Williams this year promoted 89 partners, compared to the size of their though only 28 in the UK. This partnerships. These five created compares to 99 in 2017 and 96 in Kirkland 36 new partners in 2018, 2016. These levels are modestly & Ellis up on the 2011-13 period but Magic Circle including 23 in the UK. promotions The research indicates that remain a far cry from the 137 seen promotions levels of trainees making it in the boom year of 2008. in 2018 in through to partnership remain The picture varies at other comparable with five years ago top ten UK practices. DLA Piper, for elite firms, with over half of for example, has promoted 156 the partnership promotions at partners over the last three the Magic Circle and Herbert rounds, a considerable number Smith Freehills being lawyers even for a firm with more than who had qualified with their 1,200 partners. of 2016-18 of 2016-18 firms. This proportion notably Hogan Lovells and Ashurst also partners partners drops for mid-tier players. saw increases in promotions. The promoted promoted pair promoted 84 and 55 partners

97

89 58 2018

45% 15% at HSF were female

at A&O were female


PERSPECTIVES

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The Dickensian management role of closed doors is a thing of the past.

Jonathan Kewley, partner and co-head of Clifford Chance’s tech group. Made up in 2017 What attracted you to partnership? I’m working in tech, a space that didn’t exist 30 years ago. There are challenges facing clients that didn’t exist five years ago. The tech environment fits with the character traits of partnership. You have to be entrepreneurial, and it’s more exciting to be that way. It maintains interest. What were your experiences of making partner? The process at CC is built on a military model. It’s very gruelling. You get tested on marketing and speaking to clients, and having a global view on that. You get a role in the strategy of the firm straight away. Is partnership harder for Millennials? Millennials want more information and control of their careers. The

Dickensian management role of closed doors and not asking the opinion of junior partners is a thing of the past. I think about what it must have been like for partners who grew up without owning a BlackBerry, the world of fax machines and typewriters. You could think about that longingly. On the other hand, it is a dynamic job and technology offers greater flexibility. Clients don’t care where people work, especially in the tech business. Clients are changing and we are too. What are the challenges? There are problems with diversity in tech, questions as to why more women aren’t going into it. There needs to be more men advocating female partners – it’s a role for us too. I’m determined to make a big difference there. Photographer JUAN TRUJILLO


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I had to be passionate about what I did. Partnership was a consequence of that.

Tara Waters, corporate partner at Ashurst. Made up in 2018

How did you get into law? I graduated in 2000, studied design and electronic art in New York. I taught myself to code. Those skills were in high demand, it was the height of the dotcom boom. A friend left to go to law school and convinced me my skills would translate into law. I found I could train in the US and work in other countries. That sounded awesome. I chose London because I’m a city girl and I’m hugely into music, art and the tech scene, obviously. How does law compare with your previous career? In New York in the tech industry I worked with a lot of other women. It was unusual to have meetings where it’s almost always men in the room. But I’ve never let it be a problem because I’ve never questioned my value as a woman. I like being able to show clients that I am the person in the room who knows their business fully. Why did you want to be a partner? Becoming a partner wasn’t a be-all and end-all goal, but I didn’t question my ability to function as a partner. I had to be passionate about what I did and tried to create that. Partnership was a consequence of that ambition, rather than the goal in itself. How is being a partner different? There is a lot more strategic thinking, building client relationships and winning business. I’ve made a conscious effort to build a team so that I can do those things. Before I was doing networking in my personal time. Now I have the luxury to spend the working day doing that. How has your background impacted your career? Ashurst refocused on the growth areas of tech. I had unique skills. I was able to raise my hand and differentiate myself. My tech background meant I was used to rolling up my sleeves. I have been very active in the local ecosystem. It’s so important to build your network.

Photographer BRENDAN LEA


Peter Banks, corporate partner at Allen & Overy. Made up in 2017 Why did you want to be a lawyer? I studied law at university but didn’t necessarily think I would become a lawyer. I’m interested in businesses; I like economics and understanding what companies do and how they work. Corporate law was a good fit for that. Did you always want to be a partner? I liked being a senior associate. I looked at the role of partner and asked myself whether I wanted it. I could see the parts of my job as a senior associate that I found most fulfilling getting bigger, especially developing client relationships and building the team. I enjoy interacting with people. I did weigh up other options. I wouldn’t have carried on if I didn’t enjoy it. Does partnership still have the same prestige? Yes. It is my proudest professional moment. It is a very enabling status. It shows you’ve reached a stage in your career and clients respect it. How have attitudes to partnership changed? There is still a perception that if you don’t want to be a partner it shows a lack of ambition, but that’s changing. People are much more vocal about their careers and there is increasing openness if partnership is not what you want. People are much more aware of other avenues. At A&O, some join alternative delivery businesses Peerpoint or aosphere. You can progress in the organisation without being a partner. There is much more emphasis on taking charge of your career. It’s a conscious decision, not just floating into something. How has life changed now you’re a partner? What is surprising is how much you immediately feel the ownership of the business. I have more visibility and more of a view on the pinch points but there is less of a sense of finishing a deal and going quiet for a while. Now you’re always straight onto the next thing. Photographer JUAN TRUJILLO


There is much more emphasis on taking charge of your career.

PARTNERSHIP SPECIAL

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There are massive benefits to people saying: ‘This is what I want with my career.’

Dan Saunders, corporate partner at Watson Farley & Williams. Made up in 2017 What is your career history? As you can tell I’m a Kiwi! I moved to Singapore with my wife and got a job with WFW in 2007. About six years ago I moved to London. I have been working here ever since. What have been the biggest changes you’ve noticed since becoming a partner? There’s more involvement in overall strategy and the hiring and pastoral care of associates – the latter being something I’m passionate about. There’s also a lot more admin. That’s not a gripe, just a fact of life. You don’t really become the guy in charge, you become the bottom of a bigger pile. We have lovely associates but also lovely partners. I thought there would be a bit of a bedding-in period because I’m a fair bit younger than everyone else. From day one I was treated as an equal around the table. How would you describe the typical ‘Millennial’ lawyer? I went to my first partner meeting this year and I did a session called ‘how to treat Millennials’. I was born in 1985, and was surprised when told: ‘We count Millennials as anyone born after 1980.’ Millennials question people. There are massive benefits to people saying ‘This is what I want with my career’; it’s someone who knows where they are going. It takes a lot of thought to think about how to benefit from the different traits Millennials have but it’s worth it. Photographer BRENDAN LEA


PERSPECTIVES

Valerie Kenyon, litigation partner at Hogan Lovells. Made up in 2018 What’s your career history? I went to Oxford, and was the first person in my family to go to university. Having been impressed by the vacation scheme at Lovells I applied for a trainee scheme then qualified in February 2010. My first day at the firm was the day the firm became Hogan Lovells! Have you always wanted to be a partner? I remember looking at what the partners were doing and thinking it included so much travel and looked so complicated. Clients were calling them without even knowing who they are. Have you noticed any changes since becoming a partner? I started getting invited to conferences and people start noticing who you are. There’s an imposter-feeling at first. What do you enjoy about your job? I’ve always loved being part of the clients’ trusted team. Whether I’m talking to a client’s legal, engineering, marketing or design team it’s an easy conversation if you keep in mind that a great deal of what we do is about building trust and relationships. It’s a given that lawyers at top law firms in the City excel at providing legal advice: there’s got to be more to it than that to build a team and a strong and exciting client base. It’s different to 15 years ago when old white men would invite their friends to the golf course. If you recognise the business world has changed and what was successful 15 years ago is unlikely to be today, you’ll pick up more client relationships. Do you identify as a Millennial? I identify very much not as fuddy-duddy middle class. I was the sort of person who at university thought ‘I’m going to come up with loads of cool business ideas!’ but none of them came to fruition. Was it difficult to transition from an associate social group to a partner one? You become part of management and you have to be respectful of your senior associates having space to let off steam! You want them to look after each other and feel like colleagues.


It’s different to 15 years ago when old white men would invite friends to the golf course.

PARTNERSHIP SPECIAL

WHEN THE EXCEPTIONAL DEMAND THE EXCEPTIONAL, THEY COME TO COUTTS. With you for the journey, providing the UK’s most successful professional partners with the finest, tailored, expert wealth management and banking service.

coutts.com/professionals June 2018 Legal Business 71