SolutionsHire top legal talent for any scope of workGet Started Contact us to find the best fit for any in-house or law firm role Testimonials Trusted by the world's leading legal departments FAQ Frequently asked questions about working with Legal.ioEmployer Resources Tools and guides for hiring managers New partner class sizes shrunk by an average of 4% among 22 Am Law 100 firms that made announcements by late November. The trend continues the decline that began in 2023 after firms promoted large class sizes in 2022.
Partner promotions in 2024 declined by an average of 4%, following a 2% drop in 2023.
U.S.-centric promotions increased, accounting for 81% of the class, up from 76% last year.
Firms emphasized countercyclical practices like litigation and restructuring amid shifting demand.
Partner promotion class sizes at major law firms shrank again in 2024, declining by an average of 4% compared to 2023, which itself saw a 2% drop from 2022, according to an analysis of 22 Am Law 100 firms’ announcements by The American Lawyer.
This year, firms also focused more heavily on U.S. offices, where 81% of promotions occurred, up from 76% last year.
The trend reflects broader caution in the legal industry, as firms prioritize resource allocation amid fluctuating client demand and economic uncertainty.
Promotions in M&A and private equity, traditionally dominant areas for partner elevations, decreased slightly this year, accounting for 22% of promotions compared to 25% in previous years.
Meanwhile, other corporate practice areas like investment and regulated funds (9%) and banking and finance (5%) gained prominence.
Countercyclical and non-cyclical practices saw a notable uptick in promotions, with litigation, restructuring, antitrust, and regulatory work comprising the highest proportion of new partners since 2021.
Kirkland & Ellis, known for its large promotion classes, named 200 new partners in 2024, slightly fewer than last year’s 205. The firm maintained steady promotions in M&A and private equity while increasing elevations in investment funds and restructuring practices.
By contrast, Latham & Watkins significantly reduced its partner class, promoting only 24 attorneys compared to 34 in 2023 and 44 in 2022. Banking, finance, and transactional practices saw fewer promotions, reflecting a more conservative approach to growth.
McDermott Will & Emery and Simpson Thacher & Bartlett maintained consistent class sizes, promoting 43 and 44 partners, respectively. McDermott emphasized health care, litigation, and M&A, while Simpson Thacher focused on private funds, registered funds, and banking and credit.
The growing emphasis on U.S.-based promotions underscores the country’s continued dominance in driving legal demand, even as firms expand globally.
Firms are also responding to evolving client needs, particularly in regulatory and compliance-heavy sectors.
The Supreme Court appeared skeptical of a pair of laws in Texas and Florida restricting how social media companies and others hosting user-generated content can moderate their sites.
In our latest AI webinar, our expert panelists discussed the complexities and opportunities of crafting future-proof AI policies. Watch our on-demand webinar to gain valuable insights from industry leaders who are at the forefront of AI policy formation and implementation.
The AI Act is set to become the most comprehensive regulation of AI in the western world.
Prologis, a global leader in logistics real estate, has announced the retirement of two key executives, with experienced in-house talent slated to take the helm.
A growing number of top law firms have set minimum earnings expectations for their equity partners, with top firms setting targets at $5 million to $7 million in business each year
Our in-house professional community discuss their views on how legal departments weigh your BigLaw experience.
Lateral hiring and Summer Associate recruiting at law firms dropped to their lowest in over a decade in 2023, signaling a cautious approach to hiring amid anticipated lower demand.
Legal Operations professionals discuss how to create effective collaboration between departments and individuals.
In today's digital age, the ever-evolving nature of cyber threats poses significant challenges for organizations striving to maintain robust security. With the advent of AI models, the threat landscape has become more sophisticated, demanding adaptive strategies to safeguard sensitive data and protect against potential breaches. In this blog post, we explore the next generation of cyber threats and offer practical insights on adapting security measures to stay ahead in this dynamic environment.
