Partner Class Sizes Shrink for Second Consecutive Year

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.

Practice Areas Shifting

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.

Class Sizes Vary by Firm

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.