• 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.

Regional and Market Trends

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.