Law firms added a net 307 new partners to their ranks last year – a dramatic rise on the previous year’s increase of 17, according to figures published on 18 March.
Chartered accountant Hazlewoods, which specialises in the legal profession, found that a total of 4,594 lawyers became partners in 2017/18, while 4,287 departed. The increase appears to defy concerns about the impact of Brexit and about the attractiveness of the partnership model.
Hazelwoods partner Andy Harris said: ‘Whilst it’s argued that younger lawyers seem to be less interested in becoming partners at law firms, it is still a very attractive prospect for many. The financial rewards and the status that comes with a partnership position makes up for the notoriously long working hours that lawyers have to deliver on the way.’