Law Firms Promote Fewer Senior Associates to Partnership
Fewer associates are winning promotion to partnership this year, a trend industry experts say is a result of the economic downturn. This month, Cleary Gottlieb Steen & Hamilton elected four new partners firmwide, half as many as in 2008, while Latham & Watkins cut its firmwide promotions 25 percent to 23. Consultants say the trend likely is a reflection of the financial condition law firms have found themselves in, with demand for legal services down and profits falling.
