Page 2 - Partnership

S2 | MONDAY, FEBRUARY 2, 2015 | Partnership

INSIDE
New York Promotions Remain Steady,

While Firmwide Numbers Increase

NEW YORK LAW JOURNAL SPECIAL REPORt
Partnership

motions, she said.
before and after 2008. He said the new part-
Monday, February 2, 2015
BY CHRISTINE SIMMONS
“After a period of equity partner head
ners include both equity and nonequity, but
count being down,” she said, “we do see there he declined to provide a break down.
• View Diversity as an Opportunity
• Create Value With Technology
THE NUMBER of New York lawyers promot- has been modest growth in equity partner New York litigation firms haven’t experi-
• Use Culture to Your Advantage
• ed to partner at the largest law firms in the head count ... but I would caution that it’s enced the same boom and bust that corporate
Grow Through Practice Diversification • Lead From the Front Line
state is holding steady, while several firms still very, very modest.”
practices are seeing. “We sort of live and die
PLUS: A Look at New Promotion Numbers
are increasing partner promotions firmwide.
Retirements and partner departures can by the litigation market, which is generally
For a look at promotion trends, the New keep head count stable even when partner very steady,” said Aaron Marks, a partner at
York Law Journal surveyed the top quarter promotions rise, she said.
Kasowitz, Benson, Torres & Friedman.

of the NYLJ 100, which is a ranking of private “Litigation is just a steadier business, it
law firms employing the largest number of Corporate Drive
doesn’t necessarily experience the highs a
lawyers in the state.
corporate practice can experience when Wall
In 2014, 22 of these firms collectively elected Several firms’ promotions in 2014 were Street is revved up,” but it can be immune
97 lawyers to partner in New York, similar to mostly in their corporate practices.
through the lows, he added.
2013 figures. Three firms within the top 25 of For instance, four of the five partner pro- Marks said his firm also takes the long view
S4 Embrace Diversity the NYLJ 100 did not announce their newest motions at Paul Weiss and all three of Davis to partner promotions, considering “does this
promotions by press time, including Cahill Gor- Polk’s partner promotions are in corporate, person have a well-rounded and complete
As a Busi Imperative don & Reindel, Kramer Levin Naftalis & Frankel as are five of the six new partners at Simpson lawyer skill set and do we foresee this is a
BY PATRICK T. QUINN
and Fried, Frank, Harris, Shriver & Jacobson.
Thacher.
person that we want to be partners for the
Some firms increased their partner promo- Debevoise & Plimpton promoted five to long term.”
S6 Addressing Value tions in New York by at least three, including corporate partnerships, compared with two in Some law firms’ promotions, while swing-
Challenges With Cleary Gottlieb Steen & Hamilton to 7; Wilson litigation and one in tax, while Cravath Swaine ing up and down each year, appear to stabi-
Collaborative Workspaces Elser Moskowitz Edelman & Dicker to 6; Shear- & Moore promoted three corporate lawyers lize every two years. For instance, Simpson
man & Sterling to 5; Gibson, Dunn & Crutcher to partner and one in litigation.
Thacher promoted six New York lawyers in
BY KARIN S. JENSON
to 4; and White & Case to 4.
The legal industry saw a growth in billable 2011; one in 2012; six in 2013; and one last year.
AND CLARE FOLEY
Overall, among the 22 firms, half had more hours in 2014 compared with 2013, fueled by Kasowitz similarly shifted from six to two New
new partners in New York than in 2013, while transactional activity, including mergers and York promotions in the last four years, while
S8 Is Your Firm’s Culture
the other half had no change or fewer.
acquisitions, private equity, real state and Gibson Dunn swung between at least zero or
A Competitive Advantage? Partner promotions firmwide showed more initial public offerings, Rusanow said.
four New York partners in four years.
BY JACK KILLION
growth. The 22 firms collectively promoted “The New York headquartered firms are At Kasowitz, Marks said the pattern isn’t
344 lawyers to partner in 2014. This shows large beneficiaries of the transactional activ- deliberate and the firm doesn’t put constraints
Practice Diversification: a rise from 2013, when the top 25 firms pro- ity that drove the growth” in billable hours, on the figure of promotions every year.
S10 moted 312 to partner firmwide.
she said.
A Growth Strategy
The moderate increase in firmwide promo- Peter Zeughauser, a law firm consultant
For Midsize Firms
tions follow years of smaller classes linked to at Zeughauser Group, said larger new part- Female Promotions
BY ALAN TARTER
the recession. One firm, Shearman & Sterling, ner classes reflect a stronger economy and Among all the new partners in the 22 sur-
AND LAUREN ALLEN
said its new partner class of 13 was its larg- bounce back in corporate practices, “but I veyed firms, 90 were women, or about 26
est since 2008.
don’t think anyone is going crazy” in pro- percent of the 344 new partners firmwide.
S12 Get in the Arena, Partner “We had an exceptional group of candidates motions.
Cravath and Willkie Farr promoted no women
this year in key practice areas that we continue After firms promoted fewer lawyers in in their latest promotions, neither did Schulte,
BY JOY MARTINI
to grow across our global platform. With an recent years, “they need to replenish their which had a single new partner.
improving legal environment, especially in the ranks” while young corporate lawyers are Still, some firms had gains in promoting
S15 Lawyer to Lawyer
U.S., the timing was right for an expanded new very desirable in the lateral market, Zeughaus- women. For instance, three of Paul Weiss’ five
partner class,” said Creighton Condon, senior er said. “If you don’t promote them, they’ll new partners were women, or 60 percent, the

partner at Shearman & Sterling.
be picked up,” he said.
largest percentage among the surveyed firms.
Kris Fischer, Editor-In-Chief The firms generally didn’t indicate whether At White & Case, where partner promo- At Sidley Austin, 15 of its 32 new partners
Angela Turturro, Sections Editor their promotions were to equity partnership. tions jumped to 37 from 18 in two years, were women, about 47 percent.
Law firms with only equity partners include slightly more than half of the new partners At White & Case, where 8 percent of the
Rafal Pytel, Designer
Skadden, Arps, Slate, Meagher & Flom; Paul, were in transactional practices.
new partners were women, Koschik said
Weiss, Rifkind, Wharton & Garrison; Davis Polk David Koschik, a White & Case partner he would like the see the portion of female S
S
& Wardwell; Simpson Thacher & Bartlett; Sul- and executive committee member, said while partners rise over the years and his firm has
© 2015 ALM MEDIA PROPERTIES, LLC.
livan & Cromwell; Cleary Gottlieb; Debevoise corporate, M&A and private equity work had programs to do that. “We’re coming at it from
& Plimpton; Willkie Farr & Gallagher; Schulte been good in 2014 for his firm and others, he a number of different perspectives, including
THE NEW YORK LAW JOURNAL ® IS A REGISTERED TRADEMARK
OF ALM MEDIA PROPERTIES, LLC.
Roth & Zabel and Jones Day, according to doesn’t believe litigation and dispute work making sure that pipeline of female candidates
National Law Journal data.
is down.
is strong,” he said.
Gretta Rusanow, senior client adviser at “It is a very long-term proposition to make The firm is hiring classes of summer and
For subscriptions and to purchase back issues, Citi Private Bank’s Law Firm Group, which somebody partner. You’re looking for some- starting associates that are equally divided
call 1-877-256-2472.
studies the financial performance of the legal body who can be a leader in the firm for the in gender, he said. “One our challenges, and
For questions regarding reprints and permissions,
industry, said the legal business saw a 1.3 next 30 plus years,” he said. “Every firm has for many similar firms, is to retain women,”
call 347-227-3382, e-mail [email protected], percent compound annual decline in equity to have one eye on finances and financial he said, “so we do have equal numbers up
or visit almreprints.com.
partner headcount from 2009 to 2013.
economy metrics when you make partners for partner and making partner.”
To track calendar and motion information for individual cases,
call MA 3000 at 212-457-4988.
But there was a 0.4 percent increase in but we don’t let the short-term issues drive He added that over the past five years,
Send decisions of interest to [email protected]
equity partner headcount during the first the decisions too much because it really is on average, women made up more than 20
To access decisions and articles published in the Law Journal, nine months of 2014, compared with the a long-term proposition.”
percent of the firm’s new partner promotions.
visit nylj.com.
same period in 2013.
Koschik said the new partner class is the @
Law firm management’s confidence in the largest the firm has had in the last few years, |
Christine Simmons can be reached at csimmons@
market partly influences the number of pro-
but White & Case has promoted more, both
alm.com. Twitter: @chlsimmons
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