Almost 30% of all new partners across the top 10 City firms were in their corporate practices, with the figure dropping only slightly across the top 50 to around 25%.
Of the magic circle firms, Freshfields Bruckhaus Deringer saw the largest share in corporate promotions, with 36% of its new partners entering the corporate practice.
Banking and finance teams saw the next largest batch of promotions, with the practice receiving around 25% of all new partners for the top 10 City firms. However, this figure fell significantly for the top 50 as a whole.
Conversely, real estate and construction promotions reached double digits across the top 50 but represented just 7% of new partners across the top 10 City firms.
Despite predictions of an upsurge in litigation work, the practice equated to only around 11% of new partner promotions, with the figure marginally lower at top City firms. Support practices including tax, employment and pensions made up a similar percentage of this year’s promotions.
Slaughter and May practice partner Paul Olney told Legal Week: “Firms will continue to dedicate resources to leading practices such as corporate and finance as they do not make decisions over the short term or on a yearly basis. They look at practices and take into account where they want to be in five or 10 years time and you always need corporate lawyers.”