Linklaters 'yes' to LLP as massive 38 are promoted

Linklaters is to promote 38 lawyers to its partnership, as partners at the magic circle firm give the go-ahead to plans to convert to a limited liability partnership (LLP).

Partners voted on Saturday (29 March) to approve the new promotions, as well as rubber-stamping the move to convert to an LLP from 1 May, 2007.

The promotions represent an increase of six on the number of new partners made up last year and will take the firm to 540 partners - a figure that includes 14 lateral partner hires announced since 1 May last year. The total of 540 marks an increase of just 4% on the 520 partners Linklaters had this time last year.

Fifteen of the new partners - accounting for 40% of the promotions - are based in London, with the others spread across the firm's global network. Asia receives a operations a significant boost, with eight promotions across Tokyo, Hong Kong and Singapore, while there are 11 promotions in continental Europe, three in the US and one in Dubai.

Eighteen of the new patners are in finance and projects, including seven in banking, with 15 in corporate and just five in commercial areas such as real estate, tax and technology, media and telecoms.

Linklaters' latest partnership round represents almost double the number of new partners made up at magic circle rival Freshfields Bruckhaus Deringer, which promoted 22 new partners, and almost eight times as many as Slaughter and May's five-partner haul. Herbert Smith announced last month that it was making up nine new partners.

Linklaters managing partner Tony Angel said: "This is the first year where we have had some strong internal candidates coming through in a number of areas where traditionally we have had to laterally hire, such as Tokyo and Amsterdam. Overall it's part of a consistent pattern of wanting to elect broadly the same proportions each year, but the Asian promotions reflect the real strength of the practice there and the Japanese partners coming through for the first time."

The LLP vote comes a month after Linklaters registered its intention to convert with Companies House, becoming one of a number of firms set to convert at the start of the new financial year, with Lovells voting to convert early last month.

Linklaters, Lovells, Norton Rose and Freshfields were all forced to delay plans to convert last year due to uncertainty over how French offices of UK LLPs would be treated by French tax authorities.

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