Ashurst makes up 10 with five in the City

The promotions mark a significant drop on last year's round when 17 lawyers made the grade, including eight in the firm's London headquarters.

The new partners come across a range of practice areas. Finance is the main beneficiary, gaining three new partners, while corporate gains two, and restructuring, arbitration, real estate, investment funds and tax get one new partner apiece.

Outside London the firm's Milan office is the biggest winner - with the office gaining two new partners in corporate and finance. Elsewhere, Abu Dhabi, Frankfurt and Singapore all receive one new partner each.

Senior partner Charlie Geffen said: "Clearly with the financial situation as a backdrop the bar is raised higher when you look at who is up for partnership, but this is a long-term decision not a short-term one."

"Around a third of our business comes from outside the UK and half of the promotions have come in the international offices, so, in proportion to our business as a whole, we are making up more people outside London ."

Earlier this week Berwin Leighton Paisner (BLP) made up seven new partners in its promotions round, including five in real estate. Meanwhile City rival Lovells defied the downturn to promote 19 new partners - an increase of one on the 18 the firm made up last year.

Ashurst partner promotions in full

• David Arnold, corporate, London
• Simon Baskerville, restructuring, London
• Bernd Egbers, finance, Frankfurt
• Ben Giaretta, arbitration, Singapore
• Matthew Hooton, real estate, Abu Dhabi
• Samantha Lake Coghlan, investment funds, London
• Paul Miller, tax, London
• David Quirolo, finance, London
• Stefano Roncoroni, corporate, Milan
• Lorenzo Vernetti, finance, Milan