Which firms are driving growth in the London legal market?
At an event we recently hosted in London, we analyzed some of the trends driving Partner growth in London over the last few years.
Using publicly-available data from Pirical Legal Professionals, we've taken a look at London's Partner headcount growth, uncovering which firms & practices are flourishing and how UK firms are competing with their US rivals in the market.
Partner moves recovered to pre-covid levels in 2022 and are not showing signs of slowing down
According to Bloomberg Law, "Partner hires in London hit record high levels in the first half of the year compared with in 2023", primarily driven by US firms.
UK and US firms are using the lateral market and acquiring smaller firms to help fuel their growth
The firms with the largest increases in Partner headcount are a mixture of UK & US firms and each deployed different strategies in order to grow. Kirkland & Ellis, for example, have focused on lateral hiring, while Mishcon de Reya have primarily grown through the acquisition of Taylor Vinters.
When looking at Partner headcount growth as a percentage, US firms are growing more aggressively
In terms of relative Partner growth, the fastest growing firms in London are all from the US. In fact, Addleshaw Goddard and Mishcon de Reya are the only UK headquartered firms to make the top 20.
US headcount growth is dominated by Corporate, Litigation and Banking & Finance practices
The AM Law firms that are expanding in London have focused on a few key practice areas. In particular, Corporate - Investment Funds has seen a boom in Partner headcount.
Magic Circle firms are struggling to keep pace with the large US firms
The top 5 AM Law firms have maintained higher rates of growth than the Magic Circle since 2020, however the main focus of growth for these UK firms has probably been the US market.
Kirkland & Ellis are on course to have more Partners in London than any of the Magic Circle law firms in 2026
Highlighting the story of major US growth in London, Kirkland & Ellis look set to overtake A&O Shearman and Linklaters in terms of total Partner numbers (having already surpassed the rest of the Magic Circle).
Note on methodology
Source: Pirical Legal Professionals, using publicly available data
Timeframe: 2019 - 2024
Partners with multiple locations have been equally distributed across each.
Written using publicly-available data from Pirical Legal Professionals (PLP)
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