These numbers imply the size of the non-tax PwC Legal team has reduced substantially in recent years. The current PwC Legal website lists these 15 new Greenwoods partners as well as another 17 existing partners. In February, PwC announced it had acquired the specialist tax practice Greenwoods & Herbert Smith Freehills. It’s also worth noting that a growing number of people don’t identify as either male or female, which will hopefully be evident in future surveys. Given the current velocity of partner promotions, it won’t be long before these firms have a big diversity problem, but of a different nature to the past. Ten firms have 75 per cent or more female senior associates. No firm reported less than 45 per cent of their senior associates – the traditional stepping stone to partner – as female, but a number of firms risk overshooting in their gender-rebalancing efforts. The survey shows most firms are making huge strides in promoting females to senior ranks. ![]() It makes the employee value propositions at other firms seem a little mundane. The firm’s public statements reveal two interesting insights – every employee holds equity and the firm plans to list on the ASX at some stage. Hamilton Locke must be doing something right to expand its partner cohort by 79.2 per cent over the past year. Another explanation is there are fewer opportunities to hire lateral partners in a booming market. HWLE may just be taking breath, or perhaps its need for growth has diminished given its IPO is off the table. ![]() Since July 2019, the firm has added just 11. The table-topping HWL Ebsworth added 112 new partners from July 2013 to July 2019. There are seven other takeaways from the survey worth noting. The predictions of the demise of BigLaw at the hands of NewLaw or technology are either premature or plainly wrong. The quantum of new partner and senior associate promotions and graduate hires reflects a mood of confidence rather than existential threat. ![]() The list of top 20 firms in the latest Australian Financial Review Law Partnership Survey shows is strikingly similar to that of 2012. The full (slightly edited) text of my opinion piece first published in the Australian Financial Review on 14 July 2022.
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