Am Law 100 firms are increasing promotions within countercyclical practices and regulatory areas, according to a recent analysis reported by the
American Lawyer. The study specifically noted that when it came to partner promotions, significant growth has been seen in debt finance, antitrust, and tax practices, among others.
The promotions across the 23 Am Law 100 firms analyzed showed an impressive rise in both regulatory and countercyclical practices compared to the previous year. In exact terms, this equates to partner promotions in debt finance growing 36%, antitrust tripling, and tax practices witnessing a 29% increase in 2023.
The development aligns with the pattern of growth in countercyclical practices, such as debt finance, which are typically more resilient during economic downturns. Regulatory practices, including antitrust, have equally witnessed favourable growth, possibly due to increasing scrutiny in business sectors from government bodies.
While the rate of partner promotions overall roughly matches the number in the previous year, the distribution reflects changes in industry sectors. Regulatory partner promotions experienced a twofold hike and antitrust saw a threefold increase, revealing an intriguing shift in growth patterns across law practices.
The healthcare and FDA practices are also part of the upward trend, seeing a rise in partners by around 25%. This comes as no surprise considering the post-pandemic scenario where legal issues abound in the healthcare sector.
As the dynamics of global corporate law shift, these growth trends in countercyclical and regulatory sectors offer interesting insights for legal professionals. The robust growth of promotions within these areas not only reflects the evolving landscape of corporate legal practice but also highlights areas where upcoming legal professionals might target future prospects.