Market Roundup: Partner, October 2020

As we move towards the end of a year in which the market has had to adapt to and overcome unique challenges, the picture for the majority of firms looks decidedly brighter than had been projected in the early stages of lockdown. Forecasting in most quarters suggested double-digit dips in revenues were likely across most of the City, however the reality has been significantly less drastic with most firms reporting being less than 5% down on turnover year on year, and in some cases not down at all. In fact, billing practices have improved in many firms, with strong productivity.

Activity in terms of lateral hires has also defied expectations, with initial spikes in interest in employment, restructuring/insolvency, private client/family across the Summer giving way to strong levels of interest in corporate and finance in the Autumn, with opportunities also arising in real estate and construction. Interest in litigation partners has remained constant throughout the year, with the natural market conditions veering towards contentious work, with those individuals with a strong practice in disputes remaining in high demand throughout the City. Firms have become adept at using technology to overcome the challenges presented by Covid-19 to both recruitment and onboarding processes, and have successfully continued to engage with individuals of interest through various means both throughout lockdown and in the months since.

Aside from the differing remote working patterns within firms, the common message is that business is surprisingly good and it is business as usual in terms of appetite for partners with decent practices.