Legal Week is reporting that over the last five years, London firms’ hiring of lateral partners has almost doubled, from 42 in 2004 to 79 in 2008.
The study tracks hiring at 33 US and transatlantic firms’ London offices. While most slowed down their hiring due to global economic conditions, Orrick Herington & Sutcliffe, which brought in seven laterals, and Arnold & Porter, with five, were among the more-acquisitive.
There was also significant organic growth in the associate ranks at the top end of the market in 2008. Cleary increased from 67 to 83, Cravath from 14 to 17, and Skadden from 93 to 115. Unlike the vast majority of UK firms, one of those top-tier NY firms have had reported layoffs.
Obviously, things weren’t so good across the board. Shearman & Sterling‘s headcount dropped by 16, Reed Smith and Dechert both had layoffs, and White & Case had a net loss of eight partners, including the high-profile departure of banking lawyers Maurice Allen and Mike Goetz to Freshfields.
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