Magic Circle partner promotions rise - but still lag pandemic highs

All five Magic Circle firms have now revealed their 2025 partner promotions - and while numbers are generally up on last year, they remain below the highs seen in the years immediately following the pandemic.

The latest figures show a modest rebound across most firms, with A&O Shearman the only exception, posting a lower total than both last year and the final few years before its transatlantic merger.

By the numbers

• Clifford Chance promoted 31 lawyers this year - up slightly from 29 in 2024, but still below 2022’s 37.
• Freshfields made up 25, a small increase on last year’s 23, but in line with a relatively steady range in recent years.
• Linklaters delivered the biggest step up, naming 34 new partners, compared to just 27 last year - though still short of its 41-strong classes in 2022 and 2023.
• Slaughter and May promoted six, up one from 2024 but well below its high of 10 in 2023.
• A&O Shearman named 33 new partners - the first combined round post-merger - but that’s down from the combined 40 promoted last year by legacy Allen & Overy (32) and Shearman & Sterling (8). It also trails A&O’s solo rounds in both 2023 (36) and 2022 (39).

The trend

Partner promotions across the Magic Circle have stabilised following the post-pandemic surges seen in 2022 and 2023 - years when pent-up demand, talent retention pressures and booming deal volumes drove record intakes.

This year’s figures suggest firms are now cautiously expanding again, but without returning to peak promotion levels.

Strategic hiring, market uncertainty and greater scrutiny of equity partner economics may all be contributing to the flatter growth trajectory.