Corporate dominates again in latest Herbies promotions.

(From The Lawyer)

Last week Herbert Smith became the first of the big City firms to announce its promotions for the coming financial year.

The Lawyer's research shows that in recent years corporate and M&A assistants have had the best chance for promotion to the Herbert Smith partnership. Indeed, the corporate division has had the biggest share of partnership promotions over the past five years (2003-07 inclusive) with 19 promotions. Fifteen of these have been in London, plus three in Hong Kong and one in Moscow during that time. In the same time period seven corporate partners have left the firm (although one remains a consultant with Herbert Smith), giving a net gain of 12.

Corporate associates who trained with the firm appear to have a relatively good shot at making partner because Herbert Smith - in this division at least - tends to promote from within its ranks. Ten of the 19 trained with the firm and two others arrived as junior associates.

"We're very keen on growing our practice organically and nurturing our own talent," declares Herbert Smith corporate head Michael Walter, who adds in the same breath: "But like most of our competitors, we're opportunistic in identifying others."

Female corporate associates have had less success in making it into the partnership. Only one woman, Cecile Wake, has made partner in five years. She was promoted in March 2006 and did not train with Herbert Smith, but joined as a relatively senior associate.

Although the corporate division accounts for the largest total in promotions over five years, corporate appointments have tailed off somewhat from a high in 2003, when the firm made up six associates to the partnership. This year US securities lawyer Adam Wells got the nod, along with Nick Moore, who has a quasi-specialism in corporate insurance work.