The recent Leopard Solutions 2022 state of the legal industry report noted that the partner track is nearing a broken model.

The old bargain is no longer working for many of today's associates. The traditional partnership goal is further and further out of reach for many. Today's young associates are beginning to question why they would want it in the first place.

The sentiment is even worse when we overlay the analysis looking through a gender lens. In Leopard Solutions' survey of women attorneys conducted in 2022, it was a frequent sentiment made by the female associates who responded to the study that the lack of growth potential was one of the big reasons why women left law firms and whether being made a partner is as fulfilling as it was once deemed to be.

Partner promotion is a significant milestone in an attorney's career, as it signifies that they have made significant contributions to their firm and have been recognized for their hard work and dedication. It is also an essential indicator of the growth and success of the law firm itself. The Top 200 firms should begin navigating a course for those who have no interest in being a partner but would still like to have a fulfilling, long-term career path at their firm.

Leopard Solutions released its annual state of the legal industry report, with key findings on the partner promotion trends in the Top 200 law firms and what they mean for the legal industry.

According to the report, partner promotions in the Top 200 law firms increased by 3% in 2022 compared to the previous year, which is a positive sign for the industry, suggesting that law firms continue to grow and expand their practices. However, the analysis found that the rate of partner promotions has stayed the same over the past few years, with only modest increases and decreases yearly. The low attorney number of attorneys put on the partnership path by firms could be detrimental to firm growth as there need to be more mid-level and experienced attorneys on the partnership path to replace the retiring partners, let alone firms looking to grow and build more specialty practice areas.

The report also provided some insights into the demographics of partner promotions in the Top 200 law firms. For example, the report notes that women accounted for 30% of all partner promotions in 2022, a slight increase from the previous year. However, women continue to be underrepresented in partner positions, with only 23% of all partners in the Top 200 law firms being women. Similarly, attorneys from underrepresented racial and ethnic groups accounted for only 10% of all partner promotions in 2022, despite accounting for 20% of all associates in the top 200 law firms. These findings highlight the legal industry's ongoing challenges in achieving diversity and inclusion.

The partner promotions in the Top 200 law firms are valuable insights into the state of the legal industry. While there is an increase in partner promotions, the relatively low rate of promotions suggests that law firms may be becoming more selective in their attorney promotions. The variation in the rate of promotions across practice areas highlights the need for attorneys to be strategic in their career paths. Finally, the demographics of partner promotions underscore the ongoing need for the legal industry to prioritize diversity and inclusion. By understanding these trends, attorneys and law firms can better navigate the legal market and succeed in their careers.