Demand for new partners with private equity expertise has reached an all-time high.
According to the latest Macrae+ Legalscape report, London’s private equity legal market has shown resilience compared to the volatile public markets, leading to a notable rebound in partner hiring.
Over 2024, law firm lateral hires surged by more than 130 per cent year-over-year. The report also highlights that the first half of 2025 “was the busiest first half in recent years.”
The expansion of US law firms in London continues unabated. Data show that from 2020 to Q1 2025, 80 percent of partner arrivals joined leading US firms in the City, compared to just 56 percent of exits from those same firms.
The report also highlights the gender disparities in the private equity legal market, noting that men accounted for 93 per cent of partner movers in 2024 and over 84 per cent of all movers since 2020.
As the private equity market evolves, so too does the legal infrastructure that supports it.
Over the years, there has been a steady rise in alternative legal service (ALS) platforms, including the legal arms of the Big Four giants.
The shift suggests that competition in private equity law in the future may no longer be limited to traditional firms. As David Morley, co-founder of Dejonghe & Morley, was quoted: “In time, everyone will be competing with a private equity-funded firm … Even if you don’t take it, you have to consider what is driving the strategic behaviour of your competitors.”
Commenting on the data, Siobhán Lewington, a partner at Macrae, explained: “The data show the continuing gravitational shift towards the US firms.”
“Private equity is the top priority on every firm’s shopping list because it drives growth across the firm and every law firm leader is laser-focused on growth. H1 was the busiest first half in years, and we saw 21 partner moves compared with 13 in H1 2024,” she added.