In a significant shift for London’s private equity market, partner movement reached a record high in 2025, as reported by Macrae in their latest Legalscape report. With 50 moves recorded, this figure is nearly double the total of 28 seen in 2024. The data highlights a transformation in how firms are structuring their private equity teams, indicating a more dynamic market environment.
Key findings from the report illustrate various trends, including a rebound in gender balance among the movers. Women now make up 30% of partner movements, a marked increase from 7% in 2024 and the highest proportion in five years. However, the percentage of women in internal promotions has decreased to 13% in 2025, down from 48% in the previous year.
Notably, UK firms are showing impressive growth, outperforming their US counterparts in net growth for the first time in the tracking period. This trend suggests an important rebalancing of the competitive landscape. Moreover, private equity growth in London is no longer dominated exclusively by US platform firms. Notable firms such as Goodwin and White & Case led the way, each adding four partners. The top tier now includes a broader range of firm types and geographical diversity.
While lateral hiring continues to lead, firms are diversifying their talent sourcing strategies. The proportion of lateral hires has dropped significantly from 89% in 2024 to 66% in 2025. External promotions and in-house transitions have increased, now accounting for over a third of all moves, up from just 11% the previous year. This indicates a meaningful shift in the competitive dynamic, with both The Lawyer 1-15 and 16-50 groups achieving net positive growth for the first time in this dataset, as the AmLaw 50 exhibited zero net growth in 2025.
Looking ahead to 2026, despite a slowdown in deal activity earlier this year, the demand for partner teams with strong sponsor relationships remains robust. Macrae anticipates several trends, including ongoing demand for ‘rising star’ hires amidst a limited pool of well-established private equity partners. Economic uncertainty is prompting some firms to delay individual hires, opting instead for high-profile group-level hiring in the coming year. Additionally, private equity real estate and infrastructure sectors are expected to see increased focus and demand, as firms adopt varied strategies to either deepen existing client relationships or broaden their sponsor client base in London.
Macrae is well-positioned to support these shifts, as the premier transatlantic legal search boutique specialising in partner and team placements across top-ranked AmLaw and The Lawyer UK firms. With a longstanding reputation for excellence and a unique approach combining individual expertise with collective intelligence, Macrae is dedicated to providing personalised, high-calibre service in the legal industry.