Wake Up Call: Partner Classes Shrink for Second Year in a Row

Welcome to Bloomberg Law’s Wake Up Call, a daily rundown of the top news for lawyers, law firms, and in-house counsel.

• New partner class sizes declined by an average of 4% in 2024, continuing a trend from 2023 that saw class sizes shrink by 2% compared with 2022. Mergers and acquisitions and private equity remained the most popular practice areas for promotions—taking up 22% of all elevations announced. (Law.com)
• Attorney General Merrick Garland is encouraging career lawyers at the Justice Department to remain in their jobs through Donald Trump’s second administration, stressing that institutional knowledge is important as ...