Sidley names five London M&A finance partners off-cycle

Sidley Austin has promoted 52 lawyers to partner in an off-cycle round, the firm confirmed. The batch includes five lawyers based in London, working across finance, M&A, real estate, and capital markets. The promotions come as the firm introduces a new income partner tier for the first time.

Five London lawyers make partner

In London, the new partners are Lewis Atherton and Carry Chen, both in finance; David Horan, who focuses on M&A and real estate transactions; Ed Perry, in corporate and M&A; and Omar Shafi, in capital markets. The firm did not specify which of these are equity partners versus income partners under the new structure.

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The off-cycle nature of the round is unusual. Most large law firms hold partnership promotions once a year, typically in the fall. Sidley did not explain why it chose to move outside that schedule.

New income partner tier

The introduction of an income partner tier marks a structural shift for the firm. Income partners are typically salaried and do not hold an equity stake in the partnership, unlike full equity partners who share in the firm’s profits. This two-tier model is common among large U.S. law firms, but Sidley had not used it before.

The firm said the new tier would allow it to reward senior associates and counsel without immediately offering equity. The move could also help it retain experienced lawyers who might otherwise leave for competitor firms that offer income partner positions.

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Law firm partnership structures have evolved over the past decade. Many firms now use two tiers to manage costs and give younger lawyers a path to ownership without the full financial commitment of equity. Income partners often receive a lower share of profits but also bear less personal liability, according to common practice in the legal industry.

Global firm, growing London office

Sidley Austin is one of the largest law firms in the United States, with roots going back to 1866 in Chicago. It now has more than 2,000 lawyers across 20 offices worldwide, including a sizable presence in London. The office handles cross-border corporate work, finance, and disputes for multinational clients.

The off-cycle promotions suggest that Sidley is investing in its London practice, particularly in transactional areas like M&A and finance. Demand for corporate lawyers in London has remained strong despite broader economic uncertainty.

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No other offices were detailed in the announcement beyond the five London names. The total of 52 new partners globally indicates a significant expansion of the partnership base. The firm did not disclose how many of those are income partners versus equity partners.

The promotions are effective immediately. Sidley has not announced any further off-cycle rounds planned for the rest of the year.