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In my opinion, in my role promotions are based on performance and competency shown on tasks at hand. The usual cycle is that you will go from Graduate to Analyst after your first year (if all goes well), then to keep progressing you have to show you've commenced your CA / law accreditations. The Partners also respect individuals who are genuinely interested in the work, ask the questions others at a grad level aren't thinking about, take initiative on tasks and are able to manage their workflow.
To my understanding, the systems in place support individual strengths and allow team members to shape their roles where they see appropriate opportunities. This flexibility encourages personal growth and helps align career paths with each person’s goals. Programs like COLAB are great examples. They provide structured development while also offering space for exploration and networking. Additionally, ongoing initiatives like workshops show that the firm invests in building the skills that will support career progression.