The appraisal process is essentially random, with performance grades often bearing little relationship to individual performance in a given year. It's pretty common for the same person to give a similar performance from year to year and be given completely different grades, from Needs Improvement to Exceptional, over the course of three years.
The entire firm is riddled with 'box mentality' - your work is only appreciated by someone above you if it helps _their_ numbers, regardless of how much benefit it does the entire firm.
Career progression is one part having a partner who likes you and two parts being in the right place at the right time. Individual ability is a very minor factor when it comes to promotion.
Sometimes sloppy attitude to quality of work performed in certain departments, especially at the busy times of the year.
An employee's ability to sell more work for his/her own department is valued far more than his or her ability to do his own job well. Because of this, the majority of directors and partners are 'hand-shakers' rather than people who got to their position because of technical competence. The burden of actually doing difficult work falls disproportionately on managers and senior managers.
Employees in the larger non-London offices are treated as second class citizens. Employees in the smaller offices are third class citizens with little chance for career progression.
The firm would very much like to present itself to the world as 'socially progressive'. On the plus side, this means it's very good to working mothers and employees with physical disabilities. On the minus side, it means that there are many cases of employees (especially in London and the southeast offices) getting preferential treatment because of the colour of their skin or their sexual preferences.
If you're good-looking, young and female, flirting with middle-aged male partners is still an effective way to progress your career.