Will Lateral Law Firm Hiring Be Affected by the Now Stable US Economy?
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Question: How do you think the recent stabilization of the U.S. economy will impact lateral associate hiring in the law firm sector? Will we continue to see seasonal hiring or will the way that law firms go about hiring attorneys change in any way?
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Answer: During the last several years, when the economy was generally not as healthy, most law firm associate hiring took place during "lateral hiring season," which typically runs from mid-September to the beginning of summer. Very little associate hiring typically took place from June-August, as those months were often consumed by "summer associates" and attorney vacations. More recently, as the economy has recovered, we've seen firms start to move away from a focused "hiring season." Instead, firms seem to be hiring on as "as needed" basis. Thus, for example, the summer of 2015 was a far busier time of year for lateral associate hiring than we typically see in summer months. See State of the Market - Summer 2015 for more information.
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This shift in hiring trends is largely being driven by client demand. That is, law firm clients are spending more money, are once again engaging in more deals/transactions, and finally have the excess cash flow to litigate disputes as well. The end result is that these clients are demanding more from outside counsel, in terms of services, experience and skill set, and thus firms are clamoring to make hires that plug their gaps and provide the deeper bench they need. This is one of the reasons we've seen such a large spike in hiring in long dormant practice areas such as litigation. While more and more firms are hiring on an "as needed" basis, for now the traditional "lateral hiring season" still exists, even if substantial hiring is also taking place during the off season. So be prepared to take advantage of great opportunities when you see them. Although the economy is vastly improved from a few years ago, law firm hiring is always highly competitive and the only way to stay competitive is to be alert to new opportunities whenever they might arise.
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Summary: During the last several years, when the economy was generally not as healthy, most law firm associate hiring took place during "lateral hiring season.“ This article “ Will Lateral Law Firm Hiring Be Affected by the Now Stable US Economy?” first appeared on LawCrossing, is the world leader in “pure” monitoring and reporting of legal jobs, through its active and growing research into all legal employers throughout the world.
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