The good news and the bad news
The most frequent question I’ve been getting is: “are things better out there?”
The answer is mixed. First, there isn’t yet one easy response that applies to all cities, all practices areas, and all lawyers. For instance, there is good partner level movement–a tremendous amount in fact. The associate market is changing–which is fantastic–but not quickly and not across the board.
Second, the beginnings of a recovery in the marketplace doesn’t immediately mean that everyone will instantly get re-absorbed into the workforce. What we see here in New York is a definite upswing in work, which is fantastic news for lots of folks in the legal market. For example, a lot of firms are doing a tremendous amount of securities work, both transactional and compliance, and our current needs reflect that trend. The bad news is that the hiring higher-ups have their pulse on the market, and they suspect that in lateral hiring, they can be particularly choosy.
And they are.
The changes in the marketplace are not so simple as whether the economy is failing or whether it’s in recovery. We are still in an environment where those with the ability to hire new lawyers are testing the market to see the type of the talent they can get. How selective a firm can be will change depending on how much competition they have in the market. As the overall work-flow increases in a particular practice and region, job opportunities will expand more meaningfully.
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