Why Lateral Before the End of the Year
November 2020 can seem like an unusual time to make a lateral move as a BigLaw associate. There are so many different types of uncertainty on every level. Why consider making a job change as well?
The #1 reason to consider a move right now is opportunity. Since the end of the summer, I've seen a steady uptick in associate openings at law firms. In fact, as of the writing of this post, there are nearly 2,000 open lateral associate postings at the Top 200 law firms in the country. This is fairly evenly split between litigation and transactional positions.
The number of opportunities has especially ticked up in the largest legal markets where I assist associates on their lateral moves - New York, DC, Boston, Los Angeles and the Bay Area. According to data from Firm Prospects, here are the the number of current associate openings across these major regions:
270 open intellectual property associate positions
205 open litigation associate positions
144 open M&A associate positions
79 open banking and finance associate positions
64 open capital markets associate positions
39 open tax associate positions
32 open bankruptcy & restructuring associate positions
26 open real estate associate positions
If you're a BigLaw associate that has been considering a lateral move, here's are 4 reasons why it might be worth starting the search now and not waiting until the new year:
More candidate competition for open positions in 2021 than there is right now. If you wait to start your lateral move in 2021 in order to wait because you want to wait for more certainty or stability in the hiring world or world at large, you will very likely be competing with a larger group of candidates. I expect that January and February will be very busy months for BigLaw associates looking to move, but there is no guarantee that the same type and number of openings will be there as there are right now.
Current openings represent a very real and active business need. Law firms have been just as cautious as candidates when it comes to hiring during an unprecdented global pandemic. So any associate opening that is needed in a real estate group or finance practice or otherwise represents a true and likely urgent business need on the part of the firm. Firms would not seek to add to their attorney headcount in 2020 if there wasn't a real need.
Ability to negotiate a start date in the new year. If you are interested in making a move, but don't want to actually start until 2021, you will likely be able to negotiate a start date for that time. Think of the timing: If you apply now, wait to hear about interviews, conduct a couple rounds and then wait for an offer, this could likely put your offer into December or later anyway. At that point, it's easy to negotiate a 2021 start time.
Geographic relocation is front of mind for you. I've talked to multiple associates since the start of the pandemic that have relocated to a different location from their place of employment. Maybe they want to be closer to extended family for help. Maybe they are looking to save money on an expensive Manhattan/Brooklyn apartment. Or maybe they are just ready for a personal change of scenery. If you've done this and your firm does not have an office or practice opportunity in your new location, now is the time to take a look at opportunities. With recent positive news on a coronavirus vaccine, it's possible that some firms will ask employees to return to the office sooner than expected.
Even if you are not completely set on a lateral move or relocation, it's at least worth a conversation. You can schedule a free career advising meeting with me at calendly.com/gridline/careeradvising.