Differentiating BigLaw Corporate Associate Positions
Right now, there are over 2,500 open corporate and banking associate positions at AmLaw 200 firms, according to data collected by Firm Prospects. These positions run the gamut from capital markets, M&A, private equity, funds, different types of finance, securitization and different combinations in between. Before you start a lateral search and/or geographic relocation, it is important to work with a recruiter that can differentiate corporate associate openings and make sure the openings match your goals.
Is the corporate associate position truly for a "generalist"?
Most corporate associate openings are for a particular specialty. This is even the case for junior associate roles at firms whose current 1st/2nd years are in a more generalist corporate program before they have to specify. Oftentimes though, a posting can appear more open-ended or general than it actually is with language as brief and succinct as "looking for corporate associate with 2-3 years of experience at a peer firm." However, a broad posting rarely means you will have the opportunity to be a corporate generalist. Even very large BigLaw firm offices will not have a need for lateral talent in every corporate specialty. Right now, the biggest demand by far is for capital markets talent. This is almost certain to be part of your practice for firms with "general" corporate openings that have capital markets teams.
What clients will you be representing as a corporate associate at the new firm?
With some exceptions, corporate associate openings are rarely clear about the client industries that are primarily represented. This is often because the attorneys represent a mix of industries. But what is the breadth and spread of that mix? In capital markets, for example, there are practices that focus on "company-side" work (meaning the company raising the capital) and others that focus more on "bank-side" work (meaning the financial institution backing and/or selling the capital raise). If there's a singular industry focus like tech companies or health care, this will often be noted. But it's rare that an opening will give a full breakout when the representation is a mix. This is where a recruiter should be helpful.
Is the corporate associate opening flexible when it comes to experience level?
When I speak to associates looking to lateral who have started to look at open positions, they will tell me that they did not consider certain firms because they saw openings and the experience level did not match. They were either too junior or too senior. But lots of firms can be flexible about the level of experience - sometimes very flexible. Others will not be at all. This is where a recruiter's understanding of the particular firm and their hiring practices is important.
How quickly will the firm hire someone for a particular corporate associate opening?
This is probably the question with the most variability when it comes to corporate associate openings that are out there now, and also one where a recruiter can come in very handy. Generally speaking, the speed of a firm in filling a corporate position depends on how busy they are. The busier and the more positions that are open, the quicker they will act. But this is not universal. While most associate positions involve a screening interview and then a large callback interview round, this is not the case everywhere. Your interviews may be shorter and staggered. Additionally, the need can be urgent at the start of an application and then slow down in the middle or towards the end. Timing is also impacted by the administrative recruiting staff and the priority level of the associate opening compared to others. All firm recruiters are incredibly busy right now and they are trying to balance a lot of needs at once.
Most importantly, does your existing experience match the corporate associate opening?
This is where a good recruiter can be the most helpful. When it comes to corporate associate openings, the specifics of your experience matter. For example, say that a firm has posted a need for a "4th-6th year M&A associate." Your background has been in exactly that. You have represented companies in both the acquisition and sale of other companies. But, maybe that experience has been largely focused on public companies. This particular M&A practice, however, is private equity focused with most of the lawyers in the group representing private equity firm "sponsors" in leveraged finance acquisitions. Some of the nuts and bolts of the deals is the same. But the specifics are not. Additionally, the firm is looking for someone at the mid-level to more senior-level range. In all likelihood, they will want to hire someone with private equity focused M&A experience at or near this experience level, so this is not a position to prioritize.
I was a corporate BigLaw associate before I became a legal career advisor and recruiter. My online bio categorized me as "corporate finance associate," but my day-to-day work was more complicated. The majority of my billable hours were spent on capital markets transactions for public insurance companies. I also did a good amount of securities regulation and insurance industry specific regulatory work. But when we hired lateral associates into the practice, capital markets experience was paramount. The industry experience mattered less. None of this was obvious from just online job postings or website information. You needed to know the need, the practice AND the team members.
The same is true when you are a corporate associate today looking to make a lateral move. Although the number of openings right now is high, most of these will not be the right fit. Consider working with a recruiter that will understand the intersection of your experience, the firm needs and, most importantly, your goals.