In 2021 and 2022, BigLaw firms experienced unprecedented lateral hiring activity, driven by a surprisingly robust post-pandemic economy following a period of conservative hiring.

By contrast, 2023 and 2024 were cooler years for lateral activity, particularly in transactional law—the largest practice area. Rising interest rates slowed big transactions, which in turn impacted the demand for lateral associates in this space.

Now, as we look ahead to 2025, what trends can we anticipate?

Litigation and regulatory hiring will continue to be specific and steady.

When litigation and regulatory associates ask me, “Is the lateral hiring market hot or cold?” my response is always the same: “For you, it’s consistent.”

BigLaw’s lateral associate needs in these areas are often specific but steady, and I expect this trend to continue into 2025. Litigation, in particular, faces a perennial supply-and-demand imbalance: More entry-level associates want to be litigators than firms need. This dynamic allows firms to often fill a limited number of litigation vacancies without lateral hires, often by recruiting attorneys from judicial clerkships.

Regulatory hiring, on the other hand, operates differently. Regulatory practices are typically small and highly specialized. As a result, lateral hiring in these areas tends to be driven by very specific needs rather than broader trends.

Corporate hiring will gradually increase.

While corporate hiring is not expected to return to 2021 or 2022 levels, we can anticipate a slow but steady recovery in 2025. Current projections indicate only two or three interest rate cuts this year. For lateral hiring in corporate law to heat up, deal activity—particularly private equity-sponsored M&A—needs to rebound more significantly.

Private M&A thrives when money is cheaper and private equity firms can rely on leveraged finance. This type of deal activity generates substantial work for various transactional lawyers. Early indications for 2025 show a rise in openings for mid-level corporate associates, but a full resurgence in hiring will depend on greater deal market activity.

Mid-level associates will be in highest demand.

The most in-demand experience level for BigLaw lateral associates remains in the 3rd- to 5th-year range. While junior associates were also in high demand during the corporate hiring surge of 2021 and 2022, that trend is unlikely to return in a major way this year.

BigLaw firms continue to hire robust entry-level classes, leaving sufficient coverage for junior-level work. However, as workloads increase across various practice areas, firms will seek mid-level associates with some managerial experience who are still relatively cost-effective compared to senior associates.

Antitrust hiring will grow amid uncertainty.

The regulatory landscape for antitrust law is poised for significant changes, but much remains unclear about the specific impacts on lateral hiring. Will there be increased demand for antitrust regulatory attorneys? Possibly, but it depends on how the new administration reshapes the rules. Will antitrust litigators see fewer cases on behalf of corporations facing federal government scrutiny? Very possibly. And what about transactional advisory work in antitrust? This will largely depend on the resurgence of deal activity.

While growth in this area is likely, the exact nature of the demand will hinge on evolving regulations and economic conditions.

More firms will look for experience illustrated via deal sheets and matter lists.

Increasingly, BigLaw firms value detailed deal sheets and matter lists alongside resumes to assess whether a candidate’s experience aligns with their business needs. Even for junior litigation associates who have only worked on a few cases, providing a matter list can strengthen an application. Internal recruiters and hiring partners appreciate this additional layer of detail, which offers greater clarity about an associate’s expertise. (For more information on deal sheets, matter lists and other key application materials, see here.)

At this point in 2024, there has been a somewhat constant stream of lateral associate openings for antitrust practices. While most of these openings can be found in the DC and New York markets, some openings are available nationally. I have placed multiple associates into antitrust practices at BigLaw firms.

There are many reasons why antitrust associates might consider a lateral move. For some, the reasons are similar to what you might find for associates in other BigLaw practices - for example, making a geographic move or moving to a firm with great advancement prospects. But when it comes to an antitrust practice, there are also associates that move in order to change the nature of their very specific practice. Maybe they have been specializing in more litigation regulatory work and would like to do more transaction-advisory work in order to have better prospects for corporate in-house positions. Or maybe their current work is very specific and they would like to have a broader, more holistic antitrust practice. Additionally, each antitrust practice has its own work environment, expectations, and opportunities for professional development. Maybe there is a firm that has a stronger mentorship program or a more flexible work from home policy.

Whatever the reason an antitrust associate might consider a lateral move, there are opportunities right now for them to consider. Here's a closer look at some trends I have noticed:

1. Demand for Antitrust Associate Talent is Across Regulatory, Transactional and Litigation Lines. The need for antitrust associates includes those with a specialized regulatory practice (e.g., those with Hart-Scott-Rodino (HSR) filing experience), those who advise on antitrust issues for large transactional matters and those who have experience litigating antitrust issues. The type and breadth of the need will depend on the specific firm and opening. But there are openings out there across these different subspecialties.

2. Most Demand is for Mid-Level Associates. Like lateral associate openings in other BigLaw practices, most antitrust associate openings are for mid-level associates. This means that antitrust associates with 3 to 5 years of experience have the most options available. However, there are also positions for junior associates and more senior roles, depending on the firm's needs and the associate's experience.

3. Opportunities are Concentrated in NY and DC with Some Firms Open to Any Office. Antitrust practices are concentrated in the two largest legal markets in the U.S. - New York City and Washington, DC. Given NY's preeminence for transactional work and DC's focus on litigation and regulatory work, this makes a lot of sense (though antitrust positions out there are not necessarily segmented by market in this way). However, as a result of the increase in remote and national hiring starting in 2020/2021, more firms are open to filling positions such as antitrust associate needs in any of their national offices.

In conclusion, antitrust associates considering a lateral move have a range of opportunities available, especially if they have mid-level experience and are open to working in major legal markets. By carefully considering their career goals and the specific opportunities available, associates can find positions that align with their professional aspirations and personal needs.