With the landscape for lateral associate hiring continuing to evolve in 2024, BigLaw firms are demonstrating a slight increase in demand for associates specializing in debt finance, particularly in national legal markets such as Boston, New York, and Washington, D.C. Debt finance is a large and fairly broad legal practice involving attorneys who collaborate with borrowers (companies) and lenders (banks) on intricate loan transactions, ranging from general operational funding to financing large purchase transactions orchestrated by private equity firms.

Here's a closer look at the emerging hiring trends in debt finance:

1. Growing Demand Amidst Shifting M&A Dynamics: As M&A activity remains steady, albeit with a slower pace, there's a noticeable uptick in demand for associates specializing in traditional debt finance roles. While leveraged finance, closely linked with M&A, experiences a slowdown, traditional debt finance practices are hiring more, creating opportunities for midlevel and senior associates in particular with around 3 years of experience or more.

2. Specialized Skill Sets in Demand: Employers are seeking trained finance associate candidates with specific experience tailored to their client needs. Depending on the firm, they might prioritize candidates with experience working with borrowers, lenders, private equity sponsors or a specialized mix of these client types. This demand opens doors for associates looking to shift focus or relocate to firms with diverse client industry focuses.

3. National Market Dynamics: Post-pandemic, a lot of large law firms have "nationalized" some of their key practice areas and will accept good candidates for an in-demand practice area from any city, provided they have an office in that particular location. As a result, BigLaw firms across all the major legal markets in the nation, including Boston, New York, and Washington, D.C., are witnessing this increase in demand for debt finance associates. These markets, known for their vibrant corporate sectors, offer opportunities for professionals adept at navigating complex loan transactions and regulatory frameworks.

4. Career Advancement Prospects: The right BigLaw firm leads to the right exit options when it comes to in-house prospects and other non-firm opportunities. Associates specializing in debt finance can leverage their expertise for future career moves, including transitions to in-house roles within specific industries such as life sciences or technology. Understanding the client industry landscape of your particular BigLaw firm enhances career prospects and opens doors to diverse opportunities.

In conclusion, the increase in demand for debt finance associates in BigLaw firms reflects the evolving dynamics of the lateral hiring in 2024. As firms gear up to meet client needs in an increasingly complex (and somewhat uncertain) financial landscape, opportunities are out there for associates with the right skill sets and industry focus.

If you're an associate specializing in debt finance or considering a transition to this practice area, feel free to schedule a career advising appointment with me at calendly.com/gridline to explore potential opportunities and career pathways tailored to your goals and aspirations.

With the market outlook specifically for M&A activity in 2024 looking strong, BigLaw firms are starting the year by staffing up related practices -- especially areas that are chronically hard to fill.

Executive compensation law -- sometimes called, or inclusive of, employee benefits work or ERISA (Employee Retirement Income Security Act) practice -- is often one of the hardest practices for BigLaw firms to staff. The work requires a strong understanding of tax laws related to employee benefits and compensation. In some ways, it is spin-off of corporate tax practice but BigLaw firms with large and active transactional practices usually keep "exec comp" lawyers separate and in their own space. Many young lawyers that find interest in this type of work end up going into a broader tax practice. This can undersupply a busy exec comp practice and thus the chronic demand right now across multiple firms.

Here is what I'm seeing:

1. A promising M&A landscape for 2024 = a demand for more exec comp associates

Goldman Sachs' M&A Outlook for 2024 provides valuable insights into the strong M&A market outlook for the year. The report highlights a climate of optimism regarding mergers and acquisitions, driven by various factors, including economic recovery, industry consolidation, and opportunities for strategic expansion.

This expected demand directly impacts the demand for specialized legal expertise, particularly in executive compensation, ERISA, and the extensive web of tax, securities, and other relevant laws that surround these matters. As organizations engage in intricate M&A transactions, they seek legal counsel to navigate the intricate legal frameworks and compliance issues involved, underscoring the importance of professionals in this field.

2. The demand is increasing across all of the major legal markets

One notable aspect of this trend is its nationwide reach. Major markets known for their robust transactional practices, such as New York City, Boston, Washington, D.C., and the San Francisco Bay Area, are all witnessing an increase in demand for legal associates specializing in executive compensation and ERISA work. These markets are hubs for Fortune 500 companies, tech giants, financial institutions, and startups, all of which drive M&A activity.

In New York City, the global financial center, Wall Street firms are actively involved in M&A deals, necessitating the expertise of executive compensation and ERISA attorneys with a multifaceted skill set. Boston's thriving biotech and pharmaceutical sectors are fueling significant M&A transactions that require comprehensive legal support. The dynamic regulatory environment of Washington, D.C., adds to the complexity of corporate transactions. In the San Francisco Bay Area, the tech industry's anticipated recovery and growth fuels the demand for legal professionals who can adeptly handle executive compensation and ERISA issues within the tech sector while managing intricate tax and securities law matters.

3. The BigLaw firms are looking for certain types of exec comp associates

The increase in demand for executive compensation and ERISA attorneys is not general though; it's about specific skills and experience that are connected to the legal work that is expected to increase in 2024. Here's a closer look at what's in high demand:

• experience in company representation and compensation disclosure: Firms are seeking associates who can effectively navigate complex compensation disclosure requirements in transactional documents. This experience is critical in ensuring that companies comply with regulatory standards while designing and implementing compensation plans.

• expertise in transactional executive compensation and benefits matters: The ability to handle a wide range of transactional executive compensation and benefits matters is also sought after. This includes advising on tax, securities, and other relevant laws associated with compensation packages, equity-based arrangements, and incentive compensation plans.

• M&A expertise, particularly in private equity: Professionals who can seamlessly integrate executive compensation and employee benefits matters into M&A transactions, especially in the private equity sphere, are more in demand. Their expertise is crucial for structuring deals that align with strategic goals while managing the intricate legal aspects.

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In conclusion, the recent increase in demand for legal associates specializing in executive compensation and ERISA work is closely linked to the robust M&A market outlook for 2024. As clients continue to navigate complex M&A transactions in this promising landscape, the need for professionals with specific skills and experience becomes increasingly evident.

If you are an exec comp associate in BigLaw (or even a tax associate open to further specialization as part of your move), you can set up a time to have a career advising appointment with me at calendly.com/gridline.

Advising on the formation and function of investment funds is a large and growing practice at BigLaw firms. It take a lot of nuanced and specific legal advice for a private equity firm or other company to set up an investment fund. Additionally, once a fund is set up, companies may require ongoing legal compliance advice for their fund, especially when it's classified as a "registered fund." As a result, funds work is wide, varied and different by firm. The majority of associate position openings fall under the category of "investment funds," but firms can also be looking for "private funds" associates, "registered funds" associate, "fund formation" associates, "fund finance" associates and "Investment Company Act / 40 Act" associates.

Funds attorneys are often busy, even when connected deal practices like M&A or capital markets have slowed. For example, a lot of funds practices are busy now setting up real estate funds (such as REITs or real estate investment trusts).

If you're a funds associate at a BigLaw firm, there are lots of different reasons why you might consider lateralling to a different firm's funds practice. Here are some of them:

1. To change your type of funds practice. In BigLaw funds practices, there are two major types of attorneys: a) those that advise on private funds created for the purpose of a major transaction (like the purchase of a company); and b) those that advise "registered funds" like mutual funds on government regulatory issues. There are considerably more attorneys that work in private funds than registered funds. Therefore, particularly if you are a junior associate that has been working as a registered fund attorney, but want to move into private funds, a lateral move makes a lot of sense.

2. To change the types of funds that you advise. In addition to the different types of funds practice groups, there are also different types of specific funds that attorneys advise on. For private funds practice in particular, you may advise on private equity funds, venture funds, hedge funds or a mix of all of the above. For example, I've talked to several associates that want to focus their funds practice on working with venture funds because this means working more with emerging and start-up companies. But this type of focus is not available in every BigLaw funds practice.

3. To move to a firm with a larger or more reputable funds practice. If a BigLaw firm has a corporate practice, chances are they have at least a few funds lawyers. Yet, because of the nature of some corporate practices, the funds group itself could be quite small. Other firms have large multi-office fund practices that work with some of the biggest and most reputable fund sponsors and investors in the world. Therefore, in order to represent the most sophisticated fund clients or to have really strong advancement opportunities as a funds associate, you may need to make a lateral move.

4. To increase the level of your responsibility at a faster rate. If you're an associate that has worked in private fund formation, there's a good chance that you have been able to be solely or mostly responsible for a particular fund deal early on. Fund formation can be a volume-based legal practice. And once you've worked on a couple fund deals, partners may trust you to work independently one. Others will not. If you're not getting the amount of responsibility that fund associates at other firms are getting, the lateral move makes a lot of sense.

5. To relocate. Fund practices exist in many major markets across the U.S., including markets as varied as New York, San Francisco, Boston, Chicago and DC. Additionally, a lot of funds groups are multi-office and are often open to associates working remotely or very flexibly.

Technology and intellectual property transactions ("tech trans") has been a growing practice area at BigLaw firms for several years. Generally speaking, the practice refers to advising large companies on transactions that involve the purchase, sale and licensing of major intellectual property assets. Depending on the firm, the work can be very broad or very specific. Some firms have "tech trans" lawyers that act as full service corporate attorneys for the firm's technology clients. Other firms have their tech trans lawyers specialize in (sometimes complicated) licensing transactions for clients in industries like tech and life sciences. Many firms are somewhere in-between.

While the practice is growing in strength and numbers, it is still relatively small in terms of headcount compared to practices like private equity M&A and commercial litigation. Nevertheless, often because of this limited supply of associates in this practice, "tech trans" lateral associates are in high demand.

Here are some reasons to consider lateralling as a tech and IP transactions associate:

1. To broaden or narrow the type of work that you do. As already mentioned, tech trans practices can differ greatly from firm to firm. Maybe you are at a firm that has a very broad practice and you find yourself working on all different types of corporate transactions (M&A, capital markets, finance, etc.) for your tech clients. But you'd rather narrow your focus to just licensing transactions in order to help with a strategic in-house move later on. Or, on the other hand, maybe you are working on highly specialized licensing transactions for life sciences client, but you don't enjoy the super-technical nature of the work and want to be a more full service deal lawyer. These are both very common reasons why tech trans associates move.

2. To change the types of clients that you service. Because so many different types of companies have IP interests and assets, tech trans associates can represent clients across industries as varied as life sciences and biotech, software and computing, financial services and more. If you are interested in broadening or widening the types of clients that you service as a tech trans associate (maybe for a strategic in-house move?), then a lateral BigLaw move may make sense.

3. To move to a firm with a larger or more reputable tech trans practice. Because this is such a new practice in the BigLaw world, some firms may not have a very large or reputable tech trans practice. Therefore, in order to represent the most sophisticated client or to have really strong advancement opportunities, you may need to make a lateral BigLaw move.

4. To pivot into the practice from another area (like patent prosecution). While a practice like tech trans is getting larger at many BigLaw firms, a practice like patent prosecution is getting smaller. The process of filing and defending new intellectual property patents is becoming more mechanized and/or moving to smaller firms and boutiques. Tech trans groups like to hire associates with a patent prosecution background as they usually have technical degrees and therefore a sharp understanding of the industries that they serve. I have seen several associates over the years make the move from a dispute-based IP practice to a corporate one.

5. To relocate. Tech trans practices exist in many major markets across the U.S., including markets as varied as New York, San Francisco, Boston, Seattle, Philadelphia and DC. Additionally, given the culture around this type of work and the types of clients, it can be very possible to work remotely in this practice at firms that have national practice and offer this type of flexibility.

6. To set up a very specific in-house move. Tech trans may be the singular most in-demand practice when it comes to in-house attorney hiring by U.S. companies. In fact, tech trans groups often stay small at the large law firms as companies like to have in-house attorneys do a lot of this type of work instead. If you are interested in working for a very specific large company (an Apple, an Amazon, a Meta, etc.), you will be best set up to do so if you move to a firm that does the tech trans work for said company. (When hiring in-house attorneys, companies always look to their outside firm advisors before posting the opening.)

7. To change the types of people with whom you work. Because tech trans work can vary so much across law firms, the types of attorneys that do it can be very different as well. There are attorneys who come from a technical background and have a deeper understanding of the technical side of the work. And then there are others who came from a more traditional liberal arts background and learned the details of the practice on the job. Either way, there may be a tone or approach to the practice that does not fit with your own personality. This is a good reason to consider a move.

The BigLaw need for finance associates always seems to be high. Firms have a hard time staffing their finance departments because it is frequently an "underselected" practice when associates choose their specialization. But finance should not be overlooked. It is a broad practice that generally refers to attorneys who work with borrowers (companies) and lenders (banks) on large and complicated loan transactions. And finance is ultimately a great practice for going in-house or making partner.

In certain cases, a lateral move to a new (or different) finance practice may be necessary to achieve your long-term career goals.

Here are some reasons to consider lateralling as a finance associate:

1. To change your type of finance practice. The specialties within BigLaw finance practice are endless: general debt finance, leveraged finance for private equity deals, securitization, venture finance, project finance, etc. In the New York City market especially, there are many subspecialties. But not all firms have all specialties. And, for example, after a couple of years in a general debt finance practice, you may realize that you are actually more interested in working on specialized securitization. If your firm does not have this other specialty, a lateral move is very sensible.

2. To change the types of clients that you service. Many finance lawyers represent financial lending institutions, but not all. There are certain finance specialties like project finance or aviation finance that involve working with both lenders and borrowers within a very specific industry. Developing this kind of focus is key when you are interested in making a move in-house to a certain type of company. For example, it will be much more possible to lateral into a solar or renewable energy company if you are working in a project finance group that focuses on cleantech companies.

3. To increase the level of your responsibility at a faster rate. Some finance groups at the large firms are staffed in a similar way to capital markets and M&A groups: big teams working on big deals that have a lot of lawyers at different experience levels. Many associates start at firms like this where they can take time to build their skills and get trained. Other finance groups and teams are staffed more leanly with associates given the ability to run deals on their own very early on. This results in more meaningful client contact which is very helpful for internal advancement or making an in-house move.

4. To change the types of people with whom you work. Because finance practice is so wide and varied, it also draws a wide variety of personality types. There are attorneys who come from a finance or business background and have a deeper understanding of the business side of the work. And then there are others who came from a more traditional liberal arts background and learned the details of the practice on the job. Either way, there may be a tone or approach to the practice that does not fit with your own personality. This is a good reason to consider a move.

5. To relocate. Just like with other practice areas, certain types of finance practice are available in specific locations and not in others. Venture finance and project finance for cleantech companies is largest in the San Francisco Bay Area. Securitization and derivatives finance is particularly big in New York City and not many other major markets.

The need for Mergers & Acquisitions associates is as high now as it is for any type of transactional associate - this is across all major markets and experience levels. The volume of M&A deals recently hit an all-time annual high, and the year is not even over yet. Firms in New York, Boston, the Bay Area, Los Angeles, Chicago and more all need M&A associates to assist on transactions across all industries, particularly in the technology industry.

But if you're an M&A associate at a BigLaw firm, how do you decide whether a lateral move to another M&A practice is worth it?

Here are some reasons to consider lateralling as an M&A associate:

1. To change the type of clients that you represent. Are you representing tech companies, life sciences companies, energy companies, financial institutions, or others? Or a mix? Sponsor-side, bank-side or company-side? Or a mix of that? There is so much variety in the client representation of a BigLaw M&A associate depending on the group and firm at which you work. At the same time, the experience of being an "M&A deal lawyer" can be transferred across practice types and client industries. So, for example, if you are someone who primarily represents sponsors in private equity deals, but you eventually want to work towards becoming a corporate in-house lawyer for a tech or life sciences company, a lateral move might make a lot of sense.

2. To change the types of M&A deals that you work on. In addition to client variety, there is also a lot of variety in M&A deal types. For example, in NY there are still lots of attorneys that work on large public company deals - the kind of deal that requires a lot of diligence and public disclosure and can take many years. Others, especially in markets like the Bay Area, are working on tech and life sciences deals that concern the purchase of smaller private companies by more established large ones. And then many others are focused purely on the world of "leveraged buy-outs" which is connected to the private equity world and their use of lending to buy companies of all different industries. As you get more senior at a particular firm, you may find a type of M&A that interests you and suits you. A lateral move may be necessary to make this shift.

3. To change the types of people with whom you work with and for. M&A practice has a reputation for being a "pressure cooker" of a practice with high stakes and high demands. Some M&A attorneys and practice thrive and build on the fast pace and intensity of their deal work where others take a slower, more measured approach to their deal practice. If you are working on mid-market M&A transactions, but want to work on big high-intensity deals, a lateral move might make sense. Or if you're working with a high-pressure group, but want to work more with colleagues who will slow down and take more time to mentor and instruct, a different kind of lateral move makes sense.

4. To shift your experience beyond traditional M&A. The explosion in "SPAC IPO" transactions in recent years has created a type of deal that crosses traditional M&A and capital markets practices. Yet, M&A associates at some firms are not working in a meaningful way on these types of transactions because they fall under the capital markets group instead. Another firm, however, may appreciate and desire your M&A experience for their growing and active SPAC IPO practice. This is just one example of a situation where your existing firm's structure makes it difficult to expand or shift your type of practice and a lateral move might be necessary.

5. To be able to work from home or remotely. As timeframes start to settle in the new year for coming back to the office, a firm's openness to remote work for its associates will probably continue to depend on the office, the practice, the working group and the individual associate theirself. Because of the high demand for M&A associates at this moment, now is a good time to consider opportunities at firms that will be on the more flexible end with regard to your working arrangement.

6. To relocate (even if your firm has an office in your new destination). A common reason to make a lateral move is to relocate. Even if your firm has an office in your new destination, will that office be right for your M&A practice? Maybe the firm will allow you to relocate even if there are no M&A attorneys in the new office, but maybe you would rather work with your team in person and on the ground. That means that you should make a lateral move. For example, maybe you started at your firm's New York office and they are willing to let you relocate to DC to be closer to family. But the DC office of this particular firm does not have any M&A associates. If you are shifting your career in the long-term to DC, it probably makes sense to move to a firm that has an M&A presence in that new market.

Since the explosion in SPAC IPOs (special purpose acquisition companies) in the last year or two, the need for experienced capital markets associates at BigLaw firms has been constant. Law firms cannot find enough associates who have experience advising companies and their financiers on how to raise capital from the public markets. This is especially true in the big transactional law markets like New York, Boston and the Bay Area as well as Texas and Chicago. At the same time, because of this talent shortage, it is not uncommon for BigLaw associates currently working in a busy capital markets practice to be on track for billing 2,500 hours or more this year (same as last year, and possibly for years before).

So if you're a capital markets BigLaw associate and you think about lateralling to another firm, how do you know it will be worth the move?

Here are some reasons to consider lateralling as a capital markets associate:

1. To move to a firm with a cap markets practice that has more attorney support. BigLaw firms are not equal when it comes to the number of associates working in certain practice groups, as well as the partner-to-associate ratio. When it comes to capital markets groups in particular, maybe the firm keeps the group lean and only staffed by attorneys with cap markets-specific experience. Other firms, will more easily allow for cross-staffing when cap markets deal flow is especially high, whether through adjacent corporate practice groups or other offices. Additionally, the number of attorneys working on the cap markets team is important. How many are there? Are there enough associates at the different experience levels? Are there partner and counsel who take an active role in helping to run the deals? If the support is not right at your current firm and you are consistently billing extraordinarily high hours, it may be time for a move.

2. To create better prospects for partnership. BigLaw firms are also not equal in their paths for partnership. Capital markets is one of the most profitable practices in any major law firm. The fees collected from a SPAC IPO or a major debt offering can be a big part of an entire firm's revenue and profits per partner. If you're an associate developing strong expertise in a profitable practice like cap markets, you want to make sure a path to partnership is viable. For some firms, this path is very clear with important landmarks and dates laid out clearly; for others, not as much - you may look at your current firm's recent partner classes and feel like you don't have transparency on how elevated cap markets partners got to where they are.

3. To create a stronger or different platform for going in-house. Of course, making partner is not for everybody. Like other corporate associates, you may be looking down the line to make an eventual in-house move. However, cap markets experience is not as easily transferrable to in-house jobs as you might think. If you're in New York City, the financial industry in-house possibilities are strong and if you're in the Bay Area, there are lots of companies in "growth mode" that could use the counsel of an experienced cap markets attorney. However, if you're in New York practicing cap markets and want to make a move to a large tech company, for example, your experience advising financial industry clients can sometimes be a hurdle. By lateralling to a firm that does more "company side" work in their cap markets practice, you can open up your in-house opportunities for later on.

4. To obtain more flexibility for working from home or remotely. The return to work policies for law firms continue to be in a state of flux. In addition, as timeframes start to settle in the new year for coming back to the office, a firm's openness to remote work for its associates will probably continue to depend on the office, the practice, the working group and the individual associate theirself. Because of the high demand for capital markets associates at this moment, now is a good time to consider opportunities at firms that will be on the more flexible end with regard to your working arrangement.

5. To relocate (even if your firm has an office in your new destination). A common reason to make a lateral move is to relocate. Even if your firm has an office in your new destination, will that office be right for your capital markets practice? Maybe the firm will allow you to relocate even if there are no cap markets attorneys in the new office, but maybe you would rather work with your team in person and on the ground. That means that you should make a lateral move. In Boston, for example, a lot of the capital markets practices are integrated into larger corporate M&A and private equity deal practices. If you're coming from New York, it may make sense to move to one of these firms that are on the ground in Boston which better reflect the nature of corporate work in that market.

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.

If you're a capital markets associate at a BigLaw firm, you're probably used to the "boom" and the "bust." Your practice depends on a individualized pricing environments that make sense for your clients to raise capital from investors. This may mean you work hard to meet an anticipated offering date, only to see it fall apart just hours beforehand. But one of the many odd trends in 2020 is a very active Initial Public Offering (IPO) market. This means that lots of capital markets associates at big firms are busy. Very busy.

As a former capital markets associate at a firm in New York and London, I am very familiar with the trajectory and lifestyle. You start out doing some research projects here and there, often involving SEC regulations (or, in my case, exclusions to SEC regulations). As individual deals ramp up, you start diving into the due diligence projects, searching through pages and pages of virtual documents for issues and red flags. When a deal gets closer to the signing, and then closing, you are in "deal management" mode - making sure documents are put together and signatories are lined up. As you get more senior, you start to get more involved in the key documents for which lawyers are responsible - prospectuses, underwriting agreements, opinion letters, etc. Soon, you become more of the "point person" for the firm when it comes to different deals. Maybe you start with a small follow-on offering deal and then work up from there.

But your successful advancement as a BigLaw capital markets associate depends on a lot of different factors, some of which are beyond your control. Such factors include:

1. The interpersonal dynamics of your working group. The personal relationships between you, your colleagues and your supervisors at the firm is crucial to both professional success and job satisfaction. Does everyone get along? Is communication consistent and understandable? Is the delegation line clear?

2. The structure of the group in terms of juniors, midlevels, senior associates and partners. If there are too many or too few associates at or around your seniority level, this can cause an imbalance in your cap markets group. If you're always the junior in a busy group, even if you're a 3rd or 4th year associate, you'll stay doing the junior work. Similarly, if you are an experienced 5th or 6th year midlevel associate with a lot of other midlevel associates, you might end up competing for work and hours. Or, you might be a midlevel associate with no senior associates above you to mentor and train you, but you are still expected to take on senior level work. Structural deficiencies like this make it difficult to progress in a cap markets group in a predictable manner.

3. The use of "fire drills" vs. real deadlines. As discussed, the ebb and flow of capital markets work can be quiet unpredictable. There can be unexpected starts and quick stops. On top of this, you might have partners or clients that frequently put out "fire drills," meaning they create extremely tight deadlines that turn out not to be that urgent. To be fair, it often takes hindsight to identify a "fire drill" in terms of a deadline. But if there isn't clear communication about a tight deadline and "fire drills" are put out over and over again, this can result in demoralized associates.

4. The location (i.e., maybe you don't want to work and live in NYC anymore). The center for all types of capital markets legal work is New York City. It's the financial capital of the world so it makes complete sense for this type of work. But there are capital markets associates in all of the big legal markets in the country, especially Washington DC, the Bay Area, Chicago and Boston. Since the pandemic means the vast majority of associates are working from home (and may have even relocated geographically already as a result), perhaps a new location for your cap markets practice makes sense.

5. The types of clients / platform for moving in-house. Obviously, the most common client for a cap markets attorney is a financial services company. But what if you aren't interested in working for and/or eventually moving in-house to an investment bank? If you're in a cap markets practice that focuses on the "bank side" versus the "company side," then your client focus may be limited. Additionally, you may work in a "company side" practice, but it's in a very specific and focused industry like tech, life sciences or insurance. This also presents limitations that may not match your career goals.

If any of the factors above present a challenge for you as a capital markets associate, then it may be time to consider a lateral move. Because of the activity in IPOs and other types of cap markets deals, there are firms across the country that need additional associate support. Even during strong economic times, the demand for lateral talent in cap markets may not be as high as it is right now. (For example, before the start of the pandemic, corporate hiring at big law firms was much more focused on private equity M&A and finance needs).

Lots of junior and midlevel BigLaw corporate associates have seen their hours drop since the start of the pandemic. Some corporate associates may see future increases in workflow as parts of the world and the country come out of the pandemic. Others may not.

At the same time, there is a lot of discussion about potential demand in restructuring and bankruptcy practices at BigLaw firms. Even before the start of the pandemic, many firms were looking to fill needs in this area, as the work has evolved and broadened over the years considerably.

"Bankruptcy and restructuring" refers to the general practice of advising financially distressed companies; this includes the more informal process of negotiating on behalf of debtors and creditors, as well as formal court-ordered Chapter 11 restructurings and Chapter 13 bankruptcy filings.

There has been just a slight increase in the number of bankruptcy and restructuring associate openings over the past few months, but this is expected to increase over the next few months. According to an article from Bloomberg Law today, "a much larger wave of corporate restructuring is still a ways off." It takes a lot of time to plan a company's financial restructuring. Certain information that is needed to do that is currently unknown because of the pandemic-related shutdown, including revenue projections and the relative value of assets.

Still, I have heard from associates at law firms hired to work on a new major bankruptcy that the firm is looking to add attorney staffing to their bankruptcy group quickly -- either by moving or borrowing lawyers from other practices at the firm that are slow or through outside hires.

So how can junior and midlevel corporate associates prepare for a possible shift into this work? Here are some thoughts:

1. See if you can be staffed on any finance-related transactions or deals. If your corporate practice thus far has focused on areas like M&A, capital markets or private equity work, maybe you haven't had the opportunity to work on a finance transaction. This involves representing a financial institution or borrower in the lending of money. The broad term covers specialties like debt finance, specialized asset finance, leveraged finance and project finance. If you get the chance to work on deals that involve loan agreements, credit facilities and related due diligence, you are getting exposure and experience that can be helpful to a financial restructuring practice. In fact, some firms have designated "finance and restructuring" practices with attorneys that know how to do both.

2. Get together a deal sheet that is as comprehensive as possible. Now is a good time to look through your billing system and take full inventory of all the deals that you have worked on thus far. Have you worked on any finance transactions already? What about any sales or acquisitions of distressed assets? Was there a bankruptcy litigation case that you worked on as a summer associate? Any exposure to work connected to bankruptcy and restructuring will be useful for when you make a pitch to do the work later on. Particularly if you are a junior corporate associate, it is not expected that you have a lot of experience in any one practice yet. Interest and exposure is more important.

3. Talk to peers in the bankruptcy and restructuring group. Associates that are in your class year are often the best source of information when it comes to your career planning. There is camaraderie between attorneys peers at the same firm, and thus it is more likely that you will be honest with each other. They can let you know when they are overworked and the group needs help. Additionally, if your friend in the bankruptcy group lets you know that there isn't enough work to share at the moment, this is good intel as well. They can also provide inside tips on personalities and how to make the best pitch to the partners in the group.

If you'd be more interested in a "temporary" move to bankruptcy and restructuring work, keep in mind that there are ways to avoid being pigeon-holed into the work forever. You might be concerned about pivoting back out of the practice again if demand for the work drops during a future economic boom or it does not interest you. Here's how to address that:

• If you move to a practice that leans towards the restructuring work, there is always the possibility of doing banking and finance law later down the line. During good economic times, there is strong demand in this practice. And because financial products are always changing and innovating, so is banking and finance law. Lastly, this type of work is great for making another type of future career move: corporate in-house lawyer.

• If you move to a practice that leans towards the bankruptcy litigation work, this provides a great opportunity to develop strong litigation skills that can be applicable for other types of litigation. Additionally, in terms of future opportunities, there are lots of generalist litigation firms and litigation boutiques that do bankruptcy litigation work as just a part of a broad litigation practice. And these firms will still value the bankruptcy litigation training.

As I stated in my first article of the year, there are lots of good reasons to lateral from one BigLaw firm to another. When it comes to corporate practice, a great reason to move is to shift your corporate work from representing banks and finance clients to representing clients in other industries. Shorthand for this is often described as going from the "bank side" to the "company side."

When I worked as a capital markets associate at Dewey & LeBouef in London and New York (RIP), my practice was more "company side" than it was "bank side." Our group focused on representing clients in the insurance and reinsurance industry. This focus meant that I got to know the clients and industry very well. One of my biggest tasks was to run the offering document, which meant that I had to talk to different business unit heads in detail. Attorneys that represent the banks financing the offering also had to understand the client's business, but more at a "big picture" level as their primary responsibility was to focus on the underwriting agreement and protect the bank's interests.

Among other things, my "company side" corporate practice afforded me in-house possibilities beyond financial services clients.

Here are the reasons that a "bank side" corporate associate might consider a move to a "company side" practice:

• The deal pace in a company side practice can be quite different from a bank side practice. If you are representing the company itself in a financing, sale or purchase, the client will require a significant amount of attorney time for the diligence, offering details and strategy. This means you become more invested in the transaction than you might as the bank side attorney. You also aren't pushed to close many deals as quickly as possible as you might on the bank side.

• The industries that need company side corporate attorneys right now are wide and varied. Whether you have an interest in working with clients in technology, health care, energy or basically any other big industry, there is a company side corporate associate opportunity out there for you. Additionally more and more firms are aligning their practice groups to industry groups, so this means you can truly focus in on working for particular industry. This can produce the network and knowledge for making a great in-house move later down the line.

• Generally speaking, the lateral associate market is hot and the need for experienced corporate associates is high. Whether your practice is capital markets, M&A, private equity, finance or general corporate, the needs for corporate associates with 2-3+ years of experience is high right now. This will not always be the case. If you want to take advantage of a strategic move to a firm with a good company side practice, now is the time.

ENDNOTE: Most corporate practices at firms do not neatly advertise themselves into the company side or bank side categories. However, if you are working with a recruiter that is thinking strategically about i) the specific opportunity, ii) the firm as a whole, iii) the character of the office and iv) the make up of the practice's working groups, you can ensure the company side work balance that you might be seeking.

The need for associates working with startups/emerging companies and venture capital funds is high, especially across the Bay Area, New York and Boston legal markets. Firms well-known for this type of practice, such as Goodwin, Wilson Sonsini, Cooley and Gunderson Dettmer, have offices in all three markets and open junior and mid-level associate needs across the board.

Startup businesses cross multiple industries - of course there are "apps" and related computing technology services, but there is also insurtech, fintech and block chain/crypto-currency, and startups in the health care and life sciences space. Lawyers at major law firms that work in an emerging company practice represent the growing number and variety of startups "from start to finish" - from the formation as a small company to the company's private sale or public offering. Similarly, major law firms are fighting for the legal work at \ of the venture capital funds that put rounds of funding into these emerging companies and need lawyers to run the agreements and represent their interests.

Many firms that have strong emerging company practices have relatively lean entry-level associate classes, so when the market is "hot" and there's a need for more talent, they look to the larger number of general corporate-trained associates in markets like New York City.

So how can you successfully lateral into the exciting world of working with startups and venture capitalists on their transactional issues? Here are some tips:

1. Get as much technology client experience as possible. If you're in a capital markets, M&A or banking and finance practice, chances are that much of your work is for financial industry clients (especially if you are in NYC). Take opportunities to work on deals that touch on the technology industry in some way, even if the client is more established and not a startup. Attorneys that work with emerging companies like to hire people that have a demonstrated interest and connection to the technology industry.

2. Focus on financing agreement drafting and corporate governance skills - the more experience, the better. If you are coming from a capital markets or M&A practice, the deals are large and the work is varied - diligence, prospectus drafting, dozens of ancillary agreements. Unlike many large public and private companies, emerging companies are in a constant state of structural change and rounds of funding. Focus on getting experience in drafting different types of financing agreements and answering governance questions, event if the assignments are "one-off" and separate from your day-to-day deal work.

3. Be prepared to take a possible "class year cut." Even if you focus on getting and demonstrating the right skills for an emerging company practice, a firm may ask that you take a "class year cut" if your previous corporate practice was too different. This means that if you were a 4th year associate at your previous firm, you may start as a 3rd year associate at your new firm. (Though firms can also offer the opportunity to "catch up" to your actual class year if you demonstrate your abilities.)

If you are a transactional M&A, capital markets or general corporate associate at a BigLaw firm and you're thinking about how you can expand your skill set or change some part of your day-to-day practice, you might consider a shift in focus to a finance or investment funds practice. The need for attorneys with an interest in these practice areas is very strong across the major legal markets. Many of the finance or funds associate openings do not require that you already have focused experience in these areas. Sometimes general corporate experience can be enough.

If you're a 3rd year+ deal lawyer in M&A or capital markets that is looking to stay in BigLaw but wants a practice shift, then finance or funds work might be for you.

Here are some what's and why's on finance and funds:

Finance law practice:

What is it? Simply speaking, "finance law" (or alternatively "banking law") concerns legal issues around the lending of money. You might represent a borrowing company, a lending institution or a "sponsor" (a private equity firm engaged in a debt-finance or leveraged transaction). Or you might focus on financing projects for a particular industry (like energy or health care), or assets for a particular industry (like aviation or financial services).

Why should I lateral into it from another corporate practice? The transactions involved in a finance law practice can vary widely in size. If you're working at a firm in a transactional practice that is driven by multi-billion deals that can take years or can disappear as quickly as they arrive, you may be looking for a less intense and more predictable pace. Some finance law practice groups have steady, predictable transaction flows that are more in the multi-million dollar range.

How do I position myself? If your transactional experience so far concerns due diligence and input on underwriting and other financing agreements, you may have the skills necessary to lateral into a finance practice. M&A and capital markets (especially debt-related capital markets) can provide this exposure after just a couple years. If you have worked on some transactions and have built some financial literacy over 2-3 years at a BigLaw firm, you might be able to make a move.

Funds practice:

What is it? When someone says they work in a "funds" practice, they usually say mean that they work in the formation of financial funds - private equity funds, venture capital funds, hedge funds, mutual funds, etc. The formation of a fund can be complicated from a tax law, corporate governance and/or general regulatory perspective, thus requiring legal advice.

Why should I lateral into it from another corporate practice? Some funds practices have a steady flow of work from a small group or even single client. This can lead to more predictable work and hours. Additionally, funds practices are often small groups, even at very big firms, so you can get a lot more responsibility earlier on.

How do I position myself? You should highlight transactional experience that shows your understanding of securities, tax or other regulatory issues. Focus more on deals where you helped interpret complicated regulatory concepts via formal or informal memoranda for your clients. If you have experience with corporate governance documentation, you should highlight that as well.

The need for experienced corporate and transactional associates in San Francisco and Silicon Valley is high. If you're practicing law at a big firm in New York or elsewhere in the U.S., consider exploring the market. As previously written, the Bay Area is the top legal market for working with clients in the technology industry (as well as their bankers and investors).

Using job listings collected by Firm Prospects, LLC, here are some of the trends that I am seeing for Bay Area lateral associate hiring at the start of 2019:

• High need for tech trans associates with 2+ years of experience. "Technology transactions" attorneys advise on agreements related to the development, licensing, sale and purchase of intellectual property. Unlike other types of intellectual property work, a technical undergraduate degree is not usually a requirement (though firms do want attorneys that have experience working with tech companies). If you are someone that has "deal experience" working with tech companies, this may be something you want to focus in on in the Bay Area market. It's also one of the best paths for going in-house to a tech company (thus the high need on the firm side).

• Need for public capital markets associates with 3+ years of experience. Firms across the Bay Area are looking for mid-level public capital markets attorneys. People who know the BigLaw legal market tend to think that New York is the primary market for advising on IPOs and other public equity and debt offerings. But in recent years, Bay Area-headquarted law firms have moved to become more full service, while New York-headquartered law firms have opened up offices in the area to leverage strong reputations in areas like public capital markets. The result is growth all around with everyone strategizing to advise on the "next big tech IPO in 2019."

• Need for M&A associates with 3+ years of experience. M&A legal practice has long been a mainstay in the Bay Area legal market. Whether you are an attorney that advises startups, small tech companies, established tech companies, private equity firms, venture funds or all of the above, there is a lot of work to do. If you're an experienced M&A deal attorney that likes that pace and life, but wants to dig into the tech industry world, then a Bay Area move might be right.

• General need for general corporate attorneys of different levels of experience. If part of the appeal for making a move is to find a firm that will allow you to have a more general corporate practice that includes a mix of finance, capital markets, M&A and others, then the Bay Area has opportunities in this space. Firms that have this need often want attorneys that can be full service to clients in a particular industry such as life sciences or tech.

Ultimately, whether you want to build a path to in-house or partnership, or just want a West Coast change of scenery, the time to lateral to the Bay Area may be now.

If you’re a corporate or transactional associate that feels stuck, maybe you need a change - not just of firm, but of location.

Different legal markets in the U.S. can offer different opportunities for corporate associates. Here are some examples on what different legal markets have to offer corporate associates looking to make a lateral move:

• The Bay Area - for getting in-house at a tech company. Obviously the Bay Area is most known for its ties to the technology industry, and it’s what drives legal services as well. When I was a career advisor at Harvard Law, one of the most popular long-term career goals was: “I’d like to be in-house at a start up or established tech company like Google.” These types of positions are competitive and increasingly require more and more firm experience. But the best way to lay the ground work is to do company-side work at the firms that are in the tech companies’ backyard.

• Boston - for wealth and investment management. At large law firms across the country, lots of private client, wealth and investment management practices have moved to smaller and midsize firms. In “old money” Boston, these practices still exist at some of the most prominent firms in the market. The practices are great for corporate attorneys that like to work directly with clients and enjoy relationship-building.

• New York - for being a Big Deal Lawyer. There’s no other legal market in the world that will provide the opportunity to work on big capital markets and M&A deals like New York City. If you enjoy the rush that comes with quick turnarounds and same-day pricing decisions (as well as seeing your name attached to big deal announcements) then New York is the place to be or stay.

• Chicago and Atlanta - for working with particular Fortune 500 companies. There are some major Fortune 500 companies based in the Midwest and Southeast. Some companies started there, while others strategically chose their headquarters in these regions for cost and/or tax reasons. When they need help on a major financing, purchase or sale, they look to those big firms in the nearest cities with big legal markets: Chicago and Atlanta.

• DC - for being everyone’s financial regulatory expert. If you are a corporate associate that enjoys getting in the weeds and staying up-to-date on federal securities law and other financial regulations, you may need to be a lawyer in the D.C. market. The demand for specialized financial regulatory experts is always high. And lots of firms looks for corporate associates trained on “deal work” who are now looking for a tighter focus.

Your next move as an associate should be one that furthers your long-term career goals.

Ultimately, a physical move may provide you with the best opportunity for long-term career satisfaction as an attorney.