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).

It's becoming both easier and more popular to make a geographic move as a BigLaw associate. This is the result of a few trends when it comes to the legal labor market:

• The expansion of the Uniform Bar Exam (UBE) to more states across the country means that it's easier for lawyers to get admitted into multiple states at once and/or transfer bar exam results from one state to another.

• Multiple legal markets are very strong right now and the need for talent expands beyond the lawyers that are already practicing there (this is particularly the case when it comes to Boston and the Bay Area).

• Generally speaking, the number of associates making a lateral move of some kind is at an all-time high with the National Association for Law Placement (NALP) reporting an average number of 16.5 lateral hires in 2018 amongst a surveyed group of 428 law offices. This represented a 14.4% increase in lateral hiring over 2017.

• National firms continue to open new offices in large cities across the U.S., leveraging the firm's practice reputation in its existing offices to market to new clients in the new market.

• Practices at large firms are also "nationalizing," meaning if there is demand for talent in a particular legal service, they will look to staff up across multiple office. In an individual office, the attorneys prioritize service to the local clients, but increasingly attorneys work virtually with others in their practice group across other offices of the firm, as as the work ebbs and flows within each office.

If you're thinking of making a geographic move, there's never been a better time.

When it comes to considering a geographic move, here are some FAQs for BigLaw associates:

How do I find a legal recruiter for my geographic move?

Most legal recruiters are identified through personal referrals. But if you don't know any attorneys in your target market, this might not be possible. Conduct a Google search and take a look at some online legal recruiter directories. Most recruiters are clear on their websites about who they work with and where. (Through Gridline Search + Consulting, for example, I primarily work with larger law firms in the big U.S. legal markets, using recruiter connections and industry knowledge I gained through my time as a career advisor at Harvard Law.)

I like my current firm. I just need to move geographically for personal reasons. Should I just ask for an office transfer?

Maybe. But does that other office have the practice area that you work in? Is the culture of the other office the same as your current one? Do you know anyone in the new office that would be interested in advocating for your office transfer? Will your current team help you make the move or will it be hard for them to let you go? If the answers to these questions present complications, it may be best to look for a new employer in your target market. (I talk about this further in my article "Why Lateral?")

When is the right time to make a geographic move?

As a BigLaw associate, you are most marketable for an associate lateral move with 2-5 years of experience. This is generally true whether you are looking to stay in the same market or make a geographic move.

What if I am not admitted into the state where I plan to move?

Start by taking a look at the bar admission resources provided by the National Conference of Bar Examiners (NCBE). If you are a junior associate admitted to a UBE state, you may still be able to port that score to a new UBE state. If you are a senior associate, you may be eligible for "admission by motion" to the new state based on your years of continuous practice in your current state. If something is unclear from a website or written resource, don't rely on word of mouth. Call the state's board of bar examiners directly.

Most firm offices will require that you eventually be admitted into the state where they are located. If you ultimately need to take a new bar exam, sometimes the firm will even give you time off and cover expenses while employed at the new firm (this is more often provide to corporate associates making a lateral move than to litigation associates).

Will the firm fly me out for an interview? Will they pay the expenses?

When interviewing a candidate from another market, most large firms will start with a screening interview via phone, videoconference or with attorneys or staff located in an office closer to you. After this, they will likely require at least one round of in-person interview. Most large law firms will pay for reasonable expenses related to this trip.

Will the new firm pay for my relocation expenses?

In most cases, yes they will. In terms of the exact amount and method, this is something that typically gets negotiated when an offer of employment is made through your recruiter.

My spouse got a new job already, so I need to make the move as soon as possible. How long does the process typically take?

Timing for a geographic move as a lateral associate depends on a lot of factors - your target market, your level of experience, your practice, your current firm, your credentials, etc. It could take a couple weeks to move or it could take several months. You will want to talk with your recruiter about the urgency of your timing and what you can expect. If it sounds like your search could take a long time, you might ask your current employer if it's possible for you to work remotely while you search for a new job in your new market. (Don't just quit your job and then start searching. If your resume indicates this, it might send a negative signal about your candidacy.)

I've written before about changing markets as a corporate associate. This article looks at the broader movement of law firm associates that have changed geographic markets and moved to new law firms, looking at data from 2018. Here are some findings regarding some of the key "destination markets" for associates last year:

Lateral data copyright 2018 Firm Prospects, LLC. All rights reserved. Used with permission. Not for redistribution. Graphic by DuelingData.

• The Bay Area and New York lead the pack for destination markets, driven by high corporate needs. Attorneys that do some type of transactional work flock to the San Francisco Bay Area and New York City markets. Even though the Bay Area is generally a smaller legal market than NY and DC, the needs for corporate attorneys to service tech companies, their buyers, their targets and their financiers. This need will likely grow in 2019 (see here).

• DC transfers were diverse in original location and practice. The DC market had 160 transfer associates in 2018, which excludes the number of associates coming to firms from judicial clerkships (significant in the DC market). These associates came from all over the country. This can partly be attributed to the fact that the DC bar has a much easier admission process for laterals than, for example, California. Practice areas were similarly diverse with DC drawing in associates to fill corporate, litigation, real estate, tax and IP needs, amongst others.

• Boston's lateral associate needs were significant compared to the city size. Boston attracted about 100 new associates to the market last year. This is the 6th largest transfer destination market, even though the metropolitan area is only the 10th largest in the country. New firms along with active financial services and life sciences industries keep the needs for associate talent high, especially for corporate practice.

Expect the trend of lateral associate geographic movement to increase in numbers over the next few years for a few reasons:

1. Large firms will continue move into new markets (see Boston) and partner groups will continue to move as firms compete for books of business.

2. Some practice areas like tech transactions, real estate and data privacy are in such high-demand for trained talent that firm offices will have to look out of their geographic areas to find the talent.

3. The liberalization of state bar admission via adoption of the UBE will make it easier and easier for associates to make themselves marketable to a new firm in a new market.

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.