Gridlines Newsletter

Advice on the legal job search and trends in the legal market.

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Leaving Your BigLaw Firm for a Permanent Remote Associate Position

More and more BigLaw firms are announcing their return-to-work plans. Some are asking associates to ease into coming back to the office over the summer. Others are approaching the return more gradually, allowing attorneys to come back at some point this year or early 2022. And a few have explicitly announced that they will allow attorneys to always work remote at least a few days a week.

But all of the major BigLaw firms have one thing in common: They want you back in the office at least a couple days a week.

However, what if you relocated during the pandemic and want to stay working remotely? Maybe you work for a New York BigLaw firm, but want to stay close to family in Phoenix. Or you're at a Bay Area tech firm, but moved with some friends to a place like Sun Valley, Idaho and are considering staying there.

There are options for you.

With lateral associate hiring at a peak, some BigLaw firms are hiring for permanent remote associate positionsNegotiating this kind of arrangement requires the right background, good timing, some luck and a well-informed recruiter who will match you with the right firm and position.

The pandemic has revealed that associates can be quite productive working remotely full-time. Some associates and firms had their most productive years ever in 2020. So the firms know it can be done. The question is when and how will firms allow for a permanent remote arrangement.

Here are some key considerations for lateralling to a permanent remote associate position:

Hard-to-fill associate positions offer the most flexibility, especially in hot practice areas like capital markets, executive compensation, finance and highly-specialized regulatory work. The lateral associate hiring market is definitely the busiest it has been in years. But some hiring is more active than others. And this largely depends on the practice area. Because of the hot SPAC IPO market, capital markets practices need many more associates than they currently have. Practices like executive compensation and finance have been understaffed with talent since pre-pandemic times. And for certain regulatory practices for industries like finance, health care and technology, firms are looking for a "needle in a haystack" candidate with the right experience. In all of these practice areas, it is more likely that a firm will consider a permanent remote associate hire.

"Cross-office" firms and practices are much more likely to be open to permanent remote arrangements. Increasingly, you will see BigLaw associate position openings listed across several or all offices of the firm. This is likely because the team for the relevant practice area is spread out anyway, so the firm does not care where the associate sits. (This can also be the case even when the position is listed in only one place, but you will need to a rely on a recruiter that knows the background of the group and need.) When a team is spread across multiple offices like this, the firm is more likely to be open to a permanent remote arrangement. Since the team is used to working with people they don't see all the time anyway, it can be an easy adjustment to work with someone who is remote from their home.

Firms with existing flexible frameworks will be more supportive of remote arrangements. Before the pandemic, a movement was building for BigLaw firms to create more "flex" options for their associates: Adjusted hours; Work-from-home allowances; Partial-remote arrangements. Some firms were far along with these options when the pandemic started. Others were not. It goes without saying that the more precedent a firm has with flexible work arrangements, the more likely they will consider a permanent remote one.

It helps if the firm has an office in the state or city where you plan to work remotely (and that you are barred in that state as well). Firms can be skittish about remote work arrangements when they don't have an office in the city or state where you plan to work. There are bar admission, tax and employment law considerations when a firm hires someone to work from a place where they do not have an office. The tax and employment law issues can be surmountable, depending on internal firm policies. But the bar admission issue is a little thornier and is beholden to the individual bar requirements at the state level.

When requesting a permanent remote arrangement, your recruiter needs to ask upfront. When considering a lateral move, there are certain things that make sense to negotiate during the interview process or post-offer phase like bonuses and relocation expenses. This is not the case with a permanent remote arrangement. Your recruiter should ask this upfront firm-by-firm.

Remote arrangements are possible, but I expect they will get much more competitive as the year goes on. I have spoken to many associates who are thinking about it, but want to see how their firm's return-to-work timeline works out. By the time they are asked to go back into the office, it may be too late to find a remote position.

Lateraling to a Busier BigLaw Firm

At this moment, there is a lot of variation in the life of the typical BigLaw associate. Maybe you are as busy as you've ever been, meeting or exceeding your billable hour target for a bonus this year. Or maybe you're at a firm whose work halted abruptly at the start of the pandemic, and you are still wondering when the firm is going to get back to the time before the firm-wide salary cut. Or finally, maybe it's been one giant roller coaster ride - you've been busy, you've not been; you have friends at the firm that are working around the clock, and you're scrambling to get work and hours.

All this time, you are wondering "Is my experience normal? What are other BigLaw associates going through in terms of work volume?"

The answer is that there is no normal life for the BigLaw associate at this moment. It really depends on what work you are doing, what firm you are at and what location you are doing it.

Ultimately though, if you're concerned about your hours or the financial health of your firm and practice, it may be worth talking to a recruiter to see what your options may be.

Here are some thoughts that I have for the BigLaw associate based on current hiring trends:

  1. There has been a slow (but steady) increase in the number of associate openings at BigLaw firms over the past couple months. The types of openings at these BigLaw firms are quite varied across different litigation, regulatory and corporate practices, depending on the firm. (Though it should be noted, that demand for BigLaw associates in areas like data privacy, restructuring and health regulatory practices has remained strong throughout the pandemic.) But if you're in a major transactional or dispute-related practice and you are thinking about a move due to workflow concerns, there may be an opening or a need out there right now for you.

  2. An associate opening is a strong signal that a firm's work in that practice area is not only steady, but very busy. Since the start of the pandemic, BigLaw firms have been very cautious in posting new associate openings. If there has been a slowdown in a practice, they have focused on shifting existing working in those practice areas and staffing them in busier practice areas, if possible. The posting of an associate need means the firm is so busy, they are not able to staff with existing resources. They need the additional talent now.

  3. If you have been consistently working hard to get your hours up, but are struggling, it's worth looking at new opportunities. In my conversations with some BigLaw associates, it's not unusual to hear about an immediate slow down in workflow that started with the pandemic outbreak in mid-March. I've talked to these associates about strategies to get work and remain as busy as possible, with the goal of getting as close as possible to their billable hour target for the year. Some associates have not been able to do this successfully simply because the work volume is not available across multiple working groups and practice areas. If this is the case, it is worth seeing what other opportunities are out there.

  4. Geographic relocation remains very possible right now, and may be the best option depending on your practice area. I've written a lot about relocating as a BigLaw associate and why it might make sense (see my FAQ on the topic). Although a relocation right now is likely to be "virtual," firms are doing it and considering candidates from other markets. It certainly helps that firms have had several months experience of virtual interviewing and virtual onboarding. And given current variations in hiring, now might be the time to consider it. For example, the San Francisco Bay Area has remained quite active in transactional and corporate associate hiring. If you're located at a firm outside the market in a corporate practice that has been slow, now might be the time to consider your relocation.

These are just a few recommendations and trends to note when it comes to considering a lateral move right now as a BigLaw associate. However, whether or not it strategically makes sense to make a move right now depends heavily on individual circumstances. Especially in the current moment.

5 Reasons Associates are Making Lateral Moves Right Now

The summertime can feel like an odd time to change jobs as a BigLaw associate. You might have a vacation or two. (Or, at the every least, you might have a welcome slowdown in hours as the partners and clients that you work with are away on their vacations.) You might be on track to make your hours for the year and are worried what might happen to your bonus.

At the same time, you know that a lateral move is in the cards for you at some point for one reason or another (see my earlier article,"Why Lateral?"). So why might you make that move now, as opposed to several months or years from now? Here are 5 good reasons:

  1. The lateral hiring market is very, very active. Right now, the number of associate positions at larger law firms across multiple practice areas and major markets is incredibly high. In fact, according to data provided by Firm Prospects, as of today, there are almost 2,000 active associate job postings for attorneys with 1-5 years experience in the major U.S. legal markets (New York, California, DC, Chicago and Boston). If you're trying to do the same work at a different firm, shift your practice or make a geographic move from your current BigLaw firm, chances are there are at least a couple good opportunities out there for you.

  2. The number of opportunities could go down soon. Quickly. According to a recent survey of professional economic forecasters, only 15% expect a U.S. recession by the end of 2019; but 60% expect one by the 2020 U.S. election. A recession (or even an economic slowdown) has a huge impact on legal hiring as much of BigLaw legal services is directly tied to the health of the financial services and other major U.S. industries. As a result, the amount of need for experienced associate talent will drop. During the 2008 financial crisis, this drop in need more or less happened overnight.

  3. Your marketability might drop the longer you wait. Particularly if you are a midlevel or senior associate, if you wait to long to make a lateral move, you may end up being less marketable to other firms. If you get to your 6th year or more, the number of openings starts to drop dramatically. Firms want to invest in associates that are senior enough to have the right experience, but also junior enough to be trained and developed according to the structure and style of their new firm. This is why you'll see many more openings for "junior" or "midlevel" associates.

  4. You might get too deep in a practice are you don't like. Generally speaking, most BigLaw firms want to specialize their associates as quickly as possible. With some firms, this may mean that you don't get your "first choice" practice area when you return from your summer program and start as an entry level associate. The business needs of the particular firm or office might conflict with your personal preference for your career. It might be possible to shift to another practice later on at the same firm, but oftentimes it is not. You may need to make a lateral move to do this. And if you get too much experience in your specialized practice, you might find it hard for another firm to allow you to tweak, adjust or "retool" your practice.

  5. More than anything, it's at least worth having a conversation with a recruiter!Recently, I had a conversation with a former Harvard Law advisee who is working at a major NYC firm and thinks he wants to move back home to Los Angeles at some point. For his practice, there are only a limited number of firms that do the type of work that he does, many of whom are hiring. But for him personally, he's only been at his NYC firm for a couple years and he really enjoys the training and experience that he is getting. He knows there is some risk in waiting, but we talked through the openings that exist in Los Angeles for his practice, how long they have been open and what the groups look like. Ultimately, he decided to hold for now. But knowing his goals, I can keep him updated as opportunities are added, changed or dropped. The only way that a recruiter can help you in this way is if you at least start a conversation.

** Side note: If your concern about moving now relates to whether you will be eligible for a full bonus at your new firm at the end of the year, talk to your recruiter. Each firm handles this differently and there are options and strategies to consider.

Lateralling from "Bank Side"​ Practice to "Company Side"​ Practice

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 practiceIf 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.

Lateralling to a Startup/VC Practice

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.)

Why Corporate Law Associates Lateral to Finance or Funds Practices

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.

5 Reasons To Lateral To a Different Law Firm

Even if you're doing great at your law firm, there are always perfectly valid reasons to consider a lateral move:

  1. To move locations (even if your firm has an office there).

    When I advised Harvard Law students, they often thought they should pick a firm that had offices in all the locations they might be interested in one day. What if they wanted to move offices down the road? Well, that's not so simple. Law firm offices can be so different from each other that they can be like different law firms. Plus, if someone in another office never worked with you, who will help you make the move? And certainly, if you're doing well, the team in your current office won't want to see you go. Instead, a new firm might make the most sense. You can keep the credit for your years' of experience while excelling at a firm that is a better fit for this point in your career.

  2. To shift practice areas (even if your firm has the practice).

    Since law school does not expose you to the ins and outs of most law firm practice specializations, you may not realize you don't like a practice area until you try it. At the same time, from a business perspective, many law firms are pushing new lawyers to decide on a practice specialization as soon as possible. It may take a couple years until you realize: "I don't really like this. I want to do that." Your firm may allow you to shift to that work, or they may not. But even if they do, is it the right fit? Are the people in that practice the people you want to work with? Maybe you want to braoden and shift your practice, not change it completely. In these instances, you might need a firm that has a different model when it comes to how attorneys are grouped into practice areas.

  3. To set yourself up for a better in-house move.

    The most common way to move in-house is to do so with a client of your law firm. Maybe you have years of experience working "underwriter-side" in a corporate practice, but have no interest in going in-house to an investment bank. A lateral move to a firm that works more with clients in other industries that have strong demand for in-house talent (like health care or tech, for example) might make sense for you.

  4. To make equity partner.

    You can be doing great at your law firm and feel really supported, but still know that making equity partner will be a longshot. Maybe you are in a practice area that does not promote a lot of equity partners. Maybe your firm has a small number of true equity partners, many of whom are not planning to leave or retire anytime soon. In these cases, it could be time to move to a firm that will reward your work and business-building with a clear path toward equity partnership.

  5. To find a better personal fit.

    The #1 thing Harvard Law students would ask me about when picking their first law firm was: "How do I know if the firm is a good "culture fit"? Will I like the people that I work with?" The answer I often provided was not super-satisfying: "Unfortunately, you might not know until you get there." Large law firm offices are made up of so many departments, practice groups and working groups that it can sometimes feel like you work at a very small firm even in an office of 500+ lawyers. Over time, you start to understand what you need from the people in your law firm working environment and that a change may be necessary.

The legal market remains strong at the start of 2019 and there are lots of opportunities.

Photos courtesy of unsplash.com. Credited photographers are Jose Csunyo, Jon Tyson, Dylan Nolte, Alexander Pembe and rawpixel.

Hiring White Collar Litigators

A recent article in the Financial Times discusses the increase in demand for “business crime” lawyers in the US and UK over the past decade. In the US, “white collar” attorneys are concentrated in the New York and Washington, DC markets due to the focus on the financial industry and federal regulation, respectively.

Only 99 white-collar specific positions were posted in NY and DC between 2015 and 2018, according to data from Firm Prospects, LLC.

This represents just 10% of the total litigator job postings in NY and DC during the same period. This does not necessarily mean that white collar is not a “hot” practice area. The relatively low number is probably the result of a couple factors:

  • A lot of white collar attorney positions aren’t posted. Firms in NY and DC typically desire experienced white collar attorneys with government or regulatory experience (e.g., US Attorney’s Offices, the DOJ, the SEC, etc.). White collar litigators at firms interact with attorneys at these government agencies frequently enough that it may be easy to identify candidates through referrals, thus making a job posting unnecessary.

  • Some firms may hire “general litigators” to do white collar work as part of their practice. Some firms may not be able to rely on white collar work on its own to support their litigation practice. Therefore anyone hired to do white collar work may also practice in other types of litigation and regulatory work.

The Experience of Top Political Lawyers

Political Law is a very broad term, but it most commonly refers to lawyers that advise the government and candidates on issues related to political campaigns.  Election law, campaign finance law and lobbying regulations are most relevant to the practice.

Lots of students I know are interested in practicing Political Law at a large law firm after graduation.

However, Political Law is a relatively small practice. It can be very difficult to find a way in as a new lawyer.

I took a look at the web biographies of 52 private practice Political Law attorneys that work in the Washington, DC office of large international law firms. Here are some interesting trends I found:

  1. The Federal Election Commission (FEC) is a popular previous employerOf the attorneys that I researched, the FEC (see picture above) was the single most common prior employer. (And this does not include attorneys that continue to work for the FEC while in private practice.) This is not surprising. The FEC is an independent federal regulatory agency that was created to enforce federal campaign law.

  2. Campaign work is common, with specific firms often aligned with one party more than the other. Many of the attorneys I researched worked as field organizers, communications experts, interns or attorneys prior to their work in private practice (and sometimes while working for the law firm). Firms may have a connection to one particular party.  For example, most political lawyers at Perkins Coie worked with Democrats; political lawyers at Jones Day often worked with Republicans.

  3. Associates typically have interned for Congress or the White House in the past. With respect to the 28 political lawyers that are Associates at their respective law firms, it was very common to have worked as an intern at some point for a Congressman or at the White House. Work experience as a legislative assistant in Congress was not as common.

I offer these insights to reveal other avenues and ways into a Political Law practice at a top law firm. Campaign work and government experience offer other entry level avenues. While these positions may not pay as well in the short-term, they may produce the connections and experience you need for long-term success as a Political Law attorney.

Author’s note: To conduct this research, I looked at 52 law firm website biographies and public LinkedIn profiles for attorneys listed in the “political law” practice of the Washington, DC offices of these international law firms: Perkins Coie, Allen & Overy, Skadden, Jones Day and Covington.