The legal industry is currently navigating a dynamic period, characterized by changes in lateral attorney moves. However, a closer look at the recent data suggests a market ripe with opportunities as we approach 2024.
Shifts in Lateral Moves: A Perspective
While 2023 witnessed a noticeable decline in associate lateral moves, dropping by 66% in the first quarter compared to the same period in 2022, this shift reflects a more nuanced legal hiring environment rather than a downturn. The legal market is adjusting after the unprecedented activity of the previous years, with total lateral moves still surpassing pre-pandemic levels. Specifically, there were 15,109 lateral moves in the third quarter of 2023, compared to the peaks of 2021 and 2022. This suggests a market adjusting to a new normal, rather than a significant decline.
Partner Moves and Regional Growth
Partner moves in 2023, while also experiencing a decrease, indicate a more subtle shift in the market. Cities like Philadelphia and San Francisco have seen the highest increases in partner moves, pointing towards regional growth opportunities. The second quarter of 2023 was notably the second busiest for partner moves since 2017, hinting at a resilient and adapting legal landscape.
Practice Areas with Steady Demand
Certain legal practice areas have demonstrated consistent demand, defying broader market trends. These include labor and employment, data privacy and cybersecurity, restructuring, intellectual property, and litigation. This sustained demand aligns with ongoing economic recovery and changes in legal service needs, presenting promising avenues for lawyers in these specialties.
Corporate and Transactional Areas: A Rebound on the Horizon
The corporate and transactional sectors, after facing setbacks, are showing signs of revival. This rebound, evidenced by recent M&A activity data, portends an optimistic outlook for 2024. As economic forecasts become more positive, these sectors are likely to see an uptick in hiring, creating potential opportunities for lawyers specializing in corporate and transactional law.
Looking Forward: Seizing Opportunities in 2024
As we approach 2024, the legal industry presents a landscape of opportunity and potential. The data and trends indicate that while some traditional paths may have slowed, new avenues are opening up, particularly in areas like labor and employment, data privacy, cybersecurity, and corporate transactional sectors. This period of adjustment is not just a challenge but a chance for forward-thinking lawyers to capitalize on the emerging trends and position themselves for success in a post-pandemic world.
Connect with Lateral Link for Tailored Guidance
For lawyers seeking to navigate this dynamic and evolving landscape, partnering with an expert legal recruiter can be a decisive step. Lateral Link, with its deep industry insights and personalized approach, can provide invaluable assistance. Whether you’re exploring new opportunities or seeking strategic advice for your next career move, Lateral Link offers the expertise and resources to help you make informed decisions and find the right fit in this changing market.
Don’t miss out on the potential that 2024 holds. Reach out to Lateral Link today and take the first step towards realizing your professional aspirations in the legal field.