The Chinese use two brush strokes to write the word ‘crisis.’ One brush stroke stands for danger; the other for opportunity.
In a crisis, be aware of the danger, but recognize the opportunity.
The questions of the moment: how much does COVID-19 affect a career in law? Should a planned lateral move go ahead or wait? Are firms even hiring? Is a move now reckless, or sound planning?
In the months before the pandemic, lateral hiring had run a steady course.
- In 2018, lateral hiring increased by more than 20% (NALP)
- In 2019, more than 60% of leadership within firms expected to grow their equity partnerships through lateral hires and promotions. (ABA Journal)
- The growing M&A trend is an ongoing factor in lateral moves. (The Legal Intelligencer)
Law is a competitive market. Firms have to keep growing, adding revenue and clients by hiring high-caliber attorneys. The pandemic changed the landscape without removing the need for growth. Rather than stall, firms have to find new ways to engage talent, show their culture and present the opportunity. The process may be slower. Moving forward still matters.
The same holds for attorneys. When a storm hits, dropping anchor in a safe harbor feels like the wisest move, and those who learn to tack in it are further along their course when it passes.
Adjusting course matters for firms and for attorneys. Watch where the demand is. Bankruptcy, restructuring, litigation and employment, along with healthcare and insurance, are the areas drawing work at present. Lateral hiring may take a different shape, and it will continue. Staying close to the market is what lets both sides find each other, and the willingness to adapt is what puts them in front when the crisis ends.
At OnBoard Legal we understand both the attorney exploring options and the firm that depends on the hire. We have decades of experience in the legal field, and our CEO is a former practicing attorney. That expertise matters because our clients and candidates are experts in their own fields, and experts deserve to work with other experts. Our work on your behalf is always discreet and confidential. To learn more, contact us.