As a candidate-facing legal recruiter who works with successful partner-level attorneys, I know that it is always a hot market for lawyers. To clarify, rainmakers with significant portable business are always attractive lateral partner candidates. I also know that now is a great time to make a move, if a candidate is seeking better compensation.
There is a ton of competition for clients in the legal industry. For many law firms, organic growth takes too long and is too expensive. Therefore, just about all law firms are trying to grow through acquisition. This occurs with the addition of established rainmakers and their clients. This mode of growth has created a war for talent which means you can get paid a premium and may even be able to negotiate a significant signing bonus.
What About Non-Rainmakers?
On a related note, here is a little secret, there is potentially heavy demand for some lawyers even without portable business. For example, there appears to be a shortage of skilled transactional attorneys. Law firms across the country are looking for experienced M&A lawyers. It is simple supply and demand – the lack of supply drives up the price. Other hot areas include management-side employment, private equity, capital markets, intellectual property, and complex commercial litigation.
Therefore, it is also a hot market for lawyers who are not necessarily rainmakers. That said, I want to be crystal clear – these lawyers need to have a sought-after skill.
Take Advantage of the Skyrocketing Demand
The need for talented lawyers is booming, and the time to maximize your compensation is now. We know what the market will pay. Just as important, we know that compensation is not the only factor. As law firm matchmakers, we can find the exact right perfect-fit law firm that will pay you a premium as well as provide additional items on your wish list.
If you would like more information, reach out and schedule a call with us! If you would just like some answers to questions you have, please fill out our confidential Q&A form so that we can give you the answers.