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This week we are publishing the third part of our special report on lateral hiring trends in the legal market. In our prior postings we reported on the trends in lateral hiring of law firm partners and associates. This week our attention shifts to lateral hiring for of counsel positions.
These reports are based on market data we have collected on our own over the last five years. As previously mentioned, several general caveats should be noted about our methodology and the scope of the data collection:
Despite these caveats we believe the data available to us and as presented here is directionally accurate as to general market trends. We also make this data available by email subscription (sign up at the bottom of this article).
Of Counsel Lateral Hiring Trends 2010 – 2014
Not surprisingly the 5-year trend for of counsel lateral hiring follows the same general pattern we discussed previously regarding law firm partners and associates. After tailing off sharply in the years immediately following the Great Recession, large law firms gradually resumed a more normal and elevated pace for lateral hiring of counsel positions as shown in the chart below.
But notice over the course of the last three years how of counsel lateral hiring has held remarkably steady. This is true in the aggregate as well as when we look at the numbers broken down by geographical region or major practice areas; there has been very little variability in the level of counsel hiring from 2012 to 2014. This stands in sharp contrast to the trends we discussed previously for lateral hiring of both partners and associates, where there is considerable variability year over year. Compared to the clocklike regularity with of counsel hiring, partner lateral hiring dropped by 6.4% from 2012 to 2013 and associate lateral hiring fell off by more than 36% from 2013 to 2014. More >>
This week we are issuing the second part of a special report on trends in the 2014 lateral hiring market.
Last week we analyzed the data on lateral hiring of law firm partners. This week our attention shifts to lateral hiring of associates, which is always a reliable — yet lagging indicator of demand for legal work. The series will conclude with a discussion of lateral hiring for of counsel positions as well as our observations on the distinct hiring strategies taken by various leading law firms.
Our report is based on market data we have collected on our own over the last five years. As mentioned in last week’s post, several general caveats should be noted about our methodology and the scope of the data collection:
Despite these caveats we believe the data available to us and as presented here is directionally accurate as to general market trends. In addition to publishing this annual report, we will be issuing several more detailed regional reports over the course of the year. We also make this data available by email subscription (sign up at the bottom of this article).
This week we are issuing the first part of a special report on trends in the 2014 lateral hiring market.
While some legal publications assess the state of the legal market health by tracking such metrics as revenue per lawyer and profits per partner, here at Kinney Recruiting we focus on data that illuminates hiring and employment trends among leading U.S. law firms.
This data is an incredibly powerful tool for providing guidance to attorneys and law firms when they are considering making a lateral move. Even for those who are happy with their current practice and have no interest in testing the waters, the insights in this report about overall trends in the legal market should be of interest to practitioners and law firm managers alike. The data clearly show that partner lateral hiring has become an important strategic optionfor the vast majority of big law firms in their pursuit of opportunity and growth.
We’re publishing the report in two parts. This week we’re focusing on lateral hiring trends for partners. Next week we’ll report on trends for associates and of-counsel.
