Picking The Right Law Firm And Practice Area For You

What are the major factors you should consider in choosing a firm as a summer associate or first-year associate?

This question is about geography. Do you want to live in a major financial center for the rest of your life or do you want the option of moving to a smaller city one day? Or is your dream to set up your own solo practice one day? Do you aspire to work overseas?

You need to ask the basic question, “Do U.S.-trained lawyers do this sort of work where I want to live?”

Certain practice areas are largely New York-focused, for example: structured finance, derivatives work, and executive compensation. If your ultimate goal is to move to Portland, Oregon, or Portland, Maine, it is safer to avoid these niche areas and choose a more general corporate practice or another practice area altogether.

If you start out in Washington, D.C., doing antitrust or regulatory work, keep in mind that it may be tough to move to another city that would inevitably have less of this work.

If you would like to move to a small town one day, experience with general corporate, real estate, or tax law may be more translatable into a small firm or solo practice.

If your plan is to work overseas one day, strongly consider capital markets over other practice areas. New York is generally seen as the best place to start practicing to prepare for a career overseas.

Given current market conditions, and expectations for future growth, how can I maximize my options?

Market conditions and the nature of demands for lawyers of particular practice areas can change rapidly. Keep tabs on the current market. While no one can predict what will happen in years or even months to come, you can make decisions to hedge your bets slightly.

Bankruptcy may never disappear entirely, but most of these groups are shrinking drastically as the economy improves. Finance, capital markets, and M&A are growing as the economy rebounds. Real estate is booming now, in part because it was dead for so many years and mid-level real estate lawyers are few and far between. If you like to gamble, a practice area so influenced by the state of the economy may intrigue you. But if you prefer stability, a practice area such as patent prosecution or tax may be better suited to you. It is helpful to keep an eye on the market at all stages of your career. This is one reason why establishing an ongoing relationship with a recruiter can be useful. Lateral Link also offers access to an online job board to help you keep tabs on current market trends.

In the current market, litigation is slowly bouncing back. We are seeing more and more openings. But litigators are still held to a much higher standard in terms of academics than corporate lawyers, for whom deal experience is an equally important factor. If the current trend continues, and if you did not go to a top law school and/or your grades are not stellar, you may find more success in the corporate arena than in litigation.

What are my future career goals?

Where do you see yourself working five, 10, or 20 years down the road? If your goal is to eventually transition in-house, you will have more options as a corporate lawyer (usually with a more general corporate background) than as a litigator or niche practitioner. When litigators do find those scarce in-house opportunities, they may find the work unsatisfying compared to their corporate counterparts. Depending on the organization, the work is often more attune to project management than actual litigating.

Litigators often consider government work after Biglaw: U.S. attorneys, public defenders, prosecutors.… Non-litigators will have government options as well, but these opportunities are fewer and farther between (for example, with the IRS or the SEC).

Do you plan to stay at a law firm long-term, but with the option of going part-time one day? Trusts & estates could be a safer bet than M&A. As I mentioned above, certain practice areas also tend to have a more predictable workflow than others.

Structure of the law firm

The structure of your new firm may not be at the forefront of your mind when making your decision as a prospective summer or first-year associate. Nor should it be. But it is useful to understand the differences as the structure may influence the culture of the firm and the firm’s priorities in terms of associates’ professional development.

Law firms generally fall into one of two categories:

  • Lockstep: Partner compensation is a factor of the partner’s seniority; or
  • Eat-What-You-Kill: Partner compensation is a factor of the hours he or she bills and the client work he or she brings in (including billing by other associates and partners for work done for that client). Every firm has a different formula, depending on the priorities of the firm. Some aim to encourage originations and sharing of clients, whereas some are more designed to reward hours billed.

Lockstep firms may tend to foster more cooperation and less competition among partners, a culture that tends to trickle down to the associates as well. However, lockstep firms also tend to have more institutional clients and may not encourage the more junior associates to learn client development skills. For associates who are more academically oriented, it may be more comfortable to work hard and not feel as much pressure to bring in clients. On the other hand, if you enjoy the business side of law firm operations and if you think you will have an aptitude for client development, you may want to consider an environment where business development skills are more valued and where the firm will take measures to train its associates and young partners in these skills.

For lawyers more adept at client development, you also may want to consider (immediately or in a later lateral move) a firm with a two-tier partnership track (income partners and equity partners). In this system, you have a chance at the “partner” title at a more junior stage. The title aids you in proving your worth as a business-building partner in your quest for equity partnership. Firms with a one-tier partnership, with counsels and equity partners, may make counsels partner eventually, but in many firms this is rare.

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You should consider a wide range of factors in choosing a law firm and a practice area. But two points are key:

1. Genuinely enjoying your work should be your top priority in picking a practice area.
2. Choose carefully. It’s very difficult to switch practice areas once you start your career.

There is no standard or static formula for choosing a law firm or practice area. The analysis will be different for each person. But arming yourself with as much information as possible when embarking on the process is the only way to maximize your chances of picking the best route for you. So do your homework. Read everything you can about the various practice areas and your firm options. Talk with practicing lawyers in a number of practice areas and ask for their honest impressions. Speak with your law school career services counselors, whether you are a current student or a graduate. Start an ongoing discussion with a trusted recruiter early on. Take stock of your situation and your level of job satisfaction — on a professional level and on a personal level — early and often.

Previously from Lateral Link:

The Men’s Biglaw All-Star Team Of 2014
A Former Partner’s Perspective On Legal Recruiters And Lateral Partner Moves
Headhunters. Huh. What Are They Good For?
Taking The Temperature Of Your Career
Planning For A Legal Career Overseas (Part II): Language Skills, Caveats, And What You Can Be Doing Now


Lateral Link is one of the top-rated International Legal Recruiting Firms. With over 14 offices world-wide, Lateral Link specializes in placing attorneys at the most prestigious law firms in the world. Managed by former practicing attorneys from top law schools, Lateral Link has a tradition of hiring lawyers to execute the lateral leaps of practicing attorneys. Click ::here:: to find out more about us.