A few days ago, we asked whether going in-house was still a viable option for Biglaw associates. Today we look at whether those who leave can ever come back.
The National Law Journal did a follow-up piece on Bear Stearns attorneys who weren’t able to move over to JP Morgan after the merger. They report (subscription):
Many refugees from Bear Stearns have landed at law firms, including Bingham McCutchen; Venable; Weil, Gotshal & Manges; K&L Gates; and Katten Muchin Rosenman.
“It’s like a port in the storm right now,” said one former Bear Stearns attorney who has landed at a law firm and asked not to be identified.
But as one commenter points out, moving back into Biglaw isn’t easy:
To get back in to BigLaw from most in-house positions is extremely difficult. If you work in a niche, like government contracts or FDA, it improves your chances significantly. However, if you are just a general corporate attorney at a company and are looking to get back in a firm, there’s little shot.
Going back to the firm will likely get even more difficult as additional attorneys from Lehman and Merrill Lynch flood the midlevel market. But we can expect that displaced in-house counsel will try to get back into Biglaw, because in this market, “job security” is the Holy Grail.
Do law firms actually provide a “safer” alternative? After the jump.