(Image via Getty)
How happy are you at your current firm? Are you sure you’re really happy? I ask because, WOW, the market for lateral associates — particularly corporate transactions attorneys — is absolutely absurd right now.
In an effort to capture this sought-after talent, Biglaw firms are pulling out all the stops. We’re talking big signing bonuses for associates (Above the Law has anecdotally heard they’ve hit six figures), same-day offers, and the opportunity to work remotely with no set date for return to in-person work (Goodwin Procter is even willing to hire associates on a permanent remote basis).
Take Control Of Your Firm’s Finances With Tools Built For Success
Position your firm for long-term growth with better financial visibility and control. Learn how to track performance, manage spending, and plan strategically—download the full e-book now.
So where is this associate battle taking place? According to data by Decipher, a competitive intelligence firm, lateral movement in the most active 10 markets is up double digits in the first two months of 2021 compared to the four-year average. As Law.com notes:
In New York, for example, there are an average of 249 moves in the first two months of the year. This year, 313 associates lateraled—a 26% uptick. Los Angeles averages roughly 136 laterals. But in 2021, 167 associates have moved, representing an increase of 23%.
“I definitely feel like corporate associate recruiting is the busiest I’ve seen since I’ve started my business,” said legal recruiter Jason McCann, founder of Gridline Search + Consulting.
And as mentioned, corporate associates are really the ones benefitting from the boom:
“It started in the capital markets space, but now that demand has increased to M&A and finance associates and pretty much anybody that touches corporate transactions. In some ways, what we’re seeing in New York City is that demand is higher than it was pre-pandemic,” Ru Bhatt, partner in Major, Lindsey & Africa’s New York associate practice group, said.
How Time Tracking And Passive Tracking Tools Are Helping Law Firms Capture More Revenue
Discover how passive time-tracking tools help law firms boost revenue, reduce billing errors, and save time—featuring insights from the 2025 MyCase Legal Industry Report.
All of a sudden, Biglaw’s spring bonus trend starts to make a lot more sense. While we’ve seen firms mix up the way the money gets handed out, many firms are backloading the payments. Keeping the lion’s share of the cash until later in the year just may be the firms’ best way to keep valuable associates in the jobs they currently have.
Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).