In today’s world, general counsels have the chance to do more than just sit at the proverbial table. Standout legal officers are driving diverse cross-functional initiatives alongside chief financial officers and other members of the corporate C-suite.
If there is a bright side to take from this pandemic, it is that law firm associates are facing brighter futures and a far less volatile job market than young lawyers who stared down the 2009 financial crisis. And attorneys at elite firms may even see their compensation boosted as firms look past survival and toward the talent war.
Numerous law firms have implemented layoffs, pay cuts and other austerity measures in spring and summer this year in response to economic pressures the COVID-19 pandemic has created.
Recently, Am Law 200 firms have been hiring more for their labor and employment and mergers and acquisitions departments.
For millennials or young lawyers getting their start after graduating law school, there are more career options in the legal system more than ever before. Whether it’s firms, alternate legal service providers, in-house legal departments, the Big Four or even legal technology companies, fresh-faced talent in law has its pick of choices when charting a career path.
Restructuring and corporate litigation are among Big Law’s most popular practice areas for onboarding lateral talent as 2020 comes to an end and as firms seek to leverage veteran industry expertise amid uncertain economic conditions.
There comes a time in every law firm associate’s journey toward partnership when business development becomes a primary issue. However, you cannot simply flip the switch when you need to. Associates need to get ahead of the issue, even years in advance of when it becomes a necessity.
Picture that at the beginning of last year, you heard “Next year we’ll have an entire set of predictions dealing with everybody working from home because of the pandemic.” That sounds insane right?
As new law associates enter their careers as attorneys, there are several routes to take their careers. But the question on every recent law school graduate’s mind remains: How do I navigate my law firm and what skills are important to master in those first few years?