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It’s amazing how much can change in three short months. Over the course of your lifetime, can you pick out a three-month period in which your life changed as much as it has between March 1 and June 1? Speaking for myself, I can’t.
So many things are dramatically different as a result of the coronavirus pandemic — many things for the worse, but at least a few for the better. Law firm job hunting and recruiting are no exceptions.
Here are five ways in which job searching and recruiting have changed in the past three months:
1. There are far fewer jobs out there.
Let’s start with the obvious. In the economy writ large, we went from almost full employment in March to a projected 20 percent unemployment for May (when the labor statistics come out for this month). The legal sector has not been immune, losing an estimated 64,000 jobs in April alone.
Large law firms have also retrenched, going from eagerly seeking laterals to furloughing or laying off lawyers and staff. If you’re receiving many fewer emails or calls from recruiters, don’t be offended or surprised; it’s not you, it’s the firms. A fair number of firms have implemented hiring freezes or are focusing on only high-priority searches.
2. Video interviewing: it is now, officially, “a thing.”
In the past, video interviewing over Zoom, Skype, or similar tools was the exception rather than the rule. For lawyers working abroad who wanted to return to the U.S., for example, video interviews were not uncommon, especially in the early or screening stages.
Now, of course, video interviewing is pretty much the only way interviewing takes place, thanks to the restrictions imposed to halt or slow the spread of coronavirus. And you know what? It has been fine. Speaking for myself, I have a fair number of candidates going through remote interviews right now, and nobody has had a snafu yet (knock wood).
Law firms and candidates are getting increasingly comfortable with remote interviewing. In fact, I’ve already had one candidate who was interviewed, hired, and onboarded remotely. He has been working for his new firm since late March, but he has yet to set foot in the firm’s physical offices.
The current crisis represents an excellent opportunity for firms that are willing to buck tradition and recruit remotely. These firms can scoop up top talent, while more conservative competitors sit on their hands.
3. It’s all (or mostly) about the partners.
Yes, there’s some activity in the associate market, but make no mistake: the market isn’t what it was like back in March. The associate space is much, much quieter, especially in previously booming transactional practices like M&A.
But partner recruiting remains robust, much as it did during the Great Recession. When the pie is shrinking, the way for firms to survive (or thrive) is by grabbing a larger slice of that shrinking pie. So firms are seeking out partners with big books of business, to help them grow revenue during these challenging times.
And partners are also quite willing to look around. In working on a few recent searches, I’ve found that partners at firms that have cut their compensation or that seem financially unstable are especially receptive to outreach these days.
4. Standards are higher.
This isn’t surprising. Video interviews, even if more common, aren’t the firms’ preferred way of recruiting — so if they are willing to go to the trouble of interviewing someone, that someone tends to be very impressive (or the need tends to be very dire). In a hot market, so-so candidates can get traction for various reasons, such as being in a coveted practice area. That’s not true today (yes, even for bankruptcy).
5. Firms want exactly what they want.
For the relatively few searches that are open, the firms want exactly what’s specified. In better markets, there’s usually some flexibility as to things like class year or practice area. But in this market, a buyer’s market in terms of legal talent, the firms are in firmly in control. And they’re taking the Burger King approach: they’ll have it their way, thank you very much.
These are just very general observations about the Biglaw job market today. For more detailed discussion, please join me on Tuesday, June 2, at 2:30 p.m. EDT/11:30 a.m. PDT, for a free webinar, Law Firm Recruiting During COVID-19. I’ll moderate a panel featuring three of my Lateral Link colleagues: Gloria Sandrino, who heads our partner practice; Zach Sandberg, who will discuss associate recruiting; and Craig Brown, a longtime leader in the world of temporary placements. We hope to “see” you then!
Ed. note: This is the latest installment in a series of posts from Lateral Link’s team of expert contributors. David Lat is a managing director in the New York office, where he focuses on placing top associates, partners, and partner groups into preeminent law firms around the country.
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