Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

FeaturesCybersecurity Law & StrategyCybersecurityLaw Firm HiringTechnology Media and Telecom

Innovation In a Hyper-Competitive Market

By Ari Kaplan
February 01, 2022

To understand how leaders in the largest law firms in the U.S. are currently approaching the competitive market for legal talent, Thine, a technology company that develops and deploys pre-hiring and integration assessments, engaged Ari Kaplan Advisors to interview a cross section of professionals making decisions about hiring, development and promotion in AmLaw 100 firms. For this research, I had the privilege of interviewing 30 chief talent officers along with directors and managers of recruiting between Sept. 3, 2021 and Nov. 24, 2021.

The results reveal the impact of the pandemic on entry-level and lateral hiring, the appetite for leveraging technology to address the rapid acceleration in on-campus interviewing and lateral recruitment, and the increased focus on innovation to fuel law firm success. The temporary pause in lateral recruitment in the spring of 2020, and the unprecedented change in summer associate recruiting from the summer 2020 to the winter of 2021, impacted hiring in a meaningful way, but a rapid acceleration in the need for lateral associates increased the volume of new hires significantly. When asked to describe their firm's lateral hiring in 2021, one respondent characterized it as "The highest number in our history." Another said: "The market has been insane."

After being consistent for the prior two years, most firms reported a spike in lateral hiring in 2021. On the higher end, firms reported onboarding over 200 associates, with more than half (53%) of the participants adding between 26-75 last year. For some recruiting professionals, the volume was so significant that there was almost a sense of disbelief, with one respondent reporting hiring a "bazillion" new lawyers.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Top 5 Strategies for Managing the End-of-Year Collections Frenzy Image

End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.

The Self-Service Buyer Is On the Rise Image

Law firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.

Should Large Law Firms Penalize RTO Rebels or Explore Alternatives? Image

Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.

Sink or Swim: The Evolving State of Law Firm Administrative Support Image

The paradigm of legal administrative support within law firms has undergone a remarkable transformation over the last decade. But this begs the question: are the changes to administrative support successful, and do law firms feel they are sufficiently prepared to meet future business needs?

Tax Treatment of Judgments and Settlements Image

Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.