Last week I blogged on women in BigLaw and the option of in-house practice. This week I am continuing on that theme. My updated information, however, is not limited to women attorneys but also predicts an exodus of BigLaw associates within the next year. This prediction, from the legal recruiter Major, Lindsey & Africa (MLA), as reported on Above The Law, is based on a survey of 300 BigLaw associates. The results showed that 1 in 4 are planning to leave in that time frame and that 3 out of 5 are disappointed that that their firms aren’t working hard enough to retain them. The explanation from MLA is as follows:
Firms have been, on a numerical basis, able to retain more associates than they bargained for because the market has been down. But since [the second quarter of 2023], things have been better in the markets where [we] recruit.
This prediction is also based on information about practice areas that appear to be in revival mode. According to MLA, examples are M&A, general corporate, litigation, white collar, and labor and employment. In other words, major practices are doing very well, which is very good news, and it opens up opportunities for relocation.
So it appears that the ball is in the BigLaw management and leadership court. It will take some TLC and effort to keep associates from bolting in mass in this reinvigorated market, but that should not be too difficult for top lawyers to figure out. If they need any help in discovering what associate lawyers want, they always can read my books!
For more background, see this article from Above The Law.
