It has been a roller coaster in Biglaw for the last few years. Hiring frenzies, signing bonuses and unprecedented activity on the lateral partner scene. Young lawyers got used to being contacted by head hunters and being in the driver’s seat. Whether that was a good thing or a bad thing, we know that it was a real thing. We also know that most good things eventually come to an end.
And that end may be now. According to an article on Above The Law, Biglaw’s hiring fenzy is over and signing bonuses have evaporated. Add that to the new reality about the value of “in the office” time, and the result might be a shock to young lawyers who have been practicing from their couches and got used to being paid handsomely for it.
But it is not all doom and gloom. The projection is that Biglaw is getting back to a pre-COVID normal for the lateral market at least, and the pace has returned to steady not frenzied. Read more of the conversation, as originally seen on the American Lawyer.
Having reasonable expectations is especially important as the pendulum swings in Biglaw. Being informed is key.
