Legal experts anticipate the lateral market to continue rebounding in 2012. 2011 also saw growth in the lateral market after some slow years due to the recession.
Law firms are expected to add more laterals in 2012 in hopes of expanding existing services. Firms seek lawyers that will bring a fresh book of business (new clients) in sectors that need developing.
A September survey from Altman Weil Inc. found 91.6 percent of law firms said they were trying to hire laterals last year. Of the 240 U.S.firms surveyed, most of them said they expected to yield high returns on the new hires.
The increase in lateral hiring is linked to a need for lawyers with established clients, not the need to fill jobs that were lost during the recession. So, while this is good news for experienced lawyers, the job market for young associates is still expected to be fiercely competitive.
Here is more information on the survey, as well as comments from legal experts on the current job market.