Biglaw's Hiring 'Frenzy' Has Ended, And Signing Bonuses Have 'Evaporated'
But things seem to be getting back to a pre-COVID normal for the lateral market.
It’s just not at the rate that it was last year and the year before. It’s definitely not 2021, but it almost feels like it’s going back to what it was like pre-COVID—it’s more of a steady pace. It’s definitely not a frenzy anymore. But there’s still a steady need for lateral partners, so we still see a bit of musical chairs happening between firms.
Business has not died. So I don’t think there’s cause to panic just yet.
— Katherine Loanzon, managing director of Kinney Recruiting in New York, in comments given to the American Lawyer on the current state of the lateral recruitment market. As far as signing bonuses are concerned, Loanzon says they’ve “almost completely evaporated” for associates. “Whereas in the last year or year before, where every associate was asking for a sign-on, that’s definitely not happening this year. We do not have associates expecting one,” she said.
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
