Over the past five years, the legal landscape for elite associates has transformed dramatically, making it harder for many to envision a long-term future in BigLaw. Few have experienced such a rapid and dramatic shift as the law school class of 2020.
Following the uncertainty during the pandemic, the industry saw 18 months of frenzied lateral hiring as understaffed corporate practices scrambled to keep up with a surge in deal volume. Law firms enticed associates with work-from-home promises, multiple compensation increases, “special COVID bonuses,” and jaw-dropping signing bonuses to secure and retain top talent. Associates experienced a rude awakening with the global economic slowdown, which tarnished BigLaw’s reputation as a stable career path.
As the global economy recovered, AmLaw firms rebounded with record-breaking revenue generation and healthy profitability. However, lateral hiring remains cautious due to a stagnant economy, prevalent uncertainty, and the targeting of some BigLaw firms by the second Trump Administration.
While corporate transaction pipelines are profitable, they have not grown enough to necessitate widespread hiring, except in certain specialty practices. Top-tier litigation remains a bright spot in associate hiring, with high demand for talented mid-levels.
Despite this increase, firms are scrutinizing each hire closely to ensure long-term potential. This scrutiny stems from firms’ increased cost consciousness and, fairly or not, a widespread distrust of COVID- era trained associates perceived to have fallen behind in their development. Leverage remains with employers; lateral associates are not seeing the same bonuses or other incentives as in 2021.
In the whiplash of the last five years, mid-level associates view their ability to achieve a long-term career in BigLaw more skeptically. Yet, the most resilient continue to strive toward this goal.
According to our 2024 Beyond Tradition: Gen-Z’s Approach to Big Law survey, nearly a third of Gen-Z associates (31%) reported that their experience working at the firm fell short of their law school expectations. Yet, 83% would choose the same firm again if given the chance, and over a third (36%) cited partnership as their ultimate career goal. Similarly, our 2023 Above the Law Millennial Survey Report revealed that more than one-third of respondents (35.8%) envision themselves as partners at their current firm in 10 years. This indicates that a significant number of young lawyers are determined to excel in BigLaw and are undeterred by the seemingly narrowing path forward.
So, how do they beat the odds?
An Opportunity
For a sustained career in private practice, it’s essential to recognize that legal expertise is a given. As you advance, mastery of detail-oriented work typical of a junior, the production of excellent mid-level work product, and the development of client management skills are all expected.
To secure a long-term career and pursue partnership, you must prove yourself indispensable.
Develop a Unique Skillset
To excel long-term, cultivate highly sought-after skills to add value to your team, practice group and firm. Specialize in a niche sub-practice or cultivate rare client-facing skills, such as focusing on a specialized industry or developing a strong relationship with a particularly influential client.
Embracing AI tools can brand you as a firm leader while many others are too busy to master it. Those who recognize AI’s disruptive potential should compile and share efficiencies made possible by AI, multiplying the impact of your efforts. By adopting a spirit of experimentation with AI, you can showcase your far-reaching impact in leveraging these groundbreaking tools.
Proceed by the Book (of Business)
Demonstrating your business development potential has long been the cornerstone of joining the partnership. The sooner you show aptitude for these skills, the sooner your firm will recognize your potential to grow the pie. Junior partners distinguish themselves by originating a book of high-quality business and consistently increasing it over time. It can be challenging for young attorneys to land clients of the size and quality your firm seeks but aspiring partners must embrace the challenge.
Make yourself indispensable to current clients and consider positioning yourself as the right-hand of a key partner. Build a personal brand and market yourself through social media, publications, conference attendance, and speaking engagements to showcase your expertise and attract clients.
Find a Champion
Securing a partner to champion your potential is paramount. Cultivate a strong relationship with an internal sponsor, identify decision-makers, and build relationships that will help you stay fed once you join the partnership.
Seek regular feedback to understand your strengths and areas for improvement. Demonstrating your value through consistent, high-quality work and a proactive attitude will reinforce their belief in your potential. Additionally, leveraging your champion’s network to expand your connections within the firm and the industry can open doors to new opportunities and further solidify your path to partnership.
Conclusion
Navigating the complexities of a BigLaw career can be daunting, but it’s important to remember that action is the antidote to anxiety. By taking proactive steps and following these strategies , mid-level associates can secure a long-term career in BigLaw and potentially achieve partnership.
Embrace the challenge, defy the odds, and let your resilience carve out a path in BigLaw worthy of your ambition.
