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2017 American State of the Legal Market Released by BCG Attorney Search

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published January 10, 2017

Amanda Griffin

Summary: Learn about the past year’s legal market trends and the predictions for 2017 based on the data collected by BCG Attorney Search.

Learn about the 2017 state of the legal market in this article.

There is a lot that can be learned by examining The BCG Attorney Search 2017 State of the American Lateral Law Firm Legal Market Report. As legal recruiters, BCG Attorney Search clearly sees how attorneys fare through the entire application process. They have seen the trend this past year of the specialist. Niche practice areas have gained momentum.

Through 2016, three phases have emerged. Phase one occurred between January and April. Real estate, patent, and corporate prosecution saw the most activity, whereas litigation was nearly dead. Phase two, between May and August, was the transition time where litigation started to pick up and real estate, corporate, and patent prosecution slowed down drastically. The niche areas also saw an increase in activity. Phase three occurred between September and December, where litigation was in full stream.

Harrison Barnes predicts that 2017 is on point to be one of the best legal markets on record, matching boom years of 1999 and 2005-2006. The top three placement areas for BCG in 2016 were corporate, litigation, and intellectual property - patent - hard and life sciences. BCG made no placements in finance-banking or municipal law this past year.

Corporate placements decreased dramatically compared to 2015, but it was still the top category. It is generally the leading category for lateral hires because of the specialized work it entails. The past year has seen a big slowdown, causing a bit of concern regarding what is causing big law firms and corporations to slow down.

Litigation has been stable in 2016 with a small increase of the number of placements. BCG wants it to be clear that despite a good amount of litigation placements and interviews, this is because there are lots of litigators out there, so there should be a large number of placements. In all actuality, litigation was hit hard this year and is expected to be even slower next year.

Despite a high number of placements, the intellectual property sector in patent – hard and life sciences had a very tough year. Patent prosecution is a tough practice area to succeed in. The demand is smaller because it is so specific. Most patent, hard sciences and life science attorneys are required to have advanced degrees. This limits the ability of lateral hires to only the best and most qualified being able to move laterally.

For more information, read the full report here: The BCG Attorney Search 2017 State of the American Lateral Law Firm Legal Market Report.

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