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.
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.
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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