The economic slowdown in Seattle is a welcome relief for many of the city's law firms. With the high salaries and tech companies poaching their experienced lawyers, the firms have struggled to retain their talent. The hiring frenzy of the last two years saw many lawyers leave for Amazon, Facebook, and other tech giants with offers of a 9-to-5 schedule and stock options that were impossible to match.
Daniel J. Oates, partner-in-charge of the Seattle office of Miller Nash LLP, acknowledged that the firm's culture was great, but there were certain things with which they could not compete. However, with the growth slowing and tech giants shedding jobs, Seattle firms see this as an opportunity to take stock, reevaluate their strategic plans and pick up talent. They must navigate the choppy economy with caution, though, to succeed.
Peter S. Johnson, partner-in-charge of the Seattle office of Davis Wright Tremaine, believes this is an excellent time for firms to regroup and act strategically rather than triage. Instead of focusing solely on compensation, they can focus on finding the right fit for their firm. This is a chance for them to ensure that they are growing correctly.
Schwabe Williamson & Wyatt, for example, had a significant workload in 2021-22 and would have liked to grow its Seattle office, which currently has 32 lawyers, according to Business Journal research. However, competing national firms offered more substantial compensation packages and had the upper hand in attracting talent. But now, with layoffs at major Seattle employers, Schwabe sees an opportunity to hire the specific industry talent they need. Michelle Baird-Johnson, director of talent acquisition, believes there is a bigger pool to choose from.
The firm is looking to hire attorneys in its core service areas, including real estate and construction, Indian and Alaska native corporate business, healthcare, manufacturing, technology, natural resources, and ports and marine work. The firm emphasizes a more balanced work-life to attract associates, with a lower billable hours requirement of 1,700 compared to the industry average of 1,900. The firm also allows attorneys to use up to 100 hours for pro bono and DEi work. According to Baird-Johnson, working at Schwabe means you can have a personal life too.
According to Business Journal research, Stoel Rives LLP, a regional firm with 326 lawyers, is also seizing the opportunity to pick up talent during the slowdown. Although the firm hired 56 attorneys in 2022, it did not see a net gain in lawyers due to departures and retirements. However, the firm is now receiving applications from employees of companies and firms that are downsizing their professional legal staff.
According to Maren Norton, managing partner of the Seattle office, "the kids want to come home to Seattle, a vibrant, exciting market." Stoel Rives sees this as an opportunity to attract talented attorneys looking to return to the Seattle area.
Seattle area law firms are taking a different approach to the downturn in deals compared to Silicon Valley firms. Rather than laying off attorneys, they focus on honing practice areas still in demand and seeking the right people to fill those spots. Schwabe Williamson & Wyatt, for example, had so much work back in 2021-22 that it wanted to grow its Seattle office substantially. Still, larger national firms with hefty compensation packages had the upper hand. However, with major Seattle employers laying off employees, Schwabe sees this as an opportunity to pick up particular industry talent it's been looking for.
The firm is looking to hire attorneys in its core service areas, which include real estate and construction, Indian and Alaska native corporate business, healthcare, manufacturing, technology, natural resources, and ports and marine work. To attract associates, Schwabe emphasizes a more balanced life with 1,700 billable hours, which is lower than the industry average of 1,900. Attorneys can also use up to 100 hours for pro bono and DEi work. According to Michelle Baird-Johnson, the director of talent acquisition, "You can have a personal life working here."
Stoel Rives LLP, a regional firm of 326 lawyers, is also taking advantage of the slowdown to pick up talent. The firm hired 56 attorneys in 2022 but didn't see a net gain in the number of lawyers in 2020 due to departures and retirements. However, with employees of downsizing companies and firms now applying, Stoel Rives LLP sees this as an opportunity to attract top talent looking to return home to Seattle, a vibrant and exciting market, according to Maren Norton, managing partner of the Seattle office.
