Current Opportunities for Legal Professionals in the NYC Market
The current demand for legal professionals in NYC is at a peak, and top NYC law firms continue to look to hire associates and partners. Overall, the legal job market in NYC remains very strong.
Current projected demand from AmLaw 100 firms to hire would-be associates, on a nationwide basis, surpassed the supply of associates coming out of law school for the first time in three years, according to the results of a recent study released by ALM. According to the study, the number of associates targeted by the AmLaw 100, who are midway through their first year through to midway through their second year of practice, ranges from 306 to 507 nationally, as compared with only 284 associates in similar positions, last year. Associates who fall into this category are especially valuable to firms, as it is when they are in their second year of practice that they begin to make a positive contribution to the firm, as compared to more junior associates, who tend to require more training and do not contribute fully.
As the demand for associates and laterals continues to increase , some may be surprised to know that some legal specialty jobs are in relative decline. For example, among the 20 most popular practice areas in NYC, only three saw increases in demand: litigation, intellectual property (IP) and environmental/natural resources/energy, or ENRE. The rest saw a decline.
The biggest declines were seen in corporate and financial services, which were down nearly 8% nationwide compared to 2015. Immigration jobs also saw a significant decrease of nearly 12%. With regard to real estate, jobs in the private equity real estate space are the ones that are going up in demand, while those in commercial real estate are declining. Top NYC law firms, however, do not appear to be affected by any declines in corporate nor commercial real estate jobs, given their need to retain talent.
Some have attributed the decline of certain legal specialty jobs to the ever-increasing use of new technology, but there may be something to be said about a shift in business demands as well. One thing that we know for certain is that attrition rates at top NYC law firms remains at an all-time low, yet the demand for associates does continue to increase.
Guide to Getting Hired at a Top NYC Law Firm
Securing a position in a top New York City law firm can be a highly competitive process, given that these firms prioritize hiring the most talented legal professionals available. Many of their employees have graduated at or near the top of their classes from prestigious law schools, and they are often recruited from within their top-tier law school networks. How can you improve your chances of being hired by one of these elite New York law firms? Follow these guidelines: Go where the employers are – To become part of the New York legal scene, it’s critical for young attorneys to be where the action is. This means getting yourself out to events, gatherings, and conferences where legal professionals congregate – and networking with attorneys who already have connections to the New York legal market. Leverage your alumni network – You are now a member of a new society, and it’s important to leverage the connections you have with your law school alumni. Reaching out to fellow graduates who are already employed in New York City law firms is a great way to start or deepen the professional relationships you have with them. Don’t rely on just one law firm – Even if you have your sights set on landing a position with a top New York firm, put out feelers for other jobs, as well. Expanding your options by applying to other firms will give you the best shot at landing a position with your desired firm in the long run. Utilize a hiring firm to go to bat for you – The environment in New York City law firms can be incredibly competitive, so it’s essential for you to have more than enough ammunition to land a job. Working with a hiring firm to represent you to top firms and go to bat for you during each step of the hiring process is a great way to ensure that you don’t miss out on the chance to score an amazing job opportunity.
The Most Prestigious NYC Law Firms Hiring Right Now
Davis Polk is one of the largest American law firms, and has 9 major office locations. The firm has 3 departments: corporate, litigation, and employment. It provides advisory services, and issues extended programs in which seminars are offered to clients. Some other practice areas include asset management, energy, intellectual property, and antitrust. The firm is known for establishing innovative, efficient ways to record materials on clients. It uses standard forms as templates, before customizing them along predictable guidelines to fit the deal.
Kirkland & Ellis is a firm that specializes in corporate, investment funds, intellectual property, and litigation, with an international presence, such as in Asia, Europe, and the U.S. The firm has dedicated departments for its practices. The firm has approximately 1,500 attorneys and is one of the highest-grossing law firms in the U.S.
Sidley and Austin is headquartered in Chicago, but has locations in 20 other cities throughout the world, and 4,000 lawyers. Its counts 24 practice groups, with many subspecialties, such as environmental energy and safety. It has a reputation for having a more casual and collegial group of lawyers, and the firm was named the 2017 Law360’s "Firm of the Year." The firm has made a push towards hiring more women and minority women, as data reflected that other firms were not hiring as many female and minority attorneys as male and white attorneys.
Skadden, Arps, Slate, Meagher & Flom was founded in 1948, and has offices in 13 different countries. It has been recognized for including diverse lawyers, and was one of the first law firms to have sponsored a Black attorney as a partner. Like many large firms, it offers educational programming on skills like oral arguments. The firm also offers fellowships for municipal law school students who want to become public service lawyers.
Paul, Weiss, Rifkind, Wharton & Garrison LLP is based in New York City, with approximately 1,000 lawyers. It has 13 offices and 3 continents. It has a practice in 40+ areas, such as securities regulation, litigation, and antitrust. It has 10 practice groups to develop and manage its offering in those practice areas. It has a diverse client portfolio, and is well known for offering standard professional services to companies, such as counseling and auditing. It also offers clients assistance in intellectual property, financial offerings, and employee benefits.
Skills and Qualifications Needed for Legal Jobs in NYC
New York City is a hotbed of legal talent, and as such, securing a position at a top law firm can be a daunting task. In this section, we outline the essential skills and qualifications that every budding lawyer should develop to stand out in the competitive landscape of NYC law firms.
Firstly, strong academic credentials are a must. Most top law firms require that candidates have graduated from an accredited law school and passed the bar exam in their respective states. Additionally, candidates should strive for high scores on the Law School Admission Test (LSAT) to increase their chances of admission to prestigious law schools.
Secondly, candidates should focus on developing exceptional verbal and written communication skills. A key part of working in a law firm is writing legal documents and contracts, so candidates should have a strong command of the English language and an understanding of legal terminology. Public speaking skills are also important, as lawyers often need to present information to clients or to a judge in a court setting.
Next, familiarity with New York-specific laws and regulations is critical. Each state has different legal codes, and it’s essential for a lawyer working in NYC to be well-versed in local and state laws to effectively counsel clients and navigate the legal system.
Furthermore, candidates should have a genuine interest in the area of law they wish to specialize in. Law firms appreciate candidates who demonstrate a commitment to a particular field of law as this can translate into a passion for their work and greater investment in the success of their future clients.
Finally, developing a network of professional contacts and a strong online presence can be beneficial in landing a position with a top law firm. Many NYC law firms often recruit from law schools directly, so having a positive online reputation and professional network can open up more opportunities.
Overall, being familiar with the academic and skill-based requirements of NYC law firms can give job seekers an advantage when applying for positions in one of the nation’s most competitive markets.
Using Online Job Boards and Networking to New York Legal Careers
The online job portal is the bedrock of any legal professional’s job search. With so many law firms hiring now, there is bound to be an online ad for every law firm in this city. And as often as not, it’ll be posted by a recruiter. So you can use an online job portal to apply for jobs directly with the law firm that posted the ad, or you can leverage your time and only submit an application through a trusted recruiter. Whichever way you go, apply now! Don’t just scroll through and read all the job postings, then save them for later. In this hot NYC law firm hiring market, it’s vital that you seize the moment and apply while the ads are fresh. If at all possible, do it the same day.
Don’t get too hung up on what the job title might be. Keep an open mind. Let the job description guide you. Don’t overlook any postings for jobs that you may have long thought were off limits to you. And don’t be so quick to presume you’d be an "outlier" in the group because you don’t match 100% of their ideal candidate profile. As long as the position involves legal work, be persistent, and always apply. Just send your resume. If you don’t hear back quickly, follow up. If they’ve already filled the position, ask that they keep you in mind for other positions that may open up in the future . Again, many law firms are hiring now, so be aggressive. Don’t let time pass by. Do not procrastinate. Apply now!
In addition to job postings, the major online job portals combine social networking features. (And don’t forget to include your LinkedIn links inside of every resume you send out.) The advertising law firms very often invite you to connect with them on LinkedIn. They are doing this to get your approval to engage in some name identity protection. But you can take advantage of these invitations by accepting them. So if you see an online ad post from a lex recruiter, go ahead and send a LinkedIn invite to the person who posted it. Then look through their connections to see if anyone else they are linked to is also someone you’d like to connect with. In a matter of days, you can easily make hundreds of new connections with other legal professionals. Don’t pay too much attention to their names or email addresses. Focus instead on the job titles and companies listed in their profiles. And always send a note with every new invite you send out. With just a little effort, you will quickly find yourself networking with most of the major NYC law firms. And that’s where the most lucrative legal job offers come from.
NYC Law Firm Interviews – What to Expect
Interviews at law firms in New York City are generally pretty straightforward and follow a "standard" series of questions we’ve seen at a number of firms, large and small. This makes preparing for the interview a lot easier if you know what to expect. First off, the first part of the interview will almost always involve the firm’s recruiting/staffing director asking you what you think of the firm’s Web site. Don’t overlook this question and make sure to write down the URL of the NYC law firm’s Web site and read through it thoroughly and be prepared to comment on what you liked and what you thought was missing. Remember these are the people that can make or break your candidacy so always be prepared to sing their praises.
After the firm’s recruiting/staffing director (or whoever interviews you first) gets done asking you questions, he or she will likely ask you to bring in the basic materials regarding your own candidacy at a later date. One of the common questions about applicants we hear at BCG is that the applicants are "overqualified" for a law firm. BCG Staffing Directors beg to differ. Remember, overqualified doesn’t exist. Sometimes, law firm HR people just use it as a shorthand way of saying they are not 100% ready to make an offer. Keep in mind that a lot of these equity partner types have spent their entire career working with associates fresh out of law school and haven’t adapted much to the radia changes the world has seen over the last several years. Be sure to reach out to your BCG Attorney Search recruiter before your interview so we can help you prepare accordingly.
Some of the common questions you will see include: What do you like to do for fun out of work? What is your favorite color, restaurant, or country? The above-mentioned questions are not bad questions (even though I have my favorites, but that’s for another day). The whole purpose behind the above-mentioned questions is that the firm wants to gauge whether or not you will be a good cultural fit within their organization and figure out how you will fit in among the ranks. Don’t let that frighten you. You should want to get along day-to-day with the people you work with and at the same time administering these "nice" questions gives the partner time to visit with you more casually before the tough stuff starts coming.
Additional tips—be on time, dress appropriately, never say anything bad about anyone and be sure to do your research beforehand and ask the right questions regarding the firm.
NYC Law Firm Salaries – An Overview
Salaries in NYC law firms vary by a number of different factors including the firm’s practice area, size and prestige. Those hired by top firms can expect to earn base compensation in the $160K to $190K range. However, this figure may be substantially higher for top first-year associates at premier firms. For example, the most recent reported first year associate salary for a top Am Law 25 firm was $190K. However, six-figure salaries are becoming more the norm among first year associates. Many boutique firms are now paying their entry-level attorneys $100K or more.
Another factor that has an impact on compensation is firm location. Obviously those law firms that are located in Manhattan will need to pay a premium to attract the top talent. The median salary for attorneys in NYC law firms is $117K.
Benefits
Attorneys working for large law firms can typically expect to receive a benefits package that is comparable to other Fortune 500 companies. Salaries for associates also vary based on the type of firm where they work. The starting salary for a first year associate can vary from about $50,000 for a small firm to $145,000 at an AmLaw100 firm. Other considerations that will impact an associate’s starting salary include the practice area, the size of the firm and the region. In NYC, salaries average about $135K. Associate bonuses tend to follow the one-year clerkship rule, which works out to about 10 percent of the starting salary. First year bonuses for NYC firms usually range from $5,000 to $50,000. Senior associate bonuses range from $25,000 to $100,000.
Attorneys also often receive benefits such as medical, dental and vision coverage, life insurance, tax-free transportation subsidies, flexible spending accounts, paid parental leave, generous year-end bonuses and retirement programs.
The Role of COVID-19 in NYC Law Firm Hiring
COVID-19 has had a significant impact on hiring practices in NYC law firms. In the face of an unprecedented public health crisis and economic downturn, most firms imposed hiring freezes for at least several months. The widespread shift to remote work and the uncertainties of the legal market made law firm recruiting difficult during this time.
As the curve has flattened in recent months, New York City law firms have begun to hire again, with many firms experiencing a backlog of recruitment needs after months of delays. However, it is clear that the legal industry has changed for the foreseeable future – if not permanently.
One of the more profound changes in law firm hiring has been fee-earner virtual interviews. Most firms interviewed candidates virtually throughout much of the summer, with significant effort from candidates to prepare for these digitally-intermediated and time-shifting conversations. In a lot of respects, this was a practice that was developing at firms pre-COVID, so it is not surprising that firms are comfortable continuing to interview lawyers virtually. What remains to be seen is the willingness of firms to offer or accept offers as they enter their controlled reopening phases.
It is important to recognize, as well, that firms have always been more open to potentially hiring outside of the New York City area, while offering flexibility and incentives to relocate lawyers to New York when possible . As a result of COVID, firms are becoming even more open to candidates who may be able to work remotely beyond the pandemic.
Frequently, we hear that the question of bringing lawyers back to the office has two sides. On the one hand, law firm leadership will tell us it is a cost-saving measure that will truly help them over the long run. On the other hand, it is cost-prohibitive to have lawyers working remotely. There is truth to both statements. At this moment, law firm leadership can likely save costs by not bringing their junior lawyers into the office, which will also help with social distancing efforts as they contemplate being in a workplace designed for full occupancy. However, as junior lawyers readjust to life as a partner, so too are they adjusting to having many junior lawyers available to seek out for their work. This has created an imbalance.
Another notable impact of COVID-19 is how it has revealed the lack of mobility in the legal market. Aside from unique and compelling circumstances, the old adage about corners and curbs has never been more evocatively described. Whether it is a partner who is finding it hard to move with the market down or an equity partner with no portable book of business, candidates for partnerships are savvy about market conditions on both sides. As a result, there are fewer of them moving at the moment.