7 Ways 2nd Trump Administration May Affect Partner Hiring
Senior government attorneys and BigLaw partners across transatlantic markets may be wondering what President-elect Donald Trump's return to the White House might mean for their careers.
Where will the opportunities be? What about the potential roadblocks? What are law firm leaders — who planned for this potential outcome, but know that surprises are inevitably in store — thinking right now?
This article identifies seven ways we anticipate the change in presidential administration will affect law firm hiring at the highest levels.
1. Raise your hand if you're a partner in the immigration, tax, international trade, congressional investigations or regulatory area.
Congratulations! You've got a good chance of becoming a hot commodity.
In his run for president, Trump campaigned on instituting higher tariffs, taking drastic measures on immigration, overhauling the U.S. Department of Justice, prioritizing deregulation, and revising the tax code, among other initiatives that could have a profound impact on the legal landscape.
High-performing partners in relevant practices who have been considering a move will find that it's perhaps never been a better time to test out the market.
2. The above is particularly true if you're part of a group.
Law firms are risk averse at the best of times, and, given the uncertainty ahead, they will strive to fill gaps and build key practices by adding partner groups rather than one-offs.
While this isn't a new strategy, it's one we think firms will double down on in 2025. Groups have a greater ability to bring along clients, ramp up quickly and cover any losses in the short term.
3. Merger and acquisition partners will also fly high.
With deal flow ticking up in 2024, many firms have been on the lookout for M&A talent. With a more deal-friendly environment and fewer antitrust regulations expected under Trump, firms will step on the gas in expanding their deals teams.
As with the other practices that will be in demand, early on, firms will compete for big-name partners with expertise across various industry sectors, including technology.
Once the deal pace is in full swing, they'll be on the hunt for technically strong lawyers, including those who don't have a strong book of business.
4. Government titles will really matter.
Initially, law firms will likely vie for — and pay some eye-popping sums to — only the most experienced attorneys coming out of government. Everyone wants a rock star.
Midlevel government attorneys without impressive titles may find it challenging to get a foothold in the marketplace, along with the partner titles they seek.
But firms will only hold out on landing the cream of the crop for so long. Once the dust settles and Trump's priorities become clearer, firms will begin to bring on attorneys with more rank-and-file government experience on their resumes.
Until then, patience will be key for potential and current candidates.
5. The hiring process will accelerate.
While Am Law and Magic Circle firms in the largest global legal markets — New York; Washington, D.C.; the San Francisco Bay Area; and London — added 16% more partners in the first three quarters of 2024 than in the same period the year prior, they have taken their time sealing the deals.
They won't have that luxury in 2025. In order to quickly build out practices to meet clients' evolving needs as Trump rolls out his agenda, they'll have to hit fast-forward on the bureaucratic process.
We're seeing this already. In the last month, firms known for having some of the most drawn-out timelines have brought on new partners, soup to nuts, in as little as six weeks.
We don't imagine this will become the norm, but it underscores how serious firms have become about securing top talent. Historically, candidates could expect the process to take three to six months.
Going forward, two to five months will be more realistic.
6. Compensation will keep climbing.
There will likely be no "hitting the top" when it comes to partner pay in 2025. The ceiling simply doesn't exist, because the most successful law firms can afford to dole out many more millions for superstar lateral partners.
Select firms up the ante to get the talent they want. Firms will be increasingly emboldened if Trump achieves his aim of slashing the corporate tax rate from 21% to 15%.
7. Firms - and candidates - will toe the line more than ever.
When the CEO of Coinbase took to X, formerly known as Twitter, in December to warn law firms that the company wouldn't work with any firms that hired anticryptocurrency lawyers from the Biden administration — calling out Milbank LLP, which had just added the former enforcement director of the U.S. Securities and Exchange Commission — many law firm leaders likely lost some sleep.[1]
And they likely lost sleep back in fall 2023, after some firms made the decision to retract offers to law school students who reportedly blamed Israel for the Oct. 7 attack by Hamas.
In this extremely polarized political environment, BigLaw firms will become less outspoken on social and other issues that could potentially affect business — and more careful about vetting prospective hires.
Likewise, while lateral partner candidates often seek to align themselves with firms that share their values, they should be very mindful about what they're saying in interviews and elsewhere.
The so-called blue wave did not materialize in November, and making social and political waves will certainly not be on the BigLaw agenda in 2025.
This article was originally published on Law360.
For more insights connect with Julieta Stubrin, Peggy Bennett, Tad Gruman or reach out to our team at Macrae.