Securities Docket - Ask a Recruiter: Is SEC Talent in Demand by Big Law Right Now?
Weekly Career and Market Insight for Securities Docket Readers from Macrae recruiter Rachel Nonaka, Managing Director in Washington, D.C. and a Former Attorney for the SEC.
Absolutely. While Am Law 50 firms across Macrae’s markets brought on 8% fewer lateral partners overall last year than in 2022, firms in D.C. actually added 11% more, in large part to enforcement and regulatory hiring. In Q4, firms became noticeably more aggressive in seeking to add nationwide and we expect this to continue. Just a few weeks into 2024, my colleagues and I have already heard from a significant number of firms specifically seeking partner-level talent with SEC expertise.
While I predict that such lawyers seeking a move will have substantial opportunities in the months ahead, I do expect that those specializing in the following five areas will find themselves most in-demand: general securities enforcement; asset management, with a particular focus on the new private funds rules; FCPA; cyber and crypto; and corporate disclosure counsel. Much of this hiring will be driven by law firms in the D.C. and New York markets – no surprise there! – but I anticipate seeing an uptick in other major legal markets.
One thing to keep in mind if you’re considering a move in 2024: titles and clients do matter. Top global law firms pay a premium to lure senior government officials into their partnerships. (Think Division Directors, Regional Directors, Units Chiefs, etc.) Opportunities do exist for first-level government supervisors and staff attorneys, but they are more limited and the candidate may receive a counsel or non-equity partner offer. In the lateral market (firm-to-firm hiring), law firms are interested in bringing on partners with a portable book of business, a history of pitching and winning work, or significant relationships with industry participants.
Have a question (or feedback) you’d like to toss my way? You can reach me at Rachel.Nonaka@macrae.com. (No names or other information will be attached to the questions I answer here.) If you are interested in a confidential discussion regarding partnership opportunities, please submit this brief form.