Securities Docket - Ask a Recruiter: How Long Does it Take to Make a Move?

Weekly Career and Market Insight from Rachel Nonaka, Managing Director at Transatlantic Legal Recruiting Firm Macrae in Washington, D.C.

Barring any unexpected road bumps, my typical candidate seeking an equity partner position can expect the process to take about four months from start to finish – or, more aptly, “door to door.”  However, I often begin meeting with candidates many months prior to the point at which they hit the “start” button and we begin approaching firms. Counsel and associates usually find the process moves much more quickly.

Four factors will influence how long a particular attorney is likely to spend regaling their partner, children, and/or The One Colleague Who Knows They’re Angling to Leave about the minute trials and tribulations of their job search. They are:

What title do you envision (or require)? Associates may be able to move firms within a month or so because the hiring decision is often made by practice group leaders, thus bypassing the need for approval from a management or executive committee. On the other end of the spectrum, equity partners typically require a vote of the partnership (and many, many interviews) to get the green light, which can draw out the process by as long as four months. (Aiming to move as a partner-group? Add several more months.) The timeline for counsel and income (non-equity) partner positions falls in the middle, dictated by the bylaws of each particular firm. 

When will you enter the market? Law firms can typically devote greater resources to hiring from January to May and again from September to November. The summer and winter holidays – and the year-end/near-year period in which books are closed out – really do strain a firm’s resources when it comes to moving partner candidates through the required processes and everything sloooowwws down (it’s frustrating from my perspective, too!).

May the force be with you! The external forces that can influence your timeline are often unpredictable. If global and U.S. economic conditions are strong, you’re likely to find that firms are more eager (and more willing to pay top dollar) to bring on needed talent. This is particularly true of their willingness to invest in associates, counsel and government officials of any level who bring talent but no book of business. 

New regulations in your space will likely mean that companies will soon need and want your expertise – and therefore, so will law firms! The more demand, the faster your hiring process will be. As I’ve discussed in previous columns, we’re currently seeing this for partners with expertise in the new private fund rules and in the crypto/cyber space. In addition, an election year always leads to increased in- and out-flow of attorneys from the government. In the immediate aftermath of an election, firms will quickly evaluate where their holes are and assess client needs in light of the new administration’s priorities.

How sticky is the red tape? Internal bureaucracies and firm culture often dictate how quickly a potential hire is ushered in (or kept waiting). Some firms simply move much more quickly than others, and a good recruiter will fill you in on these from the get-go if you’re committed to a certain time frame. Firms that have large global partnerships, pride themselves on being consensus-driven, and/or would like a candidate to meet with as many partners as possible prior to a partnership vote will usually take longer to bring on new partners. For instance, I’ve worked with firms that have asked for candidates to connect with as many as 50 partners prior to the vote. While Zoom has certainly made this process easier, I unfortunately have found no way to extend the given hours in a day. (And believe me, I’ve tried!) To manage expectations, once you and your recruiter have narrowed down the list of target firms, discuss each firms’ hiring processes – including the quirks – so that you have a clear idea of the likely timeline from day one.

In next week’s column, I’ll focus on the nuts and bolts of the process, taking you step-by-step through a typical move so you know what to expect and when. Spoiler alert: the last step (which requires about 30 seconds, no doubt the fastest phase you’ll encounter) is to pop a bottle of champagne!

Please send any questions you’d like me to tackle to Rachel.Nonaka@macrae.com. (And have no fear – I never attribute the questions!) If you’re interesting in having a confidential discussion about your career trajectory and current market opportunities, share a quick note here.