Securities Docket - Ask a Recruiter: What 5 Types of Securities-Related Lawyers Is Big Law Most Hungry for in 2024?
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.
The good news: We’re seeing a significant uptick this year in the number of partners Big Law is bringing on. Macrae’s market analysis indicates that in January and February, Am Law 50 firms added 20% more partners across the largest legal markets than in the first two months of last year. In particular, New York saw a spike of 40% and D.C. was up 26%. (You’ll find more detail on this trend here.) Our law firm clients are expressing interest in lawyers with government experience across a breadth of specialties.
The better news (for some of you): There are clear standouts when it comes to the most in-demand expertise in the current market. If one of the following five descriptions fits you, you’re more likely than others to find yourself in demand should you enter the job market:
1. Current SEC lawyer with asset management experience, both on the enforcement side and the regulatory compliance side. Are you a private funds expert? Even better – the hottest of the hot. (Call me!)
2. Current or former SEC senior officer. Here, title really does matter. Senior officials are more likely to be known amongst industry participants and, therefore, more likely to be asked to pitch for client work. The business generation potential is highly marketable.
3. Current law firm partner with at least $3M in originations and the ability to move those clients to a new firm. While enforcement and regulatory lawyers with smaller portable books may find lateral success, those who can bring books topping $3 million are far more in-demand by top firms.
4. In-house lawyer who can bring work from their current employer. Are you considering moving from an in-house role back to private practice at a law firm? If so, your marketability is quite dependent on the likelihood of bringing work from your current job to the law firm. For example, the general counsel of an investment company who brings that client to a law firm looking to grow their asset management practice.
5. Current or former DOJ lawyer with FCPA experience. The FCPA continues to be a cash cow for law firms, with the cases spanning years and often leading to multimillion dollar settlements. The DOJ’s recently expanded whistleblower program may lead to additional cases in this space.
It’s important to remember that the Big Law market for lawyers continually reacts to developments in legislation, the state of the economy, the outcome of Presidential elections, and many other factors. While I certainly expect to see continued demand for the lawyers on my “top 5” list through 2024, we’re also likely to see a jump in demand for lawyers with other kinds of expertise in the months ahead.
If you have a question for the column, shoot Rachel an email. If you’d like to have a confidential discussion about your career, please complete this brief form here. To read previous “Ask a Recruiter” columns, visit Macrae News.