In a startling revelation, lateral hiring within law firms witnessed a staggering decline of 35% last year, with associates bearing the brunt of the slowdown in corporate client demand, according to a recent report by the National Association for Law Placement (NALP).
Associate Hires Plunge by 43%, Partner Moves Down by 10%
The NALP report highlights a significant downturn in law firm recruitment for the second consecutive year, following a surge in demand during the pandemic era. Associate hires experienced a drastic plunge of 43%, while partner moves saw a notable decline of 10%, elucidating the profound impact across all lawyer ranks.
Law Firm Hiring Plummets 35% Amid Layoffs : Corporate Practices Suffer Most
Legal recruiters attribute much of the decline to corporate practices, traditionally the most active areas for hiring among law firms. As demand slows, several major law firms find themselves compelled to lay off lawyers and staff, adjusting their recruitment targets accordingly.
