Another reality is that, after the tremendous increases in associate salaries and bonuses over the past two years, compensation is flat. Many firms have notified their associates that there will not be bonuses this year, and that base salaries are frozen. In addition, firms are employing other cost-cutting measures such as asking new associates to defer their start dates, and some have been offering unpaid leaves of absence to attorneys at all levels of seniority. There is an effort to avoid rescissions of offers to entry-level associates and, to date, there have been no salary reductions, but that is not out of the question. Nevertheless, firms do have lateral openings to fill.
Litigation heads the list of most opportunities.
Intellectual property remains very strong, especially patent prosecution. Not surprisingly in this economic cycle, bankruptcy is heating up. In this tight legal market, firms are giving closer scrutiny to credentials such as grades, job history, and performance evaluations. Current hiring programs appear to be tailored to reflect a more conservative, long-term approach. Please contact us.