The year 2021 was a banner year for the legal industry. It was a year of unprecedented events especially on the compensation front. We witnessed in awe as many firms raised salaries and bonuses, not once but twice. Then along comes 2022 and even a bigger surprise when we saw another jump in compensation along with a second and third raise. To say the legal market is booming and competition for talent is high is an understatement.
The drive to attract top talent has driven compensation and total packages higher as dollars became major bargaining chips. The competition is fierce, and candidates are reaping the benefits.
With all the attention on raises, we wanted to know what lateral hiring looked like in Q1 2021 compared to Q1 2022 and learn from its trends. What’s important to remember is that in 2021, we saw a huge increase in hiring as firms were making up for the backlog of unfilled positions due to the pandemic.
What we saw was very interesting, as illustrated below:
Moves by Practice Area
Chart by Firm Prospects. This chart depicts the first quarter of 2021.
Chart by Firm Prospects. This chart depicts the first quarter of 2022.
We are delighted to learn that despite the huge increase in hiring that occurred last year, we continue to see even more increases. If associates are wondering if this is a good time to explore the market, yes, this is prime time.
Many sectors like corporate, real estate, and banking practices show healthy increases, and many others still have had gains although more modest. The point being, all sectors we have compared are on the rise.
We have seen many attorneys take advantage and search for positions that are better aligned with their aspirations. It’s gone from “have a job” to “get the position I really want.”
At Korous Recruiting, we understand these trends and how to navigate them. We have been in the industry for over ten years and absolutely love what we do. We have the expertise to help you land the position you deserve and will accompany you every step of the way. I invite you to read our testimonials and see what sets us apart. Opportunity is knocking. We’ll get the door for you.