I recently worked with a fourth-year associate at a Top 10 firm with a law degree from a Top 5 law school, looking to make a lateral move. This candidate would have had interviews at nearly every peer firm and competing offers two years ago. Two years later, however, times have changed...
Starting in late 2020, the macroenvironment lent itself to a surge of corporate work. With so much money in circulation, it had to find its home. Institutional and venture capital funds (along with retail investors) infused dollars into early-stage ventures, mid-sized companies, and novel assets. With that came a surge in the cost of living, and wages could not keep up. Everything has turned on its head, and suddenly, money is not "free" – as nothing ever is.
Corporate groups have slowed down, and even restructuring is less in demand than candidates think. Remember – when rates were low, companies took advantage by refinancing and renegotiating their financial obligations. That was happening through last year, which has given them plenty of runway.
Nevertheless, there is still hiring activity, but it is very selective, slow, and cautious.
The bar for getting an interview is very high, but candidates must take it from there.
There is no free lunch!
Interview preparation is critical, and you should always feel over-prepared when heading into a conversation with prospective future colleagues. Here are a few tips to keep in mind:
1. Review and familiarize yourself with everything on your CV
If something is on your CV, it is fair game to be asked about it. You should be able to walk through the specifics of each listed workstream, its related problems, how it was solved, and your specific role. If you cannot explain the work you have listed out, that is very difficult to overcome.
Several candidates have stumbled on these questions; however, if adequately prepared, that would not have been the case.
2. Get to know specifics about the firm & practice
Reading the website bios of the attorneys you speak with is an obvious part of interview preparation. However, being able to go a step further by reading recent blog articles, publications, and any other publicly available information regarding the group's current matters is almost necessary in this market. If you are interviewing for a litigation or restructuring group, reading court filings will help you stand out. Get familiar with a current dispute or issue in a pending matter and dig into it.
3. Be prepared to explain how your skills & experience will translate
Something will likely come up in your interview that you may not have experience or direct contact with. The answer to that is not "I have never done that." Instead, the correct response acknowledges that although you have not had extensive experience with that, you have worked on other workstreams that are analogous and/or allowed you to develop skills and knowledge that will directly translate into the workstream in question.
4. Use common sense
If an assignment or workstream is confidential, say that. Note that you can only speak to it at a high level. It shows you are cautious but not evasive.
Don't speak badly about your current role. The reason for you wanting to leave is never because of anything negative in your current firm. Instead, it is because of something positive about another firm, a different type of work, a clearer promotion path, etc.…
I hope you find these tips helpful, but as always, don't hesitate to reach out for tailored advice. It is a tough market, but it is still an active market. Great opportunities await, but you need to be prepared and well advised to succeed!
Get in touch with Senior Consultant, Elizabeth Ruocco here.
