The current Biglaw lateral market is overwhelming.  There are more variables influencing associates’ career planning and strategic decision-making than ever before.  A byproduct is that getting started on a lateral search can be intimidating.  My goal here is to advise you on how to take the first few steps, because the way in which you target and contact firms can hugely influence your ability to make a change.  Below is a list of factors I encourage you to consider, and a quality recruiter will view each as an opportunity to maximize the likelihood of attractive offers.

1. Timing
Take advantage of active markets like this one to at least do your diligence.  It’s frustrating when you’d like to talk to a firm and they’re simply not hiring or unable to give you the kind of attractive offer you’d need to make the jump.  Also realize that offers have expiration dates and if you receive an offer from firm X, but wish you were able to talk to firm Y, it may be too late.  Do what you can up front to minimize the risk that timing negatively influences your options.

2. Who reaches out on your behalf
The best way to maximize options and ensure a successful process is by choosing a recruiter you trust and then leveraging contacts at other firms after your recruiter connects directly with each firm.  Yes, this will take away a friend’s referral bonus, but a good recruiter can effectively manage a comprehensive and targeted search, bump your resume to the top of a pile, and negotiate terms in a way that friends simply can’t.  When evaluating recruiters, pick someone who is an expert with respect to the space in which you operate so that they appreciate your practice and what could make it better in both a micro and macro sense.

3. Which firms you target
This alone depends on a ton of factors and personal preference, but it’s worth taking the time up front to think about what elements of your current practice you want to maintain and where there is room for improvement.  Your recruiter should discuss this with you and in turn provide insight into which platforms will check certain boxes on paper (e.g., bonuses, remote flex, substantive pivot, change in location, elevation of title, etc.).  Cultural fit is crucial, but it’s impossible to get a true sense for the people and environment before starting the dialogue.

4. Whom your recruiter contacts
Most firms have generic submission emails and/or online portals.  A quality recruiter should have personal contacts at the firms you’re interested in and the ability to sidestep the normal process to make sure your materials get in front of the right people as opposed to lost in the ether. 

5. Marketing
Success in the recruiting process largely depends on your ability to package and relay a clear and authentic narrative that aligns with what other firms are looking for.  If your materials and initial outreach don’t reflect that approach, you risk squandering opportunities.  Be thoughtful about what differentiates you from other candidates even if it’s not directly related to your practice.  Things like entrepreneurship, interesting work experience, and excelling at a sport or other activity can help endear you to partners.

6. Mental state

Take the process one step at a time.  Making a move is a big deal and you can’t understate the importance of doing so thoughtfully, but it’s important to think of interviews as casual conversations that allow you to explore fit and value.  A Zoom call costs nothing and having an open mind is the only way to truly evaluate the opportunity in front of you.  At the outset of the process, be open to introductions and save the real decisionmaking for when an offer is sitting in front of you.

As you surely know by now, the lateral market has been exceptionally hot in 2021. From record signing bonuses to flexible work arrangements, law firms are offering unprecedented carrots in the battle for associate talent. It’s undoubtedly a great year to make a lateral move.

But one side effect of the rapidly shifting market has been a cascade of misleading rumors. Many candidates are entering the process with unrealistic expectations, failing to appreciate that the factors shaping the terms of a lateral offer are multifaceted and individualized. In addition, the focus on flashy inducements like signing bonuses is leading some candidates to pursue opportunities at firms that may be a poor long-term fit.

Rumor mill: signing bonuses, practice group retooling, remote work

In our experience at Lateral Link, rumors about signing bonuses, practice group retooling, and remote work opportunities are especially widespread. Let’s address those topics in turn.

When it comes to signing bonuses, everyone has a story about an eye-popping figure that some lateral associate achieved. But even assuming the number being bandied about is accurate, it’s essential to place it in a broader context. The bonus offered to a particular candidate depends on several factors, including practice area, location, and personal compatibility with interviewers. Candidates sometimes interpret a signing bonus as a judgment on their intrinsic worth, but that’s not how firms determine the number. Signing bonuses are driven primarily by the firm’s idiosyncratic needs, not the candidate’s credentials. For example, where a firm is seeking to fill slots in a particular office and needs lateral candidates willing to move from outside the region, there is greater leeway for an outsized signing bonus. The bonus that a firm offers a fourth-year M&A associate to join its Boston office is not necessarily transferable to a fourth-year lateral joining the same practice in New York.

Similarly, you should not presume that a firm’s past decision to hire a particular lateral associate to retool into a new practice area is predictive of future offers. Firms’ willingness to facilitate retooling is driven by specific practice area and location needs. The more liquid the local market in the relevant practice area, the easier it is to hire an associate who already has the skills, and the less likely the firm is to consider a candidate who needs to retool. For that reason, you are more likely to find retooling opportunities in Boston or Austin than in New York or Los Angeles.

Unfounded rumors about remote work opportunities are especially common, driven by the fact that permission to work remotely is often partner-dependent. The fact that one associate succeeded or failed in negotiating a flexible arrangement when joining a firm tells you little about the prospects for a different candidate who would be working with different partners. It’s also worth noting that a candidate’s leverage to negotiate more flexible terms may improve based on strong interview performance.

Don’t lose focus on the long term

The excitement around bonuses and other carrots can cause candidates to lose sight of what should be the primary goal of the lateral process: finding an opportunity that sets you up for long-term professional success. As great as it feels to negotiate a lucrative signing bonus, don’t let a one-time payment dictate your decision. If the firm offering the largest bonus is a poor fit for your culture preferences or career goals, you should turn it down.

At the outset of the lateral process, think carefully about why you are seeking to switch firms and how the next step fits into your broader career plans. Having that clarity of vision upfront will help you make a smarter choice when the numbers are in front of you. As you go through the process, keep an open mind. Don’t talk yourself out of opportunities before you’ve explored them properly — especially if your initial assessment has been shaped by rumors. And assuming you’re working with a good recruiter, trust the information they give you. The market changes from week to week and month to month: you can be assured that a plugged-in recruiter will have more reliable, more current information than the rumor mill.