Every fall we at Lateral Link have conversations with associates who are ready to switch firms but worry that this is the wrong time of year to do it. Wouldn’t it make more sense to just wait until the new year, after annual bonuses have been paid?
That line of thinking is fundamentally flawed, for many reasons. As a service to any associate who might be holding off on making a move until 2022, we’ve assembled the collective wisdom on this topic of a dozen Lateral Link recruiters. Read on to hear why—contrary to popular belief—fall is a great time to lateral.
Don’t worry about your annual bonus! The new firm will make you whole
“The lateral firm hiring market is very active from now until around Thanksgiving, so it is a very good time to explore your options. We can always negotiate a signing bonus to make you whole for the year-end bonus that you may be leaving on the table.” – Romina Filippou
You might actually come out ahead financially by moving now
“We are seeing lateral associate offers with extra signing bonuses on top of true-up signing or guaranteed bonuses. Making associates whole is standard with the majority of most Am Law 100 firms and many firms are incentivizing prospective lateral associate hires with significant additional signing bonuses. This gives lateral associates the opportunity to earn substantially more for the fiscal year than they would if they remained at their current firm.” – Jesse Hyde
“Big Law firms are regularly offering full year-end, signing and even special bonuses to associates, especially corporate associates, that join between now and bonus season. So, you may actually make more money if you leave your firm now, than if you wait to make a move in January! Special bonuses are generally being paid out this fall, in the case of firms that are offering them.” – Romina Filippou
If you’re worried about meeting your hours target, a lateral move could be a solution
“Some candidates prefer a fall start date if they know they likely won’t make their hours by the end of the year, so they want to get out and be made whole before that happens.” – Kelly Rizzo
Strong firm demand + weak competition = exceptional opportunity
“When we hit Q4, the supply of strong candidates tends to drop dramatically. But the demand from firms is just as high (in some cases, higher given how many end of year closings there are). Many firms I work with will not only make candidates whole but will offer compelling bonuses on top of that in order to make the decision a no-brainer. The other scenario is that attorneys can make a move that is by no means ‘lateral,’ in that they’re joining a much stronger platform with better short term and long term prospects. So it’s truly an upward move that puts them on a far better trajectory.” – Zach Sandberg
“If everyone is going to zig, a Fall move might be the right time to zag. The needs of firms remain strong. Less competition for a dream role or firm can happen if everyone’s waiting until January to leave their current position.” – Steven Rushing
“Your dream job may not wait for the new year. Firms that hire in the fall — especially for roles on smaller teams or for a practice that is steady, but not booming — may not hire again until the back half of 2022.” – Andrew Clyne
The lateral market will be much more crowded in the new year
“Competition will be more fierce in the spring when everyone is looking to move.” – Ed Hossain
“Don’t get lost in the crowd. If you wait until bonuses are paid, you’ll be part of a huge surge in applicants we see every January. That increases competition for the same openings.” – Amy K. Savage
“I expect an especially competitive January this coming year. Many firms have moved their office reopening dates back to January 2022, which will trigger more lateral movement at that time. By moving now, you’ll get a leg up.” – Stephanie Ruiter
A fall start enables you to ease into your new job
“Associates like starting new roles in the Fall because they like to time their ramp-up period with a new firm at the end of the year (and end of the firm’s billable cycle). This takes some pressure off, particularly if the candidate is receiving a guaranteed year-end bonus. Then he/she can hit the ground running in the new year.” – Zain Atassi
“Some candidates want to transition before the holidays to get familiar with their new firm and team in order to hit the ground running after the new year. Any transition involves some ramp up time and the fall is a perfect time to settle into a new role.” – Megan Penrod
It’s silly to stay at a firm where you aren’t having a good experience
“Consider the opportunity cost. Why put up with months of misery when you can leave and join a team where you will thrive over the holidays?” – Amy K. Savage
The lateral process could take longer than you expect
“The process can also take longer than you might think from resume to start date. So if you start the process now, you may not end up starting until January 2022 anyways.” – Abby Gordon
