Lateral Timing

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Lateral Timing

Postby Anonymous User » Sun Oct 30, 2016 12:46 pm

Are there any biglaw associates who can provide some advice on lateral timing? I know there are a few threads about this, but I didn't see anything specific.

Are more positions posted in the new year? It seems like there isn't a lot out there right now and it doesn't give me much hope. I'm not in a hurry, but would like to leave by spring/summer next year.

I'm a second year in a specialized practice looking to lateral to Chicago from a secondary market. Hate my current firm and city.

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Re: Lateral Timing

Postby Anonymous User » Mon Oct 31, 2016 10:11 am

Hey,

I lateraled after having 2.5 full years under my belt. You can definitely start looking right now but I think your best shot will be to look in January. Legal hiring can be as fast as 2 weeks or as slow as 3 months. I got an offer at a firm just outside the V100 in a span of a little under 2 weeks from app to offer. My friend got an offer at a V100 firm and it took him 3 months to get the offer. I think the speed of the offer depends on how long they have been looking and your fit.

If the job just got posted then the firms are generally much slower to respond. They want to see the market. If the job has been out for 4-6 months then if you are a decent fit, you should know right away because they have a better idea of what kind of talent is out there.

I believe you only have 1 real year under your belt, I would wait another year if possible to lateral. I tried to lateral after my first year and I couldn't get any traction at all. I came from a regional biglaw firm in a secondary city.

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Re: Lateral Timing

Postby Anonymous User » Mon Oct 31, 2016 10:35 am

OP here. Thank you very much for the info. This is very helpful. The thought of staying here for another year seems tough, but worse things have happened.

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Toni V

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Re: Lateral Timing

Postby Toni V » Mon Oct 31, 2016 10:59 am

I lateraled midyear. While I would gladly and enthusiastically do it again, the drawback is the loss of half of your year-end bonus. So, if possible, lateral after you receive your full bonus. As a side note, even if everything goes splendidly, it pretty much takes at least 2 months (given the background and conflict checks, turning in your notice, moving, etc.).

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Re: Lateral Timing

Postby Anonymous User » Wed Nov 02, 2016 9:52 am

Toni V wrote:I lateraled midyear. While I would gladly and enthusiastically do it again, the drawback is the loss of half of your year-end bonus. So, if possible, lateral after you receive your full bonus. As a side note, even if everything goes splendidly, it pretty much takes at least 2 months (given the background and conflict checks, turning in your notice, moving, etc.).

OP here. Thank you for the insight.

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Re: Lateral Timing

Postby Anonymous User » Wed Nov 02, 2016 10:31 am

I lateraled mid-year (mid-third year corporate, v15 NYC to V10) and new firm guaranteed me a full year-end market bonus as an incentive/to make up for forgone bonus at old firm. I took it and ran. Not sure how many other firms would do that, especially outside of NYC; may depend on how desperate new firm is for associates/how much they like you.

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Toni V

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Re: Lateral Timing

Postby Toni V » Wed Nov 02, 2016 11:40 am

Anonymous User wrote:I lateraled mid-year... new firm guaranteed me a full year-end market bonus as an incentive/to make up for forgone bonus at old firm.


A great to know heads-up for anyone negotiating a lateral move….whatever the outcome, it doesn't hurt to ask. (I wish I would have at least inquired.)

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Re: Lateral Timing

Postby Anonymous User » Wed Nov 02, 2016 11:57 am

I just accepted a lateral offer (going from a NY V100 to a non-NY V10) and despite the year almost being over and the fact that I won't be able to start until the end of November I will be getting a full year end bonus and signing bonus. I also had another lateral offer from a NY V20 also offering a full year end bonus, which I declined. Seems like the lateral market is pretty good for associates right now, at least on the finance side.

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Re: Lateral Timing

Postby Anonymous User » Wed Nov 02, 2016 2:57 pm

Anonymous User wrote:I just accepted a lateral offer (going from a NY V100 to a non-NY V10) and despite the year almost being over and the fact that I won't be able to start until the end of November I will be getting a full year end bonus and signing bonus. I also had another lateral offer from a NY V20 also offering a full year end bonus, which I declined. Seems like the lateral market is pretty good for associates right now, at least on the finance side.


May I ask what's your class year range? I assume you are in financing? I had two M&A screeners but it's been 4 weeks and 2 weeks respectively, should I follow up?

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Re: Lateral Timing

Postby Anonymous User » Wed Nov 02, 2016 3:08 pm

Can anyone tell me how they think the bankruptcy lateral market is shaking out outside of NYC? It seems quiet right now. Trying to lateral as a junior.

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Re: Lateral Timing

Postby Anonymous User » Wed Nov 02, 2016 3:17 pm

Anonymous User wrote:
Anonymous User wrote:I just accepted a lateral offer (going from a NY V100 to a non-NY V10) and despite the year almost being over and the fact that I won't be able to start until the end of November I will be getting a full year end bonus and signing bonus. I also had another lateral offer from a NY V20 also offering a full year end bonus, which I declined. Seems like the lateral market is pretty good for associates right now, at least on the finance side.


May I ask what's your class year range? I assume you are in financing? I had two M&A screeners but it's been 4 weeks and 2 weeks respectively, should I follow up?


I am a third year finance associate. Based upon my experience interviewing recently, callback offers are quick. All of my callback offers were either at the end of the screener or within a day or two afterwards. Although it can't hurt to follow up, if you haven't heard back after a few weeks, unless they explicitly said they were in the initial stages of interviewing and would not be in a position to bring people back for a while, I would assume it will be a no and move on to other interviews.

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Re: Lateral Timing

Postby Anonymous User » Fri Nov 04, 2016 1:24 pm

I lateraled after almost 2 years at my first firm out of law school. Started looking in December and applying right after getting my bonus in January for the prior year. I had interviews by the beginning of February. The conflict check process took WAY longer than I would have anticipated, despite getting immediate interviews and only needing one round of interviews before getting offers. Officially moved at the end of April.

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unlicensedpotato

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Re: Lateral Timing

Postby unlicensedpotato » Fri Nov 04, 2016 1:49 pm

Anonymous User wrote:Can anyone tell me how they think the bankruptcy lateral market is shaking out outside of NYC? It seems quiet right now. Trying to lateral as a junior.


TX should be decent.

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Re: Lateral Timing

Postby Anonymous User » Fri Nov 04, 2016 1:50 pm

Anonymous User wrote:Can anyone tell me how they think the bankruptcy lateral market is shaking out outside of NYC? It seems quiet right now. Trying to lateral as a junior.



Bump. Especially for Midwest Ie Chicago Detroit clevelans

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Re: Lateral Timing

Postby Anonymous User » Fri Nov 04, 2016 2:27 pm

Anonymous User wrote:
Anonymous User wrote:Can anyone tell me how they think the bankruptcy lateral market is shaking out outside of NYC? It seems quiet right now. Trying to lateral as a junior.



Bump. Especially for Midwest Ie Chicago Detroit clevelans

Yes. Would love to know for the Midwest.

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Re: Lateral Timing

Postby Anonymous User » Tue Mar 14, 2017 3:59 pm

I am a bankruptcy lateral from a small-mid sized firm. I had two rounds of interviews within 2-3 weeks at a large firm. I received a request for conflicts check paperwork and turned it in exactly one week ago. Now radio silence. It sounds like I should not give up hope based on other posts but should I follow up? I am so anxious to get a decision!



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