Hot lateral market: how much longer Forum

[Anonymous User]

I'm working in M&A and Capital Markets and have a pretty fervent wish to lateral due to geographical reasons. Only issue is that my partner is still working at their current job and still has some months to go before they can quit, due to bonus arrangements (they're not employed in law). I'm wondering if anyone has any insight in how much longer the boom in lateral hiring will continue? I'm starting to wonder if it might be wise to just lateral by the end of the year and my partner can follow me afterwards, but that would (obviously) not be an ideal scenario. But I also don't really want to start looking around in June only to figure out the market has dried up for laterals in these areas.

I'm imagining this is impossible to predict, but perhaps someone with a better and more senior understanding of the markets has some insights.

[The Lsat Airbender]

It's certainly not going to get easier, especially if you're geographically-restricted (i.e. presumably not okay with NYC). In your shoes I'd start looking in January, and maybe try to negotiate your start date as far back as possible, which is nice anyway when lateralling to allow yourself a bit of a sabbatical if you want it.

[Anonymous User]

I'm working in M&A and Capital Markets and have a pretty fervent wish to lateral due to geographical reasons. Only issue is that my partner is still working at their current job and still has some months to go before they can quit, due to bonus arrangements (they're not employed in law). I'm wondering if anyone has any insight in how much longer the boom in lateral hiring will continue? I'm starting to wonder if it might be wise to just lateral by the end of the year and my partner can follow me afterwards, but that would (obviously) not be an ideal scenario. But I also don't really want to start looking around in June only to figure out the market has dried up for laterals in these areas.

I'm imagining this is impossible to predict, but perhaps someone with a better and more senior understanding of the markets has some insights.

Most of the recruiters (and other market prognosticators) have mentioned they expect the market to stay hot until fall 2022 or so. There's still a lot of optimism in the markets, even despite rising inflation, supply chain bottlenecks, etc.

Your June timeline is probs fine, but obviously, if I knew how the markets would go I'd be playing the stock market.

[Anonymous User]

It's certainly not going to get easier, especially if you're geographically-restricted (i.e. presumably not okay with NYC). In your shoes I'd start looking in January, and maybe try to negotiate your start date as far back as possible, which is nice anyway when lateralling to allow yourself a bit of a sabbatical if you want it.

I've heard that firms are really loathe to push back start dates past a month, maybe 5-6 weeks at the most (I asked my recruiter about negotiating for 2 months and she laughed). And with the speed at which firms are offering (some within a few weeks of the initial interview), it may be tough to interview in January, get an offer February, and try to punt the start date for more than a month and a half.

[The Lsat Airbender]

It's certainly not going to get easier, especially if you're geographically-restricted (i.e. presumably not okay with NYC). In your shoes I'd start looking in January, and maybe try to negotiate your start date as far back as possible, which is nice anyway when lateralling to allow yourself a bit of a sabbatical if you want it.

I've heard that firms are really loathe to push back start dates past a month, maybe 5-6 weeks at the most (I asked my recruiter about negotiating for 2 months and she laughed). And with the speed at which firms are offering (some within a few weeks of the initial interview), it may be tough to interview in January, get an offer February, and try to punt the start date for more than a month and a half.

Likewise, with the speed at which firms are offering, it might be tough to get an interview in June. They'll have summer associates in the building by then; pre-OCI will be starting. Recruiting committees will be busy and might think "ah we just need to last a few more months until the Class of '22 arrives".

Idk, I lean risk-averse about this kind of thing. Although I also appreciate how much an LDR sucks. But you're correct that this stuff is intrinsically unpredictable (even without the COVID overlay) and depending on how competitive your target market is you might regret not taking advantage of the current spring tide.

You could/should also ask about a remote start which would buy still more time.

[existentialcrisis]

I suppose the risk is that they just say 'no' and then won't consider you later, but couldn't you try interviewing on the basis that you'll work remotely now and then in the office full time once you move with your SO?

It seems like firms would be more inclined to consider this given how prevalent flexible arrangements are right now and how few firms have fully returned to the office.

The market is hot because firms are in desperate need of corporate associates right now, so I suspect a few firms would be willing to accommodate this.

I also don't think a firm that wouldn't agree to this arrangement would blacklist you if you applied later again.

[nealric]

I'm working in M&A and Capital Markets and have a pretty fervent wish to lateral due to geographical reasons. Only issue is that my partner is still working at their current job and still has some months to go before they can quit, due to bonus arrangements (they're not employed in law). I'm wondering if anyone has any insight in how much longer the boom in lateral hiring will continue? I'm starting to wonder if it might be wise to just lateral by the end of the year and my partner can follow me afterwards, but that would (obviously) not be an ideal scenario. But I also don't really want to start looking around in June only to figure out the market has dried up for laterals in these areas.

I'm imagining this is impossible to predict, but perhaps someone with a better and more senior understanding of the markets has some insights.

If you really knew the answer to that, you could make your fortune as a trader and wouldn't need your biglaw job.

Frankly, I think you should hit the market sooner rather than later given that you've already made the decision to move. Having done a similar relocation with a spouse, you are going to have to accept that it is highly likely things won't snyc up perfectly. Better to get an offer too early than be stuck in the old city with no offers with your spouse ready to move to the new one. Speaking from experience, it can get really stressful when your spouse has already moved and you are still on the lateral market.