In recent years, the legal industry has witnessed a sizable shift in the movement of associates from one law firm to another, often coined as ‘lateral hiring’. However, there appears to be a noticeable decrease in this hiring spree, according to recent data analysis by Decipher.
The statistical data ascertained by Decipher highlights a decline in lateral moves for associates. It’s reported that there is a drop in these movements by a certain percentage in the first three quarters of 2023 in comparison to the corresponding time frame in 2022.
Despite this decline, it is essential to note that the lateral hiring rate in 2023 still surpasses the figures recorded for the years 2019 and 2020. This implies that the trend of lateral hiring, while slowing, is confidently holding its own in the industry.
As the industry proceeds amidst these changing dynamics, it remains to be seen how these trends will shape the legal landscape in the coming years. The industry will have to adapt to these shifts and devise strategies to manage the changing face of lateral hiring. It is indeed an era to keep an eye on as the slow, but not stagnant lateral moves, have surely paved the way for an interesting roadmap for the future of legal hiring.