2018 Corporate Health: Sick
Percentage of Corporate Placements
| Practice Area | 2016 | 2017 | % of Growth | 2016 Rank | 2017 Rank |
|---|---|---|---|---|---|
| Corporate | 17.86% | 10.35% | -42.02% | 1 | 2 |
Percentage of Corporate Interviews
| Practice Area | 2016 | 2017 | % of Growth | 2016 Rank | 2017 Rank |
|---|---|---|---|---|---|
| Corporate | 15.52% | 12.84% | -17.30% | 2 | 2 |
Read a Broader Description of the Corporate Practice Area Here: https://www.bcgsearch.com/article/900047678/Corporate-Attorney-General/
In most of the previous good economies, corporate was the strongest practice area by far and did very well in all respects. For the past few years, the percentage of corporate placements our firm has been making has decreased.
Corporate has always been the leading practice area for attorney placement firms to place lateral attorneys. The work is specialized, requires specialized skills only learned in large law firms, and takes time to learn. Finally, corporate work is done on behalf of corporations “doing deals” and other forms of business where the cost of hiring expensive corporate attorneys is somewhat of an afterthought. Despite the fact that corporate attorneys do not make up the majority of attorneys in the United States, in all but the most recessionary environments, they will constitute the majority of placements made by most legal recruiting firms.
Geographic Observations
Percentage of Corporate Placements by Geographic Region
| Practice Area | Time Zone | 2016 | 2017 | % of Growth |
|---|---|---|---|---|
| Corporate | Central / Mountain States | 6.57% | 3.11% | -52.71% |
| Corporate | Eastern States | 9.68% | 4.23% | -56.31% |
| Corporate | Non USA | 0.00% | 0.19% | 100.00% |
| Corporate | Pacific States | 1.61% | 2.83% | 76.24% |
Percentage of Corporate Interviews by Geographic Region
| Practice Area | Time Zone | 2016 | 2017 | % of Growth |
|---|---|---|---|---|
| Corporate | Central / Mountain States | 3.63% | 3.43% | -5.31% |
| Corporate | Eastern States | 8.77% | 6.00% | -31.61% |
| Corporate | Non USA | 0.14% | 0.13% | -12.27% |
| Corporate | Pacific States | 2.98% | 3.27% | 10.03% |
The only region of the United States that saw any growth in the hiring of corporate attorneys seemed to be the Pacific region. The California Bay Area in particular was very busy regarding its 2017 corporate-related hiring. Nevertheless, despite this fact, corporate hiring still was nowhere near the level it was in the previous year.
Going into the end of 2017, there were fewer openings in most major cities for corporate attorneys. Chicago, Los Angeles, New York and most major cities were very slow. Texas was especially slow. Despite what was a very healthy market in all respects, the slowdown in corporate-related work may not bode well for the overall economy. There is a possibility that the slowdown is due to a lack of deal-making activity, or, the issue could be that the market has simply reached an equilibrium where there are enough corporate attorneys that have entered the market to absorb the capacity.
In 2018, What Are the Prospects for Moving Laterally as a Corporate Attorney?
- Corporate is a very competitive practice area—particularly in the largest markets. Attorneys in the largest markets are facing a great deal of competition for corporate positions and the qualifications needed are high.
- The market for corporate attorneys is not “hot”, and there appears to be a large supply of them in the market.
- When the economy is good, corporate attorneys are often in strong demand. The economy seems to be very good in 2018, but there appears to be many corporate attorneys chasing a limited number of jobs.
- The best opportunities for corporate attorneys tend to be in mid-sized markets where they are more in demand than in the largest markets.
- Regarding the ability to lateral between states, cities, and even countries, corporate is probably the best practice area to be in. Corporate attorneys can relocate to different states without a lot of difficulty. We relocated numerous corporate attorneys in 2017.
- Corporate is also a good practice area for attorneys interested in business and making a lot of money. Many corporate attorneys end up working inside of companies as in-house counsel or building books of business at their next firms.
- When the economy is slow, it can become more difficult for corporate attorneys to move laterally and there are a lot of layoffs. Corporate work tends to mirror the strength of the larger economy and number of deals going on there.
- Corporate is a very difficult practice area to start a career in. This is because attorneys can get laid off and lose their jobs early in their careers and never get the training needed to become seasoned.
- Corporate is the best practice area for attorneys interested in building a book of business. Because corporate attorneys tend to advise their clients on an ongoing basis about a variety of issues, they typically can get spin-off work (litigation, real estate, tax, and so forth) that they can send to other attorneys in their firm.
- The majority of placements we are making are for attorneys with specialized corporate skills—specialists as opposed to generalists. Large law firms increasingly have all sorts of specialist corporate attorneys who do aspects of finance, securities, mergers, and other work. In the largest markets, corporate attorneys are extremely specialized and in demand for niche and not generalist skills.
Read More about Practicing Corporate and Corporate Finance Law Here:
- Banking and Finance
- Corporate Practice
- BCG Attorney Search’s Guide to Corporate and Finance Practice Areas
- What Is It Like Being a Corporate Lawyer: What Do Corporate Lawyers Do?
- What It Means to Be a Corporate Lawyer
- What Does a Corporate Lawyer Do?
Search for All Corporate Law Attorney Jobs
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Go here to view the full BCG Attorney Search 2018 State of the American Lateral Law Firm Legal Market Report
About Harrison Barnes
Harrison Barnes is a prominent figure in the legal placement industry, known for his expertise in attorney placements and his extensive knowledge of the legal profession.
With over 25 years of experience, he has established himself as a leading voice in the field and has helped thousands of lawyers and law students find their ideal career paths.
Barnes is a former federal law clerk and associate at Quinn Emanuel and a graduate of the University of Chicago College and the University of Virginia Law School. He was a Rhodes Scholar Finalist at the University of Chicago and a member of the University of Virginia Law Review. Early in his legal career, he enrolled in Stanford Business School but dropped out because he missed legal recruiting too much.
Barnes' approach to the legal industry is rooted in his commitment to helping lawyers achieve their full potential. He believes that the key to success in the legal profession is to be proactive, persistent, and disciplined in one's approach to work and life. He encourages lawyers to take ownership of their careers and to focus on developing their skills and expertise in a way that aligns with their passions and interests.
One of how Barnes provides support to lawyers is through his writing. On his blog, HarrisonBarnes.com, and BCGSearch.com, he regularly shares his insights and advice on a range of topics related to the legal profession. Through his writing, he aims to empower lawyers to control their careers and make informed decisions about their professional development.
One of Barnes's fundamental philosophies in his writing is the importance of networking. He believes that networking is a critical component of career success and that it is essential for lawyers to establish relationships with others in their field. He encourages lawyers to attend events, join organizations, and connect with others in the legal community to build their professional networks.
Another central theme in Barnes' writing is the importance of personal and professional development. He believes that lawyers should continuously strive to improve themselves and develop their skills to succeed in their careers. He encourages lawyers to pursue ongoing education and training actively, read widely, and seek new opportunities for growth and development.
In addition to his work in the legal industry, Barnes is also a fitness and lifestyle enthusiast. He sees fitness and wellness as integral to his personal and professional development and encourages others to adopt a similar mindset. He starts his day at 4:00 am and dedicates several daily hours to running, weightlifting, and pursuing spiritual disciplines.
Finally, Barnes is a strong advocate for community service and giving back. He volunteers for the University of Chicago, where he is the former area chair of Los Angeles for the University of Chicago Admissions Office. He also serves as the President of the Young Presidents Organization's Century City Los Angeles Chapter, where he works to support and connect young business leaders.
In conclusion, Harrison Barnes is a visionary legal industry leader committed to helping lawyers achieve their full potential. Through his work at BCG Attorney Search, writing, and community involvement, he empowers lawyers to take control of their careers, develop their skills continuously, and lead fulfilling and successful lives. His philosophy of being proactive, persistent, and disciplined, combined with his focus on personal and professional development, makes him a valuable resource for anyone looking to succeed in the legal profession.
About BCG Attorney Search
BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive, while achieving results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.
Harrison Barnes does a weekly free webinar with live Q&A for attorneys and law students each Wednesday at 10:00 am PST. You can attend anonymously and ask questions about your career, this article, or any other legal career-related topics. You can sign up for the weekly webinar here: Register on Zoom
Harrison also does a weekly free webinar with live Q&A for law firms, companies, and others who hire attorneys each Wednesday at 10:00 am PST. You can sign up for the weekly webinar here: Register on Zoom
You can browse a list of past webinars here: Webinar Replays
You can also listen to Harrison Barnes Podcasts here: Attorney Career Advice Podcasts
You can also read Harrison Barnes' articles and books here: Harrison's Perspectives
Harrison Barnes is the legal profession's mentor and may be the only person in your legal career who will tell you why you are not reaching your full potential and what you really need to do to grow as an attorney--regardless of how much it hurts. If you prefer truth to stagnation, growth to comfort, and actionable ideas instead of fluffy concepts, you and Harrison will get along just fine. If, however, you want to stay where you are, talk about your past successes, and feel comfortable, Harrison is not for you.
Truly great mentors are like parents, doctors, therapists, spiritual figures, and others because in order to help you they need to expose you to pain and expose your weaknesses. But suppose you act on the advice and pain created by a mentor. In that case, you will become better: a better attorney, better employees, a better boss, know where you are going, and appreciate where you have been--you will hopefully also become a happier and better person. As you learn from Harrison, he hopes he will become your mentor.
To read more career and life advice articles visit Harrison's personal blog.
