December 20, 2012
December 20, 2012 - Pasadena, California - Corporate attorneys are increasingly in demand among the nation’s top legal firms, say legal recruiters from BCG Attorney Search. The practice area, also known as transactional law, has seen a decline over the last five years, but is making a comeback as the economy begins its slow turnaround.
For attorneys that practice transactional law, the last half decade has been a difficult one. The corporate practice area is rooted in economic development: transactional attorneys guide companies through mergers and acquisitions. When the American economy began to slow, so too did all new business deals, leaving transactional attorneys with less work and fewer clients. Most law firms laid off attorneys in these practice areas, and instituted freezes on the hiring of new ones.
"Because the economy was hurting, there were no mergers and acquisitions, " explains Julie Lehrman, a Chicago-based legal recruiter for BCG Attorney Search.
Now that the economy seems to be recovering, companies are once again trying to make large business deals, and law firms, having long since let go of the majority of their transactional teams, are looking to hire new attorneys.
"I’ve noticed that in California right now, there is an enormous demand from law firms for transactional attorneys," says Liz Hudson, a Los Angeles-based recruiter with BCG Attorney Search. "Because the economy is showing signs of improvement, businesses of all sizes are really trying to initiate growth and expansion. Everyone is looking for transactional attorneys to help them with mergers, acquisitions, and other business deals that will help jump-start a business."
BCG’s recruiters all over the country are seeing a great demand for transactional attorneys. That means that attorneys in this area of practice are seeing an excellent opportunity to advance their careers and choose the law firm that they want to work for. Firms are even asking BCG’s recruiters to help attorneys relocate to new markets to handle the multitude of deals they are presented with, even if that means disregarding reciprocity.
"For someone in any of the other 49 states, it has always seemed difficult to get a position in California because there is no reciprocity for bar admission in in this state," says Hudson. "Any lawyer that wants to practice within the state of California must pass the California bar regardless of experience. That has been a major barrier in hiring out-of-state attorneys. But right now, a lot of firms are willing to overlook this hurdle, at least initially for the qualified transactional candidate."
The legal job market is very closely tied in with the economy, and the current demand for transactional attorneys is an indicator that businesses are looking to move forward. This progress is expected to further increase the need for these attorneys, and as these developments and transactions move ahead, increase the need for workers in every field and industry.
For more information about the current demand for real estate and transaction attorneys, read the interview with BCG Attorney Search’s legal recruiter Liz Hudson.
BCG Attorney Search
About BCG Attorney Search:
BCG Attorney Search is a premier recruiting firm for experienced attorneys in the United States. Since the year 2000, BCG Attorney Search has placed thousands of attorneys with employers who were the best fit for individual candidates, and helped law firms and companies with their recruitment efforts.