WASHINGTON, D.C. — The 2022 lateral hiring market produced mixed results according to the latest analyses from NALP's Survey on 2022 Lateral Hiring.
Key findings:
The overall volume of lateral hiring declined by 11.5% compared with 2021 in these same offices/firms, with a median of 6.0 and an average of 15.9 lateral hires per office/firm.
This dip was largely driven by a fall-off in the lateral associate market, which declined by 19.6%. In contrast, lateral partner hiring was up by 5.5%.
The average number of lateral associates hired per office/firm in 2022 was 10.1 and the median was 4.0 compared to an average of 2.9 and a median of 1.0 for lateral partner hires.
Lateral associate hiring accounted for 63.5% of lateral hiring in 2022 and lateral partner hiring accounted for 18.0%. Other lateral hiring comprised 18.5% of lateral hiring.
Changes in lateral hiring as compared to 2021 varied considerably by firm size. In firms of 250 or fewer lawyers, lateral hiring was up by 24.0% overall, driven by a 56.0% increase in partner lateral hiring. By firm size, these smallest firms were the only group to report an aggregate increase in lateral hiring, as well as an increase in associate lateral hiring (+11.5%). In contrast, firms of more than 700 lawyers
experienced the largest overall decline in lateral hiring (-16.5%), fueled by a nearly 25% decrease in associate lateral hiring.
Among offices reporting activity for a single office, offices averaged from 0.9 to 1.6 lateral partner hires depending on firm size,;associate lateral hiring averages ranged from 3.9 to 5.6 per office.
On a regional basis, the level of lateral hiring per office was highest in the Northeast — largely driven by the New York City market — with a median of 8.0 and an average of 13.5 lateral hires in 2022.
However, in terms of aggregate volume change, lateral hiring fell the most in the Northeast (-23.3%).
Regionally, lateral associate hiring was down the most in the Northeast (-27.5%) and West/Rocky Mountain (-26.9%) regions.
While firms of 250 or fewer lawyers reported a 56.0% increase in partner lateral hiring, firms of 251-500 lawyers experienced a 17.0% decline.
Read NALP's full analysis at www.nalp.org/0423research.
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