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Banking Lateral Market Review: High Demand Continues

In the world of banking and finance law, the latest data on lateral moves reveals a picture of opportunity, particularly for third to sixth-year associates. Our twelve-month snapshot of transitions through June 2024 demonstrates that the legal market in this practice is adapting and thriving, offering exciting opportunities for talented associates.

The figures show a steady flow of lateral moves, with a notable concentration among mid-level associates. This trend underscores the enduring demand for talent in the banking and finance legal market, where expertise is highly valued, and firms continue to invest in cultivating the next generation of legal talent.

Despite global economic fluctuations, this sector continues to keep pace, and the geographical spread of these moves, from the financial centers to emerging legal markets, highlights the consistent nationwide demand for specialized banking and finance legal skills. The previous twelve months of lateral movement and current active openings bode well for ambitious associates seeking opportunities to grow their careers and expand their expertise. So, for those considering their next move, the time to jump is now.

Here's a summary of the key trends in lateral moves:

1. Number of lateral moves:

There have been approximately 575 banking and finance associate lateral moves over the past 12 months.

2. Markets with the most movement:

  • New York City

  • Washington D.C.

  • Chicago

  • Houston

  • Dallas

  • Los Angeles

3. Firms with the most hires:

  • Kirkland & Ellis LLP

  • Paul Hastings LLP

  • Latham & Watkins LLP

  • Milbank

  • Mayer Brown LLP

5. Most active specialties:

  • Leveraged Finance

  • Structured Finance

  • Debt Finance

  • Restructuring

6. Class Year Movement

  • 1st to 4th years account for the highest number of moves:

    • 2021 class year had the most moves with 129

    • 2020 class year had 106 moves

    • 2022 class year had 44 moves

    • 2023 class year had 10 moves

  • Mid-level attorneys (2015-2019) also show significant movement:

    • 2019 class year: 90 moves

    • 2018 class year: 76 moves

    • 2017 class year: 63 moves

    • 2016 class year: 50 moves

    • 2015 class year: 39 moves

7. Current Demand

  • Open Positions

    • Open junior roles (1-3 years experience): Approximately 75 positions

    • Open mid-level roles (4-6 years experience): Approximately 100 positions

    • Open senior roles (7+ years experience): Approximately 25 positions

  • In-demand specialties:

    • Structured Finance

    • Lending

    • Secured Finance

    • Debt Finance

    • Leveraged Finance

    • Acquisition Finance

    • Compliance/Regulatory

    • Project Finance

  • Most active markets:

    • New York City: Approximately 70 positions

    • District of Columbia: Approximately 35 positions

    • Chicago: Approximately 25 positions

    • Los Angeles: Approximately 20 positions

    • Charlotte: Approximately 15 positions

    • San Francisco: Approximately 15 positions

    • Dallas: Approximately 10 positions

    • Boston: Approximately 10 positions

    • Houston: Approximately 10 positions

Interested in exploring Banking and Finance Associate roles? Reach out to one of our seasoned consultants to learn more about the opportunities in your market.

Erin Ryce