It is no secret that the past five or six years have been particularly challenging for business law attorneys as deals dried up, businesses went under, and a general lack of work permeated the legal market. Fortunately for everyone, the market is coming back but this especially true for business law attorneys.
Businesses ranging from start-up technology companies to Fortune 500 companies seem to be making up for lost time, which has created demand for business attorneys in the market. The good and bad is that there appears to be a shortage in supply of such attorneys – particularly in the associate and junior-partner level ranks. This is a challenge for those potential employers looking for qualified candidates, but is good for those relatively few who possess the desired skills and experience.
We saw a similar event take place after the dot-com bust and could have predicted the same thing following the recent economic downturn. The fact is there is a void in the legal market for attorneys with m&a, securities and general business experience. There is also an increased demand for commercial real estate attorneys as that market continues to rebound.
Firms and companies are starting to cast wider nets both in terms of geographic region for finding qualified candidates but also in their consideration of candidates who might not otherwise be an absolute perfect fit. Likewise, if you are a business law attorney now is the perfect time to consider other opportunities because your stock is likely higher than it has ever been (for those who have been practicing less than six years) or quite some time for more experienced attorneys.