You Were Hired by Big Law: Next Are Very Different Games

 On the surface it looks like a very good year for being hired by law firms for first-year associate jobs. Overall, that's up 14% from 2023, documents Law.com. The average class size is 94, versus 83 last year.

THE PAUL WEISS PHENOMENON 

The story at Paul Weiss seems even better. Hiring for the Class of 2024 is up 48% and the class size is 182, compared to 123 in 2023.

However, since all eyes are on the disrupted and disrupting Paul Weiss it's useful to ask: What will happen to those 182? There are at least five scenarios.

MAKING PARTNER

Some will thrive and make it all the way to equity partner. In all aspects of their work they will demonstrate what Paul Weiss chair Brad Karp refers to as "commitment." 

VOLUNTARY EXIT

Many will leave voluntarily after putting in enough time to lateral to another firm.  For example, this particular law firm has developed a reputation on professional anonymous networks such as Reddit Big Law and Fishbowl Big Law for being unusually demanding in terms of both billable hours and responsivenes. Regarding the latter there seems to be no right-to-disconnect. A recent Fishbowl post asked:

"Looking for intel on the following M&A groups: Proskauer, Wilkie, Davis Polk, Debevoise, Simpson and Paul Weiss (all in NY)."

One reply, which was not atypical, noted:

"PW M&A is ideal if you’re looking for the culture of K&E without the above market bonuses (they have to pay for those lateral partners somehow)"

TERMINATION BECAUSE OF PERFORMANCE

Then there will be those who don't leave voluntarily. Since the recession following 9/11, Paul Weiss has had the policy of no-layoffs of associates. However, it also is no slouch, as are most large law firms, for terminating for inadequate performance. The standards for performance are high, of course. 

EXPERIENCING-OUT

A fourth exit scenario is the experiencing-out one. The system is up-or-out. Sure, the recent creation of the non-equity partner tier will absorb some senior associates who don't make partner, at least at that time. But not all will be appointed to the NEP tier. 

Unfortunately at that level of experience, if not designated the NEP or Of Counsel, those once-hopeful first-year associates eventually could become too expensive to be hired by another law firm comparable in compensation and prestige.

IMPACTS OF GENERATIVE AI

A fifth possibility is that generative AI will eliminate more and more of the low-value tasks junior associates do. In time AI's reach also could shape how higher-value strategic work is undertaken. Already AI is eating into the human parts of the first passes on document review. No one knows the full impacts of AI. It is truly a wild card in law firms. 

BEYOND GETTING HIRED

In my coaching, I warn those euphoric about "getting in" this: That only represents the win in that particular game: getting hired. 

Holding on to the job and moving along in the career are very different games. Those mandate a deep understanding of the culture of the organization.

Since law firms have differentiated, that could be different for each firm. That is why the insight presented on professional anonymous networks is increasingly useful. Also those commenting care. They really do. 

Before accepting a position or when navigating inside the firm post a query on one of those networks. I hope that the 182 who opted for Paul Weiss had done their due diligence on those networks.

Life is hard. Business is even more difficult these days. Get answers – and relief. Jane Genova is a results-driven intuitive coach, tarot reader and content-creator related to careers. Complimentary consultation (please text/phone 203-468-8579 or email janegenova374@gmail.com)