Overview of the Market for Attorney Jobs in New York
In today's legal market, it's important to be aware of two important dynamics. The first, and most important, is the uncertain economy. While there's debate about the exact definition of a recession, and the current state of the economy, the effects of a less-than-healthy one are still being felt. In New York specifically, law firms tend to heavily rely on banks. When banks experience significant write-offs, law offices feel the pinch. While we may not technically be in a recession, attorney jobs in New York are certainly feeling the effects of the credit crisis.
Fewer firms in the New York market are hiring than in the recent past, with some firms choosing to take a break while they try to find out how the economy will react, and gauge how long this might-be recession will last. Others are hiring, but doing so less aggressively than they were a year ago. Still other law firms are quite busy, and don't have the time to stop and think about whether or not the economy is in rough shape — for them, everything is business as usual, including hiring.
On balance, the economic downturn means that fewer attorney jobs in New York are available as firms tighten requirements for potential candidates. Those firms that are hiring are able to be much more selective about the candidates that they choose. That doesn't mean that attorneys shouldn't look for jobs in the New York area, however. Searching conservatively could allow you to find an excellent job that you'll retain in the long term. Both applicants and hiring firms are thinking a lot harder about the hiring process. That means that firms are hiring only when they're sure that the incoming attorney will have work, and attorneys are mostly looking at places where they'll settle for some time.
Specialties Needed for Attorney Jobs in New York
Senior-level attorneys with experience in structured finance are in demand, as some firms build up a strong foundation in expectation of a structured market rebound. There is currently heavy speculation regarding which new financial products will emerge, but activity in this area is still scattered. Hiring is mostly focused on partners, rather than with associate attorneys.
<<
Bankruptcy groups remain busy, and provide excellent opportunities for attorney jobs in New York. These are in both litigation-oriented areas and transactional bankruptcy situations. Senior associate and partner opportunities are available in both fields. Demand for employment lawyers, anti-trust lawyers, and patent lawyers has increased modestly. As with other areas, the openings are fewer, but those that are available are often excellent.
The intellectual property area continues to grow, offering opportunities for lawyers who specialize in pharmaceutical licensing and trademark law. There remains a steady stream of attorney jobs in New York for associates in hard and soft intellectual property. Lawyers with backgrounds in computer science and electrical engineering remain in demand everywhere.
At all levels, tax law remains an area that's hiring. Those with backgrounds in mergers and acquisitions and international law have excellent chances. At both the associate and partner level, attorney jobs in New York are available for executive compensation lawyers and ERISA lawyers. While the market feels flat, it isn't, necessarily.
Compensation for Attorney Jobs in New York
Salaries and benefits for New York attorney positions are variable, depending on whether the job is located in New York City itself, or elsewhere in the state. NYC jobs offer considerably higher levels of compensation, due to the greater cost of living in and around the city. Compensation for summer associates varies between around $2,500 per week and more than $3,000 per week, with salaries for first year associates tending to be about $160,000 per year, in addition to benefits.
Recent law school graduates may also be eligible to receive a stipend from the law firm which hires them, or reimbursements for bar-exam-related expenses and courses. Common benefits include insurance and retirement plans, work-related technology, including PDAs and laptop computers, and paid vacation. The exact circumstances will vary by the position and the applicant's experience.
Conclusion
While the job market for attorneys in New York is depressed due to economic circumstances, there are positions available, especially for experienced professionals interested in lateral movement. Litigation- and bankruptcy-related fields are still growing, as are tax law and the intellectual property arenas. Other areas may be more cautious to hire, and requirements for qualifications are increasing in all firms. Jobs obtained in this market are more likely to be a good long-term fit, though they may be harder to obtain.
Search summer associate jobs in lawfirm near New York area.
