The New York lateral market among Am Law 50 firms remained active in the first half of 2025, though a quarter-over-quarter comparison reveals a clear deceleration in hiring activity.
Q1 2025 moves
Q2 2025 moves
This slowdown in Q2 reflects broader market caution, following a surge in hiring at the start of the year but despite this, demand for mid-level Associates (particularly those in the class years 2020 to 2022) remains strong. Talent with two to five years of experience continue to be the most sought-after, as firms prioritize candidates who can contribute immediately without the higher compensation demands of more senior lawyers.
Practice areas driving demand
These three practice areas continue to anchor hiring across top-tier firms. In litigation, demand is particularly strong in white collar, securities, and general commercial disputes. Corporate hiring is largely focused on private M&A and private equity transactions. In banking and finance, leveraged finance and private credit, especially on the borrower side, remain key areas of activity.
Top feeder schools for Associate mobility in 2025 include Columbia, NYU, and Fordham, underscoring the continued preference for candidates with strong New York credentials and training.
While lateral movement slowed in Q2, current job postings suggest that Associate hiring remains active, particularly in transactional practices. An analysis of open roles at Am Law 50 firms indicates continued, albeit more targeted, hiring.
Job openings by practice area (ytd)
| Practice area | Number of open jobs |
| Corporate | 46 |
| Banking | 27 |
| Litigation | 17 |
| Intellectual Property | 14 |
| Real Estate | 11 |
Other areas such as Energy, Tax, Labor & Employment, and Bankruptcy also show steady, if more modest, hiring activity. The overlap between current openings and earlier lateral trends suggests that corporate and finance teams are still hiring, though with greater selectivity. Several postings highlight niche specialties such as private credit, fund formation, and real estate finance.
Preferred experience levels
Most open roles target Associates with two to five years of experience. There are relatively few openings for first-year Associates or senior Counsel, indicating a continued preference for mid-level candidates who can integrate quickly and add immediate value.
Firms with the most active hiring
Other firms maintaining a strong hiring presence include Wilson Sonsini, Greenberg Traurig, and Kirkland & Ellis. These figures suggest where firms are seeing sustained client demand and are investing in associate talent accordingly.
Outlook for H2 2025
Looking ahead, we anticipate the following trends:
The hiring trends observed in H1 2025 suggest that Am Law 50 firms are entering a more disciplined phase of talent acquisition. While overall lateral movement has slowed, the sustained demand for mid-level Associates, in particular those with two to five years of experience, indicates that firms are still investing in talent that can deliver immediate value. This shift reflects a strategic recalibration: firms are no longer hiring broadly but are instead targeting specific experience levels and practice areas that align closely with client demand.
Corporate, litigation, and banking & finance continue to dominate hiring activity, with firms focusing on niche areas such as private credit, fund formation, and white-collar litigation. The data also shows a clear preference for candidates with elite academic credentials and New York qualifications, reinforcing the importance of pedigree and regional alignment in lateral decisions. At the same time, the decline in junior and senior-level hiring suggests that firms are relying more heavily on internal development for early-career lawyers, while being cautious about the cost and integration challenges of senior hires.
Firms with the most open roles are likely responding to strong client pipelines and are positioning themselves competitively in key markets. For others, the message is clear: hiring must be tightly aligned with business development strategy. In this environment, success will depend on a firm’s ability to anticipate client needs, act quickly on targeted hiring opportunities, and retain the mid-level talent that remains in highest demand.
