Is it BS?!?
No, it is not.
While all indicators still point to a sluggish overall demand for legal services and there remains great uncertainty among managing partners about 2016 and beyond, the market for midlevel and senior associates is strong.
I have been asked to recruit for a number of Corporate and Finance associate openings, and while litigation has seen a slowdown, litigation associates with several years of experience are in high demand, especially at my litigation boutique firm clients. They are looking for securities, financial institution litigation and white-collar crime experience.
Similarly, for the first time in many years, there is significant growth in demand for restructuring associates. I have more clients seeking restructuring associates this year than I have had in the last several combined.
Why is this happening now? Slow hiring and layoffs during the recession created shortages of experienced associates. If you were one of the survivors, you are now in demand!
Call me to discuss the priorities you may be seeking in your next position. 609.933.1630
While not one known to peddle in gloom and doom, Daniel Pinto, CEO of JPMorgan’s corporate and investment bank, made a rather grim prediction for Wall Street while speaking at JPMorgan’s Investor Day Conference.
He shared that the firm’s revenues from investment-banking are expected to be down 25% in the first quarter.
Referring to capital markets revenues across Wall Street, Richard Ramsden from Goldman Sachs also said the first quarter could be “the weakest in recent history,” and projected capital-markets revenues will be down at least 15% year-on-year for the first quarter.
Ted Pick of Morgan Stanley shared these views when speaking at the Credit Suisse Financial Services Forum, but added what I believe to be an even more ominous insight regarding the rest of the year. It is traditionally believed that the first quarter is the most important period of the year for trading desks, as asset managers move into new positions. So as the fist quarter goes, so may the rest of the year…
What should you do?
- Remember your skills are your security.
- Flush the firm provided “cool-aid” out of your system, and think strategically about your career.
- Be mindful of changes at the firm.
- Find someone with experience who can help you navigate the times ahead (Yes, that should be me.)