Laurence Simons New York Opens Its Doors
Laurence Simons New York Opens Its Doors
First consecutive monthly rise of 2010 in total employed in legal sector
Legal recruitment consultancy Laurence Simons recently opened the fourteenth office of its international network, in New York City.
The opening coincides with a consecutive monthly rise in the number of people employed in the legal sector in the United States the first such occurrence in 2010. In August, the total number of people employed in the legal sector in the United States rose 1% compared to the previous month.
Naveen Tuli, managing director of Laurence Simons, explains:
This is the first time this year weve seen consecutive months of growth in employment in the legal sector in the U.S., and the market for the experienced lawyers will only get more competitive over the coming year. Particularly among New York law firms, the hiring season this year will be even more frenetic. For many firms the first half of this year was about downsizing and consolidation, causing sharp decreases in the total number employed in law. Now confidence is returning to the sector, albeit gradually, and the market for exceptional lawyers is leading a change in the hiring environment.
Danice Kowalczyk, co-Managing Partner of North America, Laurence Simons, comments:
With the U.S. legal job market steadily improving, we expect the growth weve seen over the past couple of months accelerate as we enter the traditionally busy fall hiring season. The financial crisis has provided fertile ground for corporate lawsuits which continue to emerge, requiring top talent to both defend and prosecute. Law firms are also seeking strategic partners, resulting in increases in merger activity between law firms. Recent reports from Hildebrandt Baker Robbins MergerWatch confirm that merger activity strength is solid this year and is expected to continue throughout the second half of 2010.
It seems that the legal market has the blueprint for the economic recovery. Hildebrandt's Peer Monitor Economic Index from the second quarter of 2010 also shows the demand for general corporate services from lawyers is up 4% while mergers & acquisitions work is up 3%. Based on what our in-house clients tell us, the demand for transactional services is substantially on the rise - and that trend is also going to mark a turnaround in demand for lawyers. We anticipate this will be followed by an upturn for litigation sectors. Cowen Group Q2 Critical Trends Survey Results from August 2010 suggests that in-house lawyers and law firms are billing substantially more hours to litigation. Forty per cent of responders anticipate hiring to support busy litigation departments in the next year.
Laurence Simons already boasts market recognition for delivering on assignments in over fifty-eight countries. New York is clearly the hub of the North American legal network, and this launch is a natural progression of our strategy to widen still further our global offering and set Laurence Simons apart from its competition.
Laurence Simons New York is the latest addition to an office network that includes London, Chicago, Paris, Dubai, Hong Kong, Sao Paulo, Geneva, Dublin, Amsterdam, Sydney, Singapore, Melbourne and Moscow.
The opening will be headed up by Danice Kowalczyk, Esq. and Carey Bertolet, Esq. who will serve as co-Managing Partners of North America. Kowalczyk and Bertolet possess over 16 years of legal recruitment between them.
Carey Bertolet, co-Managing Partner of North America, Laurence Simons, comments:
Its starting to look like 2010 will mark the turning point for legal recruitment in the US. The legal job market is not unlike the stock market the firms who succeed are the risk-takers who know when to buy and when to sell. The firms that expanded most aggressively in the run up to the burst bubble of autumn 2008, found themselves in the most trouble subsequently. The growth were seeing now is much more measured than the winner takes all risk-averse mentality of 2006-2008. However, with the lesson so fresh in the markets collective consciousness, most businesses remain overly cautious. There are a number of firms and in-house groups who are taking full advantage of the market right now and are picking up the ripest talent which will no doubt strengthen them in the long run.
Waiting for a full market recovery before building-out legal functions again can be counter-productive, as much of the top-notch talent will have already moved on after having patiently sat out the recession in their former companies. It is easier to service internal and external clients if youve anticipated the needs that are going to emerge than if you have to scramble to put someone in place. As ever, anticipation is the key to staying ahead of any market.