Monday Mentors with Varsity Search President Daniel Hare

Daniel Hare is the founder and president of Varsity Search, a legal recruiting company dedicated to building great teams by bringing together lawyers and law firms. In this episode, Daniel provides and update on the legal hiring market, as well as some tips on how to productively work with a legal recruiter.

1. Legal Market Update
   1. Big Law Lateral market is active, with a focus on M&A and Private Equity
   2. Holland & Knight merged with Thompson & Knight, effective 8/1
   3. More large firms are adding/growing their Texas presence
      1. Quinn Emanuel added an Austin office to their Texas footprint in Houston, and is looking at Dallas
      2. Energy, tech, private equity, IP are leading practice areas
   4. Texas-based firms trying to hang in
   5. Big Law start salaries have gone to $205k, scaling to $365k for year 8
      1. Full scale, putting 3rd/4th year lawyers at $240k-$275k
   6. Much of this is specific to big law; how does it impact small/medium firms
      1. While I often think about Big Law and all other law as two different economies, the reality is Big Law does have an impact
      2. Trying to recruit Big Law associates to the boutiques has become more difficult financially. A $150k salary for a third year lawyer may not have seemed like a terrible pay cut when they were making $205k or $215k. Now they are making $240k, $250k. A $100k cut is a lot for anyone.
      3. These salaries will continue to trend of Big Law focusing on corporate/transactional areas and pushing the expensive litigation matters to the boutiques.
   7. What I’m seeing in small firm recruiting / anecdotal
      1. A lot of activity / strong market
      2. Heavier on the litigation side (some for reasons above)
      3. Salaries in the $100k-$170k depending on the firm, the level of candidate’s experience, etc.
         1. Insurance defense, government/admin, and family law tend to be on the lower end by virtue of the legal fees those client bases are willing to pay.
         2. Firms servicing small/mid-size companies will tend to pay more
      4. Employers like candidates who haven't bounced around to a lot of different firms
         1. If that's you, highlight it in interviews; it's a strength!
         2. If that's not you, be prepared to address this issue
            1. Even if you aren't asked directly
            2. Don't bad-mouth prior employers, but instead talk positively about the employer you moved to
            3. Pivot to why the firm you are interviewing with presents an opportunity you value and are interested in.
      5. Preference tends to go to candidates who have been able to get more hands-on experience earlier. So if you can start taking depos and handling hearings early on, that makes you more valuable to a potential lateral employer.
         1. Make sure your resume doesn't just read like a job description the firm's HR department would write; use specifics, highlight accomplishments, add numbers
      6. Relocation is possible
         1. Prepare to communicate your reason for the move to the new city beyond the job
         2. It can be an advantage in more niche areas where firms know each other in a city and prefer not to poach
2. How to work productively with a legal recruiter
   1. Share what you are up to
      1. Have you already applied somewhere?
         1. Firms won't work with recruiters if they already have a relationship with you, so we as recruiters will want to avoid reaching out to those firms.
         2. We also want to see the types of firms/jobs you have applied to; it helps us know what you are looking for.
         3. If you want to use a recruiter, you should limit these direct applications because it limits how/where we can help
   2. Be open/honest about what you are looking for
      1. We can only help you if you tell us what you are looking for.
      2. I feel bad when a candidate takes a position in a city/practice area they had never mentioned before, because perhaps I could have helped them find something better/sooner/etc.
      3. Sometimes things change; that’s okay! Just keep us updated.
   3. Talk with us before you respond to an offer
      1. Sometimes it can feel tempting to just take the offer or make a counter offer that isn’t far from the original offer, but best to get our perspective first. Your instincts might be right; but you also might wind up leaving money on the table.

Enjoy your Labor Day Weekend next week and we'll be back with a new episode the following Monday!