Big Firms Expanding into Chicago Face Talent Squeeze
Several large law firms expanding into the Chicago market are facing increasing competition for lawyers.
About 75 law firms have opened Chicago offices since the 1980s, and many are seeking the same type of lateral hires: lawyers with at least $1 million in business, the National Law Journal (sub. req.) reports.
Many law firms want to hire enough people to beef up their Chicago offices to 100 lawyers, but it’s a difficult quest, said Chris Percival of Chicago Legal Search. “I can’t tell you how many firms have told us that’s what they want to do,” she told the National Law Journal. “It’s just not that easy” to reach the 100-lawyer mark.
Many large law firms that opened Chicago offices in the last three years are struggling to employ just 30 lawyers, the publication says. With the hiring of new associates, Paul, Hastings, Janofsky & Walker now has more than 30 lawyers. Firms with fewer than 30 lawyers include Dewey & LeBoeuf, Nixon Peabody and Steptoe & Johnson.
Dewey & LeBoeuf had grown its Chicago office to 30 lawyers at one point, but now there are about 25. “If you have more and more elite firms, then you’re going to have more and more competition for a stable group of people,” said Michael King, managing partner of Dewey’s Chicago office. “On the other hand, it also creates more of a market,” he told the National Law Journal.
Post updated on Sept. 16 to correct reference to Percival.
