The inspiration for today’s topic came as a result of a conversation I was having yesterday with a bond counsel candidate. We were discussing the hiring needs in the bond counsel/public finance legal arena. The question was, “Are there positions for lateral partner and counsel moves with and without books of clients today?” So, what does the future hold for bond counsels, attorneys from senior level to entry-level, or bankers?
A Season Of Silver For Attorneys & More
From this one question, we came up with the following thoughts that are the focus for hiring bond counsels recently. There is a definite need for bond counsels across the nation as the silver tsunami of the senior fellows is quite telling (as told to me by the Head of Public Finance the other morning). I shared that I have more clients than ever looking for that senior attorney (not necessarily partner with or without a book). This is due to the fact that extremely experienced attorneys are going to be retiring shortly. Without that next-level attorney that can step into the business, it can and will go elsewhere. Firms are becoming more and more concerned today because there is no succession plan for these near-retiring counsel.
What Does “The Shift” Mean For You?
This is now causing a shift. How? Firms that never considered bringing on partner-level candidates without a transferring book are now making that transition. They are seeing the value of interviewing experienced lawyers without a book. Why? Because they are aware they can provide a book of clients that need to serviced effectively immediately or they may go to another firm. Also, by having what I will call servicing attorneys (for lack of a better word), the rain-maker can continue to do just that knowing their clients’ transactions are being professionally handled while the senior counsel just oversees the work.
Demand For New Attorneys Too!
In addition, there is a demand at an even lower level as there are less new attorneys coming out of law school heading into the area of public finance law. That is making second and third-year associates more in demand and able to receive higher compensation packages as the law firms start shoring up their associate/counsel ranks. Without these attorneys, there is no ladder for progression to senior attorney, and public finance will continue to remain in a position that is more difficult to fill.
What Do The Indicators Say?
As of today, I have not seen this trend with bankers yet in comparison to bond counsels and attorneys. Firms are still looking for public finance bankers to have clients to be in demand when looking at hiring them. However, the amount of projected issuance is not as strong an indicator as it may have been years before on the legal side. Currently, there is no indication this will change in the near future. If you meet this criteria and you feel your own career path has been stifled, call for a confidential chat.
Conclusion
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About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all levels Public Finance Bankers, Healthcare Bankers, Municipal Advisors, Compliance Officers, Issuers, and Bond Counsels.