in the same period. Deals need to be vetted, with paperwork drafted and approved by lawyers, often ones at top-tier firms whose headcount has barely budged over the past year.
In especially short supply are lawyers three to six years into their careers who can manage junior talent and already know how to execute the kinds of complex work their clients send them. Hiring has spiked, but most lawyers are just shuffling between the same dozens of firms. Many have gotten so busy that they're turning away jobs.
"Think of a $1 billion company that hasn't made a lot of acquisitions or doesn't have a history of acquisitions," he said."They're going to be either declined, delayed, or not get the responsiveness that they'd like if they have an active deal."In web design or software engineering, a six-month boot camp can be a ticket to a job. But the pipeline for lawyers can't turn on a dime. Law school takes three years plus passing the often grueling bar exam.
Allen & Overy, for example, has turned to Peerpoint, a freelancing platform the firm launched in 2013, to"backfill clients' secondments or matters" at a"materially cheaper" price point, House said. Though the platform was introduced in the US five years ago, the firm has"accelerated" its use because of the labor shortage, according to House.
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