🪁 Why Big Law’s top talents are leaving for tech
Big Law’s salaries are going up, but America’s most prestigious firms are still losing key employees to Silicon Valley.
A new study reveals the scope: According to Reuters, more than 270 associates have left the top 10 firms in New York so far in 2021. Of course, these firms are still finding plenty of replacements, with one of them already hiring 105 lateral associates this year after only hiring 107 all of last year.
Reuters found a number of reasons why: Chief among them are work-life balance, the desire to live in a more affordable city and the lure of tech.
Why tech has been an attraction
Many of the lawyers are still working for firms, but they’ve gone to places that do more work with tech companies. The draw of tech is twofold: Tech companies fared the best in the down economy of 2020, and young lawyers grew up in a tech-dominated world.
Departures from Big Law happen all the time, but the rate could stay high, especially as firms ask lawyers to return to the office.