Regulation Companies
Flush with incoming associates, legislation companies pulled again on 2024 summer time affiliate hiring, rivaling Nice Recession ranges
In keeping with a report launched Tuesday by the Nationwide Affiliation for Regulation Placement, 46% of callback interviews in 2023 resulted in gives for 2024 summer time affiliate positions, a decline of 6 share factors from 2022. (Picture from Shutterstock)
Regulation companies that recruited legislation college students in 2023 for summer time affiliate packages in 2024 took a cautious strategy, leading to one of many softest recruiting seasons for the reason that Nice Recession, in response to a report launched Tuesday by the Nationwide Affiliation for Regulation Placement.
The supply fee for summer time 2024 packages for second-year legislation college students was the bottom recorded since 2012, in response to a March 12 press release and the NALP report, Views on 2023 Regulation Scholar Recruiting.
Forty-six % of callback interviews in 2023 resulted in gives for 2024 summer time affiliate positions, a decline of 6 share factors from 2022. The acceptance fee, then again, was 47%, a rise of 6 share factors from 2022 and the very best ever recorded by the NALP, indicating that college students had been receiving fewer competing gives.
The median variety of gives prolonged by legislation workplaces to 2Ls for summer time 2024 packages was seven gives, the bottom determine for the reason that recruiting cycle for summer time 2010 packages.
The softened marketplace for 2024 summer time associates follows a report variety of 7,570 second-year legislation college students collaborating in summer time affiliate packages in 558 legislation workplaces final yr. Amongst that quantity, 7,294 of the summers accepted affiliate gives.
“Recruited within the midst of the post-pandemic hiring surge, the full variety of college students collaborating in 2023 2L summer time packages was essentially the most ever recorded by NALP and resulted in over 1,100 extra college students receiving affiliate gives this yr than in 2022,” the NALP report says. “Now going through the prospect of all these new legal professionals flooding their workplaces within the fall, companies might have rising considerations about absorbing extra new expertise if shopper demand doesn’t enhance to maintain tempo and so they proceed to hold extra capability by 2024.”
The report additionally discovered that the normal car for hiring 2Ls—on-campus interviews—is declining as a recruiting technique. Solely 53% of summer time affiliate gives for 2024 packages had been made by this course of.
“What the information suggests is that OCI continues to be a useful recruiting software,” stated Nikia L. Grey, government director of the NALP, within the press launch, “however that companies are more and more viewing it as a car to ‘spherical out’ their summer time packages after participating in a vigorous spherical of pre-OCI recruiting to safe their excellent candidates.”
