Law Times

Law Times • November 23, 2009 NEWS Firms find rich talent pool as New York's lure fades Practice areas hot as hiring on the upswing BY TIM SHUFELT Law Times F inanciers may discuss bulls and bears until the cows come home, but 2009 will go down as the year of the ox. That is, the economy has been slow, lumbering, and in need of a firm shove. But amid signs that the slug- gish beast is scrambling back to its feet, there is also cause for optimism in the legal profes- sion, according to a survey con- ducted by Robert Half Legal. The survey found that many firms are finding themselves in need of additional staff, partic- ularly in "hot practice areas," says Chad Volkert, executive director of Robert Half Legal. "For candidates looking for opportunities, this has to be a positive sign," he says. He notes that most firms remain cautious about hiring, but business is picking up in key practice areas, including bankruptcy and foreclosures, litigation, and energy and en- vironmental law. Practice area expertise was cited in the survey as the most important criteria in hiring mid-level associates, garnering about half of the votes among 150 lawyers canvassed at large law firms in Canada and the United States. "Even firms that don't have those busy practice areas are still finding they cut too many staff members," Volkert says. He adds that many firms that laid off employees are finding more work coming their way and now need to take on tempo- rary project staff and paralegals. Of course, the volume of layoffs at Canadian firms in re- sponse to the global recession paled in comparison to those in the United States, and par- ticularly in New York, where many venerable firms slashed their payrolls while others shut their doors completely. The bloodletting in New York, however, may have had residual benefits for Ontario firms that are now choosing from an exceptional pool of law students this year, according to Nancy Stitt, director of student programs at Goodmans LLP. Each year, New York firms lure some of the province's top young talent. But the city may have lost some of its lustre, Stitt says. "There's sure a lot more risk in going to New York than anybody thought." Since many firms there post- poned the start dates of incom- ing lawyers over the last couple Earn Up To...16 CLE Credits 1.5 Ethics Credits | 3.5 Complimentary CLE Credits WHERE CAN YOU... Hear from industry leaders on the hottest topics? Test the newest products in the industry? Network with your peers? Earn CLE credits? THE MOST IMPORTANT LEGAL TECHNOLOGY EVENT OF THE YEAR! FEBRUARY 1-3, 2010 | THE HILTON NEW YORK FEBRUARY 2 FEBRUARY 1 OPEN TO ALL Don't Build Your eDiscovery Program on a Digital Landfill Russell Stalters Information Technology & Services (IT&S) Head, Information & Records Architecture BP America Inc. 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However, the promising economic indicators have not prompted Goodmans to hire any more than usual, she adds. The process of hiring graduates has a built-in time lag of three years before a new hire can become an as- sociate. That delay helps to insulate the process from the whims of the economy, Stitt says, noting the firm never- theless didn't cut back on new hires in the depths of the recession. "It would be short-sight- ed of us to reduce our future hires," she says. Economic minds have since deemed that the economy has bounced off of rock bottom. The Bank of Canada, the Federal Reserve, and, most re- cently, the International Mon- etary Fund have all declared an 'There's sure a lot more risk in going to New York than anybody thought,' says Nancy Stitt. end to the recession. As well, stock and commod- ity markets signal that Canada has entered the early stages of a recovery. In turn, firms here are see- ing business pick up in certain areas, says Stephen Bowman, managing partner at Bennett Jones LLP's Toronto office. "This resumption of activ- ity is being felt across the legal spectrum," Bowman says. "All of the law firms will see a return to more predict- able activity." In contrast to markets in the United States, Canada had "healthier market par- ticipants" that chose to wait and see while the economic storm passed. "We're seeing more par- ties that were on the sidelines because of economic circum- stances . . . they're coming back in," Bowman says. "That's happening broadly in real estate. It's happening in capital markets." He cites an increase in corporate transactions and financing as well as a surge of bond issuances and initial public offerings. Still, he adds that Ben- nett Jones isn't planning to peg its hiring practices to the burgeoning economy. By the same token, Cana- dian firms didn't react sharply when the economic downturn took hold but instead kept job losses to a minimum. In fact, the legal profession in Canada was somewhat immune to the same forces that rocked American firms, Bowman says, citing the relative strength of the Canadian economy and financial institutions. LT Follow us on Twitter at #LTNY & join the LegalTech Linkedin group PAGE 5 OPEN TO ALL FROM THE PUBLISHERS OF: LegalTech_LT_Nov23_09.indd 1 www.lawtimesnews.com 11/16/09 10:37:05 AM KEYNOTE ADDRESSES

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