- On March 13, 2021
I posted last month that both the in-house and law firm market were doing well. Evidence continues to roll in. Silicon Valley stalwart Wilson Sonsini broke $1B in revenue in 2020, benefiting from the recent tech and life sciences boom. The Recorder reports WSGR’s gross revenue grew 18% to $1.1B, and net income increased 42%. The firm also added 38 attorneys and will welcome 82 first year associates. 2020 was a banner year due to the number of IPOs it advised on (27) and M&A deals announced or closed (150) for life science and tech clients.
The forecast for 2021 is continued growth. WSGR managing partner Doug Clark says all of its departments are facing high client demand. I also see my clients (tech, fintech, and life science companies) doing well and hiring in-house legal team members. Additionally, the Wall Street Journal and New York Times both forecast a rosy future. For example, Wall Street Journal reported last week that jobless claims are near the bottom since the pandemic, and “the improved outlook is largely due to the expanding availability of coronavirus vaccines.”
If you are contemplating a job change, now is a good time. The legal market is robust due to growth in the tech and life sciences sectors and due to anticipation of the economy heating up post-vaccines. Given the strong competition for quality lawyers, employers are showing more flexibility on years of experience, type of training, whether prior in-house experience is required, where employees can sit, and how much to pay.