Law firms today are facing an unprecedented fight for survival. The list of firms that have closed, filed for bankruptcy, or imploded entirely has grown long in recent years. Some of the bigger names include Brobeck, Thacher Proffitt & Wood, Thelen, Heller Ehrman, Dreier, Howrey, and Dewey & LeBoeuf. Countless smaller firms have disappeared too.

The Great Recession has hit large firms especially hard. After a string of big law firms dissolved or filed for bankruptcy, some have questioned whether BigLaw culture is still sustainable in the current legal market. Many argue that the profit-based culture and pyramid hierarchy at most big firms has destroyed the camaraderie and loyalty that used to keep partners together through tough times.

Fewer large firms will have the financial clout they had in their heyday, and those that have managed to survive thus far will be fighting tooth and nail for the same limited pool of clients.

Many firms struggle today due to the economic crisis of the last few years. This slowing continues in spite of the growth in overall legal work due to the information boom. Clients are abandoning law firms for alternative providers due to the cost advantage. A recent ABA Journal report found that corporate clients are increasingly going in-house (where work can be done for $100-200/hour) or to non-traditional providers, which can provide legal temp services for $125-$250/hour; those who use legal process outsourcers (LPOs) can have legal work done for $60/hour. When you compare these rates to those of a large law firm, which can charge anywhere from $150/hour (for paralegal work) to $400/hour (mid-level associate) and above, the choice is easy for many clients, particularly in today's money-tight economy.

Driven by the recession, clients are increasingly challenging hefty legal bills for "legal miscellany" or soft costs. A poll by Mattern & Associates LLC surveyed 64 law firms and found that 80 percent of clients balked at paying for legal research, and 69 percent of clients simply refused to pay altogether. 81 percent of clients are now seeking discounts, with 55 percent seeking deeper discounts. "Reverse auctions" have grown in popularity, resulting in a 15 to 40 percent reduction in legal fees.

Employment for law school grads is at its lowest levels since 1994. In a recent American Bar Association report, only 55 percent of those graduating in 2011 found full-time jobs in private practice, with 26 percent underemployed. Only 8 percent landed jobs in a law firm with 250 or more lawyers.

To put it simply, there are too many lawyers and not enough jobs or legal work to employ them.

Firms are reluctant to hire inexperienced associates or recent graduates because they don't want to spend the time and money training them. An AmLaw survey found that 47 percent of firms have had clients expressly refuse to be billed for first- and second-year associates. A rise in associate salaries has only provided further disincentives for associate hiring, as firms view partners or mid-levels as being more worth the investment. These industry pressures have resulted in a decrease in associate billing and hiring.

As the cost of law school continues to rise, more law students are borrowing and graduating with significant debt and dim prospects for paying back their loans. The average debt for graduates at private law schools was $125,000 in 2012; at public schools, average debt was $75,700.

The difficulty of the current job market has led to the highest attrition and job dissatisfaction levels in years. Rising law school debt has many lawyers working just long enough to pay off their loans and then leaving the profession. Many law firms are having enormous difficulty in both attracting and retaining talent, with nearly 80 percent of all associates leaving the profession by the end of their fifth year.

More than ever, hiring the right talent is essential. With higher attrition rates and job dissatisfaction, it is imperative that law firms hire lawyers who will not only be successful at what they do but be loyal to the firm. More firms are realizing that the traditional hiring criteria is ineffective predictors of a potential hire's success. Many firms are turning to alternative interview methods such as behavioral interview techniques to gauge whether candidates can not only do high-quality work, but have the skills and core competencies to be a good fit in the long-term. In this economy, no firm wants to invest the time and money into hiring a candidate who will leave in six months to a year.

It is a difficult time to be an attorney, particularly for an entry-level associate or one looking to make a lateral move. In these difficult times, lawyers hoping to get hired by top firms need more than stellar credentials; they need a professional to advocate on their behalf. They need someone who will ensure that a job is a good fit in the long-term, both for the hiring law firm and especially for the candidate.

BCG Attorney Search is the most selective recruiting firm in the United States, dedicated exclusively to placing associates and partners in law firms. Every year, BCG and its affiliated companies place an estimated 10,000 attorneys at firms of all sizes across the nation. BCG has a reputation among law firms for only accepting candidates of the highest caliber.

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