Global Job Hotspots 2011: New York

The US economy took a beating during the global financial crisis (GFC) and New York, being the financial centre of the United States, was certainly part of that.

Promoted by Lawyers Weekly • 16 March 2011 • Big Law
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The US economy took a beating during the global financial crisis (GFC) and New York, being the financial centre of the United States, was certainly part of that.

Although the economy appears to be making a slow recovery, foreign lawyers are still likely to find it difficult to secure a position.

There are several hurdles facing Australian lawyers wanting to work in New York, the first of which is the qualification requirements. For the majority of legal jobs, lawyers must be US-qualified and they must sit and pass the New York Bar Exam.

Secondly, there is a huge backlog of American graduates and lawyers who were made redundant during the GFC looking for work, and the US market is showing a certain reluctance to look outside its own borders for talent.

"London and America are getting better, but [employers] are still very, very cautious in terms of hiring Australian-qualified lawyers," says legal recruitment consultant Doron Paluch.

But it's not all doom and gloom: there is still demand for foreign lawyers in certain "cross-border" practice areas in which there is a shortage of home-grown lawyers with the relevant skills. These include banking & finance, capital markets, corporate, private equity, projects and energy.

And if you want these positions, there are steps you can take to better your chances.

"If you are certain that you would like to work as a lawyer [in the US], there is no question that being at a top-tier or international firm enhances your chances," Paluch says. "Whether or not the US market is booming, the law firms will often tell us that they strongly prefer lawyers with large law firm experience."

The good: If you do happen to land a job, you'll likely be earning big bucks, with newly qualified lawyers on Wall Street looking at picking up a tidy $150,000 plus a bonus.

The bad: New York is notoriously expensive, so chances are a fair bit of your pay packet will go on rent. The rest will likely go on eating out in the city's many brilliant restaurants.

Realistic option? Maybe, but only if you are US-qualified, or have outstanding academic results and at least two years of top-tier or global experience in an area where there are local shortages.

"I don't think it's ever easy for a first year or very junior lawyer to get snapped up by an American law firm," says Paluch. "The demand is going to come once you've got at least two years post admission under your belt."

Click on the images below to discover the 2011 legal job hotspots for Australian lawyers:

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