One of the most common and complex questions we hear from associates is about retooling. Typically, these inquiries come from capital markets or general corporate lawyers hoping to move into M&A, funds, or litigation. Rarely, if ever, do we encounter the reverse. The desire to shift into capital markets from other disciplines is virtually nonexistent.
This directional trend reflects not only practice-area preferences, but a broader truth about how lateral hiring functions in today's legal market:
Firms don't recruit potential. They hire precision.
What firms want: ready talent, not transferable skills
When a firm is hiring for a third-year M&A associate, they are not looking for someone intellectually capable of doing M&A work. They are looking for someone who already is doing that work daily, at a high level, and under pressure.
Even the most credentialed candidate from a top-tier firm with an elite academic pedigree will likely be passed over if their experience does not precisely align with the role. The lateral hiring process, especially at the associate level, is often about solving an immediate business need, not mentoring a career pivot.
Exceptions: rare, conditional, and context-driven
That said, retooling is not impossible. But it is, in our experience, exceedingly rare. Over the years, we have seen a few associates successfully transition between practice areas, under very specific conditions:
Internal transfers
Occasionally, firms allow exceptional associates to retool into a different practice group internally. These opportunities usually arise from pre-existing relationships, institutional goodwill, and business needs aligning at the right moment. They are not the norm.
Mixed practice experience
Associates who have a genuinely blended practice (e.g., M&A and Capital Markets) may stand a better chance of pivoting, particularly if they are willing to accept a more junior title. In an active market, firms are sometimes open to these conversations, but they are calculated decisions, not acts of generosity.
On class year "haircuts": a strategic adjustment, not a setback
One reality many candidates struggle with is the class year haircut. Firms may ask a third-year associate retooling into a new area to join as a second-year, or a second-year to start again as a first. This suggestion is often met with resistance or even offence.
But here's what we advise: don't take it personally! Take it strategically.
Joining a practice you're genuinely interested in, at a firm and in a location that align with your long-term goals, is far more valuable than clinging to a class year for pride's sake. Moreover, if your performance justifies it, firms frequently recalibrate compensation or advancement to reflect your actual contributions.
Better to thrive in a role that fits than to struggle in one that doesn't.
And then there's the unpredictable: practice drift beyond your control
Another under-discussed yet common reality is that associates don't always choose their practice area in the first place. Some are placed into groups based on firm needs, not preference. Others join a particular team, only to see the lead partner or key members exit within months, leaving them adrift in an unfamiliar or undesired area.
We see this often, and unfortunately, there isn't always a solution. The legal profession is fluid and occasionally unforgiving. Even the most well-meaning recruiter can't change structural realities, especially when they stem from internal firm politics or economic shifts. As much as we want to help (and we genuinely do), there are times when options are limited.
Conclusion: be clear-eyed and proactive
If you are considering a practice switch, be thoughtful, realistic, and strategic. Explore opportunities internally first. Cultivate relationships in the area you hope to join. Most importantly: secure a new role before you walk away from your current one, whether that's in another firm, an in-house position, or even something entrepreneurial.
The legal industry is a highly competitive ecosystem. Once you step out, re-entry can be difficult, no matter how strong your background.
If you'd like to discuss your options, we're always happy to have a confidential conversation, and to offer guidance rooted in experience and candour.