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The in-house job market may be growing, as indicated by some recent high-profile hires.
Bloomberg recently snagged five partners from Willkie Farr & Gallagher.
Along with the new partners, about 15 associates may follow their bosses and cross over to Bloomberg. The exact number of attorneys hired is still unconfirmed.
It's a healthy number, and a relatively good sign that things are going well over in the Bloomberg front. Hiring five partners can't be too cheap, and bringing along more than a dozen associates can also be costly.
But the hiring is logical. One of the partners, Dick DeScherer, has served on Bloomberg's board of directors for more than 25 years, according to Inside Counsel. He will be named the chief legal officer of the global company.
The other partners will be absorbed into Bloomberg's existing legal department.
One of the reasons why the company has hired the new partners may be their need to address increased legal concerns as they expand into global markets.
This hiring news ties in with the recent trend of an increasing number of in-house positions. And with surveys finding that companies are spending more money to beef up their internal legal departments while cutting spending on outside counsel.
The new hires at Bloomberg don't necessarily reflect that the legal market is healthy all-around. There are still gaps in employment, with young attorneys facing difficulty as surveys find most employers are seeking more senior-level attorneys.
But it is good news for the in-house job market. More positions means more chances for aspiring general counsels everywhere. And, of course, the new vacancies at Willkie Farr & Gallagher could be promising to those looking for corporate law firm work.