Chicago Legal Market
The economic and cultural capital of the Midwest, Chicago has a diversified and vibrant economy that drives the nation's third-largest legal market. Chicago is home to a large number of Fortune 1000 companies (particularly in the manufacturing, transportation, food, and insurance industries), a growing tech sector, and a large and important financial market with five major exchanges.
The legal market in Chicago experienced a significant contraction during the financial recession, and while recovery occurred more slowly than in New York, 2015 was the most active year in entry-level and lateral hiring since 2008 and many observers believe steady and reliable growth will continue.
The structure of Chicago's legal market is multi-layered, with home and satellite offices of multi-national firms, regional powerhouses, mid-size Chicago-based firms, and highly selective litigation and patent boutiques all finding a home within. The largest Chicago-based firms have historically been (and continue to be) the market leaders, but focused growth by East and West Coast-based firms has begun to heighten the competition for local hegemony.Overall, 94 NLJ 350 law firms have offices in Chicago, 22 of which have their largest office in the city.
While Chicago's reputation as a friendly Midwestern city is well-deserved and is reflected in the culture of many local offices, do not mistake it for a "quality-of-life" market. Billable hours requirements and expectations tend to mirror those in other major markets, including New York.
Practice Area Overview
- Corporate: Corporate has been the engine powering Chicago's legal economy for several years now, and the outlook for growth continues to be healthy.Broad-based corporate/M&A and private equity practices are the primary drivers of activity in this sector.
- Intellectual Property: Chicago's sizable tech industry means a continually high demand for students interested in patent practice, especially those with mechanical and electrical engineering backgrounds.
- There has been a notable uptick in code-based practices such as restructuring, tax, and ERISA.
- Litigation: After weathering recession-induced downturn, the litigation market is once again showing signs of growth.Because general commercial litigation continues to be among the slower litigation practices, students with more focused interests and experiences should highlight those when practical.White collar crime and government investigations are two particularly bright spots to watch for.
- Real Estate: A not-insignificant post-recession boom has buoyed this once slow practice.The outlook is good and demand appears to be growing.
- Environmental: Quiet, especially in the regulatory sphere.
- Trade Regulation: This and other largely DC-based practices have a small footprint in Chicago and much of the work to be found tends to originate elsewhere.
- Appellate: Appellate work is a tough nut to crack in any legal market, and Chicago is no different.There are only a small number of meaningful appellate practices, and spots within them are highly coveted.
- Entertainment: Entertainment law, which has never been a particularly robust practice in Chicago, got even smaller when Oprah Winfrey's Harpo Studios closed in late 2015.
- Trusts & Estates: Nationwide, large firms have been phasing out their T&E practices for several years now, and those in Chicago have followed suit.
In spite of its large and broad-based legal market, Chicago's firms tend to look close to home when hiring. Because of this, ties to the city or the region can provide a significant boost to a student's application, but think broadly when asserting your connection to the city. You don't necessarily need to have grown up in a North Shore suburb; sometimes simply knowing that Lou Malnati's is better than Uno is enough to pass the test. Chicago firms also tend to stress finding the right "fit," personality-wise, so a relaxed (but professional) and friendly demeanor go a long way.
- Chicago Daily Law Bulletin
- National Law Journal: Top U.S. and International Markets
- Chambers and Partners:
Narrow to Illinois practices/offices that interest you.
- Benchmark Litigation: Survey-based evaluation of Chicago litigation practices.
Local Legal Associations (Annual Student Memberships Range from $0-$30)
Affinity Bar Associations
- Arab-American Bar Association of Illinois, Inc.
- Asian American Bar Association of the Greater Chicago Area
- Hellenic Bar Association of Illinois
- Hispanic Lawyers Association of Illinois
- Indian-American Bar Association Of Chicago
- Lesbian &Gay Bar Association Of Chicago
- Women's Bar Association Of Illinois
Specialty Bar Associations
- Chicago Council of Lawyers (Chicago's Public Interest Bar Association)
- Illinois Association of Criminal Defense Lawyers
- Illinois Association of Defense Trial Counsel
- Illinois Trial Lawyers Association
- Intellectual Property Law Association Of Chicago
Largest Law Firms
- Kirkland & Ellis
- Sidley Austin
- Mayer Brown
- Winston & Strawn
- McDermott Will & Emery
- Katten Muchin Rosenman
- Jenner & Block
- Baker & McKenzie
- Seyfarth Shaw
- Vedder Price
- Schiff Hardin
- Chapman and Cutler
- DLA Piper
- Jones Day
- Latham & Watkins
- Hinshaw & Culbertson
- Greenberg Traurig
- Skadden, Arps, Slate, Meagher & Flom
- Neal, Gerber & Eisenberg