Oakstreet Attorney Search reviewed 300+ open Banking & Finance associate positions across 100+ firms. Here's what we found.

Introduction

The Banking & Finance associate lateral market is active and competitive in the first quarter of 2026. We reviewed 314 unique posted roles across 115+ law firms to understand where the market is most active.

Leveraged Finance & Debt Finance continues to dominate the hiring landscape, representing nearly one in three open positions. Structured Finance & Securitization is the second most active specialty, driven by sustained demand for CLO, ABS, and CMBS expertise. Real Estate Finance rounds out the top three, reflecting continued lender-side activity in commercial real estate debt markets.

The data reflects a market that is primarily targeting mid-level associates, with the median experience range sought running from the Class of 2022 (approximately 3 years) to the Class of 2020 (approximately 5 years). This is consistent with broader market trends where firms are investing in experienced lateral talent with demonstrated deal experience rather than entry-level hiring.

New York remains the dominant market by a wide margin, but Charlotte has emerged as a notably active secondary market, ranking fifth nationally by number of positions, ahead of Boston, San Francisco, and Dallas. This reflects ongoing investment by both national and regional firms in both major metropolitan and secondary markets.

Geographic Analysis

The geographic data accounts for multi-location postings. Each location listed for a consolidated position counts individually toward the totals below. This approach gives a more accurate picture of where firms are actually seeking to place attorneys.

New York's dominance is expected, as virtually every major Finance practice in the country has a New York presence, and many firms hire in New York regardless of where the attorney ultimately sits. California follows as the second most active state, with Los Angeles (59 positions) serving as the primary driver and San Francisco (32) adding meaningful volume, particularly in Project Finance and Growth/Venture Debt.

Charlotte stands out as the most notable secondary market story in this dataset. With 49 state-level positions, North Carolina ranks fifth nationally, ahead of many traditional legal hubs.

Washington, DC (63 positions) is particularly active in Project Finance, Financial Regulatory, and Public Finance, consistent with its role as a policy and infrastructure financing hub. Chicago (56 positions) remains a major Leveraged Finance and Structured Finance center, with several large national platforms maintaining active Finance practices there.

Finance Practice Specialty Breakdown

The 314 positions identified span eight Finance sub-specialties. The chart below illustrates the distribution across these categories.

Leveraged Finance & Debt Finance is by far the most active specialty, driven by continued private credit growth, sponsor-backed lending activity, and strong demand for attorneys with experience on both the lender and borrower sides of acquisition financings. Firms across the spectrum, from global leaders to regional firms, are building out these capabilities.

Structured Finance & Securitization remains highly active, with particular depth in CLO, ABS, and CMBS practices. Several firms maintain large, specialized teams in this space and are actively hiring at multiple experience levels simultaneously.

Real Estate Finance has held up well despite the higher interest rate environment of recent years. Lender-side work, CMBS, and construction lending continue to drive demand, with strong activity in New York, Charlotte, and nationally across certain firms' platforms.

Project Finance demand is being driven primarily by the energy transition. Renewable energy financings, including wind, solar, battery storage, and hydrogen, account for a meaningful share of Project Finance openings.

Top Hiring Firms

The firms below represent the most active hiring platforms in Banking & Finance at the associate level. A firm's position on this list reflects the breadth of its Finance practice across multiple specialties and offices. While publicly posted openings are a useful indicator of firm activity, it is also worth noting that many of our Finance placements have come through opportunistic hires, meaning situations where a firm was not actively advertising but was open to the right candidate.

The firms with the most open positions span a wide range of platform types, ranging from global AmLaw 10 firms with multi-office Finance practices to regional firms with deep specialization in a single market. This breadth reflects the overall health of the Finance lateral market and the diversity of opportunities available to attorneys at different experience levels and with different practice backgrounds. Whether a candidate is focused on a highly specific specialty like CLO work or structured finance, or has a more general debt finance background, there are active opportunities across the market.

Experience Level & Seniority

The data provides meaningful insight into the seniority levels firms are targeting. Where provided, the Min Year field reflects the most senior class year a firm will consider, and the Max Year reflects the most junior.

The market is clearly weighted toward mid-level associates with 3 to 5 years of substantive Finance experience. This is the sweet spot where attorneys have enough deal experience to contribute immediately while still having significant career runway, making them attractive lateral targets for firms building out practices.

The relatively narrow window between median Min and Max Year (2020 to 2022) reflects the premium placed on demonstrated deal experience. Associates in the Class of 2020 through Class of 2022 are particularly well-positioned to take advantage of the current market.

However, in our own practice, we have gotten traction with more junior and senior candidates, albeit on a more selective basis.

Key Market Observations

Private Credit is Reshaping Leveraged Finance Hiring: The most significant structural shift in Finance lateral hiring over the past two years has been the rise of private credit. Roles explicitly seeking private credit, direct lending, or non-bank lender experience now represent a meaningful portion of Leveraged Finance openings. Firms are building dedicated private credit practices or integrating private credit expertise into existing Leveraged Finance and Banking groups. Attorneys with experience representing BDCs, credit funds, or direct lenders are among the most sought-after candidates in the current market.

Structured Finance Demand Remains Broad and Deep: Structured Finance & Securitization hiring is notable for its breadth. Firms are seeking attorneys across a wide range of structured products, including CLOs, ABS, mortgage-backed securities, equipment financings, trade receivables, and esoteric asset classes, reflecting the continued growth and diversification of the securitization market.

Renewable Energy is Driving Project Finance Growth: Project Finance hiring is disproportionately tied to the energy transition. Many firms are actively building renewable energy finance capabilities. Solar, wind, battery storage, and green hydrogen financings are generating significant deal flow, and attorneys with project finance experience in clean energy contexts are in high demand.

Charlotte Continues to Attract National Finance Practices: Charlotte's emergence as a secondary Finance market is one of the clearest trends in this dataset. The Charlotte market saw the entrance of four AmLaw 200 firms just in the last year, with most of those firm offices anchored by finance practices. Firms are not simply using Charlotte as an overflow market; they are placing substantive Finance practices there and actively hiring experienced laterals to support them.

Navigating a Move in 2026

The Banking & Finance lateral market presents meaningful opportunities for associates. The breadth of openings means that qualified candidates have more genuine options than at any point in recent years.

A few observations for Finance attorneys considering a lateral move:

• Specialty matters more than ever. Firms are increasingly specific about the sub-specialty experience they are seeking, for example borrower-side versus lender-side, project finance versus general lending. Candidates who can articulate a clear, focused practice will be most competitive.

• Deal sheets are helpful. A well-organized, transaction-level deal sheet that clearly communicates role, deal size, and representative matters is an essential component of any lateral package.

• Secondary markets offer real options. Markets such as Charlotte, Denver, and other secondary markets have legitimate Finance practices at national firms. Candidates open to these markets may find less competition and faster decision-making than in New York or California.

• Private credit experience is a differentiator. Attorneys who have represented non-bank lenders, BDCs, or direct lending funds have a distinctive edge in the current market, as firms across the spectrum are building out these capabilities.

If you would like to discuss how these trends may apply to your specific practice or explore what a lateral move could look like, we are always available for a confidential conversation.