Is this a good time to look for new opportunities? I'm hearing rumors about significant layoffs starting. Also, what is the salary expectation for a 3rd year in Chicago small firm? Midsize? Is there a big difference for suburban firms?

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Can’t really say if it’s a good time to look. But in Chicago, once you get outside of the AmLaw 200 and elite boutiques salaries vary widely. I had friends who worked at a small naperville firm that were getting paid less than $100k, 6 years into working there (and billing a lot). Then had law school classmates that were at smallish firm in Arlington Heights making nearly $200k as associates. For small and midsize firms, I’m guessing city pays more than suburbs but again it’s going to have a wide range. I would apply broadly

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It's definitely going to vary widely by practice area, clients served, and location. I was making $135k in commercial litigation downtown before I left for biglaw in 2019. Your 3rd year is a golden time to lateral, so I wouldn't wait if you don't see partnership at your current firm in your future.

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Thank you!

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