There are advantages to lateraling when firms are more careful about who they hire.
It might seem counterintuitive to view a slower lateral hiring market as a potentially smart time to make a move. To be sure, there are fewer openings overall, and firms are not hiring en masse for any practice area. Also, associates might feel skittish about a move, fearing that more layoffs are lurking and that "last in, first out" would prevail should layoffs be visited upon their new firm. Despite these conditions and concerns, it's worth keeping in mind that many firms have real need for talent and are hiring, albeit more carefully and typically--some exceptions exist--at the mid- to senior levels. This more circumspect and fine-tuned approach to hiring is actually more "normal" for lateral hiring. And it's more conducive to a lateral's long-term success at their new firm. There are at least three reasons for this.
First, because of the pervasive sense of uncertainty among firms, firms are only hiring associates they are certain they need. Hiring requests undergo closer scrutiny now before receiving approval, which means it's highly unlikely a lateral hire will be brought on absent a true, long-term need for the associate.
Second, integration is far better. When you're the sole new associate, you're not going to slip through the cracks; you're not going to be one of many thrown onto a flurry of understaffed matters. Partners will be very aware that you joined and will have more time and attention to bring you on board, unlike when they're being spread too thin among too many matters and new hires.
Third, you'll feel more valued and you'll feel more connected to your new team. Hybrid schedules are largely in place, so you know that when you join, you'll be able to meet and get to know your colleagues, and develop mentoring relationships from the get-go.
So if you're uncertain about entering the lateral market out of concern for long-term security and success, keep these points in mind. While you might not end up with a dozen offers, the silver lining is that the offer you do accept will give you a fresh start with plenty of support, structure, and attention.