King & Spalding’s announcement Friday that it was laying off 122 people across its offices, including 37 associates and counsel, adds more people to the growing corps of highly qualified lawyers and legal staffers hunting for jobs in a tight market.

High-paying jobs at big firms are scarce and competition for them is stiff, said several local recruiters. There are jobs out there, but they are likely not traditional third-year corporate securities positions at a big firm.