The recession is on the horizon. The energy crisis, the war in Ukraine, political turmoil and dramatically increasing inflation are all pointing us in the same direction, but it is not all doom and gloom, particularly when you consider the notion that lawyers are always going to be needed, whatever state the world may find itself in.
Law firms are generally well-equipped to handle recessions, as proven in the past. Over the course of this year, and specifically in the last few months, the shadows over the economic landscape have grown ever darker, but law firms continue to recruit, investing in expanding their teams and in many cases predicting record profits once again, knowing that they will be able to take advantage of whatever landscape they may find themselves in.
There is likely to be some noticeable caution, however, the race to see who has the highest NQ rate is likely to slow, this includes the US firms currently in pole position, hiring focus may shift away from the more negatively affected practices for a time, focusing more on the practices that will continue to push revenues, but prudent long-term planning will prevent any of the hiring freezes that are so common in other industries during tough economic conditions.
Though this recession will hit many people hard, law firms are well prepared and well-equipped to weather this storm, allowing recruiting levels for current and future demand to stay high. The chances of finding a new role in this impending turbulence, are higher than you may think.
