I recently had a discussion with a manager of Legal Authority, my favorite job search company for attorneys, about exactly what happens in the market when there is a recession. Specifically we discussed what occurs in the job market for attorneys—who gets hired and who does not get hired. Since I have been witnessing this process take place for years, I thought learning the dynamics of it would be interesting.
On its most basic level, what happens during an economic recession is that the growth of jobs in the legal community involving transactional work slows down for the most part, while the growth of jobs involving litigation speeds up. Litigation tends to increase when the economy gets bad, because people are more aware of losses in their business dealings caused by the wrongdoing of other parties, and they sue.
Growth in corporate, securities, and real estate-related jobs all typically slows down dramatically during a recession. This may also be the case for patent law, although there is typically a greater lag time. Patent work already in the system (“in stream”) continues, but new patent work enters law firms much more slowly than when the economy is bustling. This results in a delay of two to three years before patent attorneys may notice the slowdown. Jobs in trademark also tend to stop or slow down because less new business and fewer new brands are being created in times of widespread financial hardship. Real estate companies and many other types of businesses or corporations become much more conservative with how they spend their money and how much work they assign.
This is a very basic summary of what occurs in the market when economic conditions are bad, and it’s exactly what we are seeing now.
About Harrison Barnes
Harrison Barnes is the Founder of BCG Attorney Search and a successful legal recruiter himself. Harrison is extremely committed to and passionate about the profession of legal placement. His firm BCG Attorney Search has placed thousands of attorneys. BCG Attorney Search works with attorneys to dramatically improve their careers by leaving no stone unturned in a search and bringing out the very best in them. Harrison has placed the leaders of the nation’s top law firms, and countless associates who have gone on to lead the nation’s top law firms. There are very few firms Harrison has not made placements with. Harrison’s writings about attorney careers and placements attract millions of reads each year. He coaches and consults with law firms about how to dramatically improve their recruiting and retention efforts. His company LawCrossing has been ranked on the Inc. 500 twice. For more information, please visit Harrison Barnes’ bio.
About BCG Attorney Search
BCG Attorney Search matches attorneys and law firms with unparalleled expertise and drive that gets results. Known globally for its success in locating and placing attorneys in law firms of all sizes, BCG Attorney Search has placed thousands of attorneys in law firms in thousands of different law firms around the country. Unlike other legal placement firms, BCG Attorney Search brings massive resources of over 150 employees to its placement efforts locating positions and opportunities that its competitors simply cannot. Every legal recruiter at BCG Attorney Search is a former successful attorney who attended a top law school, worked in top law firms and brought massive drive and commitment to their work. BCG Attorney Search legal recruiters take your legal career seriously and understand attorneys. For more information, please visit www.BCGSearch.com.
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