Decoding the Current Legal Market

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I’ve been sitting in on a lot of meetings and speaking with several firms about their plans and visions for growth in 2024, so I thought it would be a good time to share what I've learned with you so you can make an informed decision about if you should explore the market this year.

Without having to read any further though, if you’re in a situation where you’re unhappy or stagnating, the time to explore the market is now.? You work too hard, and life is too short, to be unfulfilled in your 9-5 (or your 8-11:45, in the case of an attorney).

2023 was a year of deep contradictions in the legal market.? Layoffs and a decline in hiring on one hand were balanced by a strong uptick in hiring and associate raises on the other.??

The financial markets roared to life at the end of the year, and the lateral market did the same.? 2024 is predicted to be a more active year than 2023 as firms look to acquire both associate and partner talent.

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So who is hiring?

Law firms can sometimes act like boats.? A giant cruise liner takes a much longer time to turn around than a speed boat.? Smaller and mid-sized firms can react to market conditions faster, and that’s where we’re currently seeing the most growth.? Big Law is still growing, but not yet at the speed of the smaller firms.

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Who is getting hired?

Even though the lateral market is active, it is still a firm’s market.? Law firms are being very selective in who they’re hiring, and they’re taking fewer chances on candidates who don't appear to have the exact experience they’re looking for.

I anticipate the market will only continue to strengthen this year, so it’s all the more important to work with a recruiter to make sure your search is firing on all cylinders, and they’re presenting you properly to highlight how you’re a perfect fit for the firm’s needs.

Here’s to a great year of growth and career fulfillment!

Ian