With all the layoffs year to date, law firm business professionals are asking an important question:

Is it time to panic? 

Post-pandemic streamlining is happening in law firms as associates and business professionals are laid off. Law firms are trimming the proverbial ‘fat’ from their ranks following the record-breaking demand in legal services in 2021 and part of 2022. Paired with a recent tech sector slow down and flaring inflation, the results can be hard to watch. So what does this mean for business professionals?

Don’t panic!

There is still a healthy demand for talent, particularly for those focused on business development, marketing, pricing and operations.

The current market conditions do not spell doom. Rest assured that law firms are still hiring strong candidates, albeit more slowly.

It is still a good time to make a career move, but be careful. Use selective evaluation methods and call upon your most trusted resources to find the right fit.

Before making a move, be sure to understand the backstory of your potential new employer:

• Which practice areas are strongest? In the current environment, it is prudent for firms to have a full spectrum of practices that include a healthy dose of litigation and regulatory work. A purely transactional firm may present challenges at this particular time. 

• Get the scoop on law firm culture and how leadership values the position you are interviewing for as a core service. A firm that prioritizes clients using professional relationship development strategies is an important differentiator.

• Find out how the firm performed financially during the first six months of this year. Likely the worst is behind us, but is the firm managing the long-term effects of inflation?

• Consult with your sphere of trusted individuals for honest insight into the firm as it compares to others.

People are still making career moves and earning promotions across the legal industry. Being opportunistic right now can boost your career track. 

My advice: Proceed with caution and do your homework before making the jump to another firm.

- Jason Caramanico, Senior Managing Director.