Leopard Solutions, a legal intelligence provider, recently released legal job data that may signify that the legal market is re-writing itself following an 18-month hiring boom. The 2022 data indicates that law firms are adjusting their strategy coming off an overheated hiring market, as job closures start outpacing job openings. While the number of overall openings is still far higher than pre-pandemic levels, law firms may now be looking to be more strategic in their hiring and growth needs. But what does the decreased number of job postings and differences of job openings per practice area show about the current legal market? And how can law firms leverage this data to improve their growth strategy?
NEW YORK, Oct. 13, 2022 /PRNewswire-PRWeb/ -- Leopard Solutions, a legal intelligence provider, recently released legal job data that may signify that the legal market is re-writing itself following an 18-month hiring boom. The 2022 data indicates that law firms are adjusting their strategy coming off an overheated hiring market, as job closures start outpacing job openings. While the number of overall openings is still far higher than pre-pandemic levels, law firms may now be looking to be more strategic in their hiring and growth needs. But what does the decreased number of job postings and differences of job openings per practice area show about the current legal market? And how can law firms leverage this data to improve their growth strategy?
"The legal industry expected a cooling," explained CEO of Leopard Solutions, Laura Leopard. "These numbers likely indicate a corrective action towards more normal market standards. In other words, these are the first steps in the legal market righting itself after a very busy 18 months."
September marked a significant drop in the Leopard Solutions Jobs Program. After there had been a peak of job openings in mid-April, the numbers had slowly tracked down since then, and in September there was a decrease of approximately 500 openings in a short period of time. According to the data, jobs previously remained open for an average of 80 to 100 days. Presently, jobs are closing at a more rapid pace—at approximately 40 to 50 days. This is an atypical occurrence, and it is unlikely that all of the positions were actually filled—rather, the jobs were likely closed without being filled.
Leopard Solutions examined the number of jobs added or closed per day throughout September. The drop is a result of fewer new jobs being added coupled with a large number of job closures. The jobs program currently monitors 1,028 law firms and 23 Fortune 500 companies. As 58% of the current openings are from the top 200 grouping, Leopard Solutions expects this large group to account for more closed jobs. The chart below shows that 35% of the closed jobs were from firms outside of the top 200. When the data focuses on just the top 200, however, the majority of closings came from the Top 50 firm grouping.
The Top 50 currently have 2,749 openings (43%) in the jobs program, while the Top 200 overall have 6,333. The Top 50 accounted for the largest number of closures (38.75%) followed by the Top 100 (33.3%)—meaning that 72.05% of the job closures were from the Top 200. The data also showed a marked difference in job openings by practice area. The demand for Corporate attorneys has cooled, with corporate job openings declining from the #1 spot six months ago to the #3 spot presently. Litigation, however, has grown slightly, ranking now as the #1 practice area in hiring, followed by Intellectual Property. This reflects the sentiment that corporate position openings are declining as mergers and acquisitions cool in the current market.
The findings suggest that law firms are being smarter in their recruiting approach. Specifically, firms are beginning to move away from the reactive hiring of individual attorneys to fill gaps, and instead looking towards more strategic growth methods such as acquiring whole practice groups. Allowing firms to integrate their hiring strategy with business development opportunities as a key part of their long-term strategy.
With this shift in the legal hiring market, it is likely that firms are hiring with long-term strategy, growth, and business development in mind. This market correction notes that these firms are thinking ahead of the curve and planning their next moves. The first step in the market righting itself is in law firms adjusting their strategy—and as signaled in the data, many firms are doing just that.
If firms are looking to more strategic methods for their growth, it is crucial to examine data trends and garner how they can use their recruiting strategy to support their organizational growth as well as business development initiatives. By staying up-to-date on the changing market, law firms can tailor their recruitment strategy to fit their long-term business goals.
About Leopard Solutions:
Leopard Solutions delivers the highest quality, most accurate and in-depth information on the legal market, leading law firms and attorneys with easily searchable products.
From business development solutions to competitive intelligence to lateral recruitment to our curated and customizable market research reports, Leopard Solutions offers a wide range of data solutions for law firms and legal departments. Leopard's data and technology is continuously updated to ensure market relevance and competitive edge.
We are a proud WBE organization that has grown into one of the most recognized and trusted legal market data providers in the United States. Leopard Solutions' high level of quality and depth is unmatched in the industry. For more information, visit our website and follow us on LinkedIn.
Media Contact
Phil Flora, Leopard Solutions, 212-430-8531, [email protected]
SOURCE Leopard Solutions
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