Leopard Solutions recently conducted its annual state of the legal industry webinar on January 17, 2023, sharing insights based on its 2022 attorney hiring analysis and giving an outlook on where the industry is going for 2023. The panelists continued their discussion from the webinar and went further in-depth into what they felt law firms should focus on. Here are some highlights from the post webinar available as a podcast.
Don’t hold back on hiring
Despite market fears of a recession, law firms should not hold back on associate hiring as many economists predict the recession will be short-lived and businesses will bounce back quickly.
Strengthen recession-proof practice areas
Not just for big law, small law should also look at tapping into the litigation market estimated at $397.1bn in 2023 (source: IBIS World). Litigation needs will continue to persist, even during the recession. More money is spent on litigation in the U.S. than all other legal services and in all other countries combined.
- Expand your client base across different industries
While some industries like technology and manufacturing, are cutting back due to inflation and fear of the impending recession. Other industries like energy and the newly blossoming cannabis market continue to spawn. Whether it is grooming new associates or hiring lateral, law firms should look at specific practice areas they lack and start a hiring plan for these growing areas.
- Monitor industry trends even those outside of your geographic reach
Much of what is affecting the U.S. market and the legal industry is coming from global events such as the Ukraine war and the global recession looming everywhere. On the other hand, parts of the country are experiencing a local economic boom as some of the manufacturing that was previously offshored is brought back domestically. While firms should keep a keen eye on the external trends, they also keep a lookout at the local pockets of demand for legal services that are not reported widely.
- Map out a clear, transparent partnership path
There is still a strong and healthy appetite for partnership among attorneys, and law firms that have a clear partnership path for their associates will stand to attract talent and build a stronger firm that keeps the talent motivated.
Click here to listen to the entire recording of the podcast. The full 2022 Leopard Solutions State of the Industry report will be available in February 2023. Get your copy here.
