Looking Ahead in 2018 — Industry Trends to Consider
Legal industry trends can be difficult to predict, but recent data on the legal industry (and commentary by industry observers) suggests that there are a number of trends that are likely to continue through 2018. Attorney candidates interested in making a career transition would do well to consider these trends and how they can best utilize such trends to their advantage.
Here at Garb Jaffe & Associates, we provide comprehensive legal recruitment services. As such, our experience legal recruiters can work with you early on in the hiring process to help you develop your resume to better target ideal jobs. Further, our recruiters are capable of providing career development services that properly integrate trends in the legal industry and help candidates position themselves for a transition that will more likely lead to significant career growth.
Consider the following legal industry trends.
Law Firm Mergers Suggest Expansion
In 2017, the number of law firm mergers across the United States was substantially greater than the average for the past decade, indicating that law firms are enjoying a period of growth (and project new opportunities for growth in the future). Merger consolidation in any industry is generally perceived as a signal of confidence, though where this will lead with regard to the job market is uncertain. Mergers could give rise to job cuts if the consolidated entity is unable to effectively and efficiently manage internal growth. Further, consolidating entities often have a plan to “shake things up,” which to some extent usually implies a reorganization of the workforce internally.
Given the potential of instability, attorneys should be ready to make the transition to a new position, if necessary — office culture can change significantly in the wake of a merger, and oftentimes in a negative fashion. Your ability to transition to a different firm or in-house department will immunize you to new difficulties created by a merger.
Lateral Market May See Growth
Lateral transitions in the industry are seeing an increase, and this increase is likely to continue through 2018 as firms more aggressively target attorneys who are capable of generating business and interfacing with clients on their own. Growth in the lateral market is indicative of a strong hiring market for experienced attorneys, and as such, there is no better time to transition out of your current position. Unless you are particularly well-positioned for a promotion at your current firm or in-house department, you are more likely to benefit from a lateral transition.
Price Pressure is Forcing Innovation
Though the overall legal services market is growing, many companies have been expanding their in-house departments (making 2018 an excellent time for an in-house transition!), which has put a significant amount of price pressure on law firms. Law firms must invest funds in competing with in-house departments for work, and in conjunction with the redistribution in demand for their services, law firms are being forced to innovate in order to maintain and grow their revenues. For example, many law firms are hiring dedicated project managers and integrating big data and cutting-edge software, all in a bid to improve efficiency and cut costs overall.
As an attorney candidate, being adaptable is critical at this juncture. Attorneys candidates who are not able to adapt to change, and thrive given these new systems, may find that their career is hamstrung. Tech-savvy, dynamic attorneys are well-equipped to handle the management changes now trending in the legal industry.
Value of Sub-Specialization May Increase
Law firms increasingly value attorneys who are sub-specialized — for example, a team of copyright attorneys may not be sufficiently specialized to impress a client in need of an attorney who has significant experience with handling music copyright licensing. Sub-specialization is of greater value than ever before, so long as you can properly market yourself as an expert in the field. With the aid of a legal recruiter, you can effectively position yourself in such a way as to emphasize specific experiences that push your value up as an “expert.” Legal recruiters can also help you identify those firms and in-house departments that are actively on the lookout for specialized attorneys.
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Do you have an interest in making the transition to a new position, whether at a law firm or at a corporate in-house department? Identifying the best match for your experiences and preferences can be challenging without the assistance of a qualified legal recruiter. Here at Garb Jaffe & Associates, our legal recruiters have a long track record of success in placing attorneys with prestigious law firms and corporations throughout the state of California, and will advise throughout the hiring process.
Call (310) 207-0727 to speak with one of our San Francisco Bay Area legal recruiters today. We look forward to helping you explore your options.