Tuesday, November 11, 2008

Law Firm Hiring Slows in 2008

The National Law Journal, an Incisive Media publication, reported yesterday that law firm hiring slowed in 2008 across both partner and associate levels. Full details here.

“The next year will be a challenge, as firms rein in costs and readjust their practice areas to maximize readiness for emerging areas of law that generate revenue," comments Editor in Chief Steven Fromm.

The flip side of law firm lay-offs, as reported in an earlier post, this move to reduce hiring underscores the pressure on existing partners and associates to pick up the pace in new business development.

It's useful to note Mr. Fromm's emphasis on "emerging areas of law that generate revenue." Now is the time to look into the crystal ball and develop new legal services that will meet the needs of corporate clients facing slow payments, burdensome loan covenants, employee reductions, or refinancing pressures.

Focus is always beneficial, and those law firms and attorneys who understand a select number of market niches may find it easier to craft offerings that will ease economic pressures on their clients in 2009. November and December are good planning months to get ready for the New Year.

1 comment:

Patti S. Spencer, Esq. said...

These travails have caused lots of new (and even not so new) lawyers to consider starting their own practices. Unfortunately, most newly minted lawyers leave law school woefully unequipped to do so. Bridging the gap are programs like Solo Practice University. See http://solopracticeuniversity.com/