The legal industry faces a familiar challenge: balancing cost-cutting during downturns with the long-term need for top talent. Experts caution that firms who scale back hiring and development now risk crippling themselves when demand rebounds.
Learn more from this guide: The War for Talent and Business Downturns
🔑 Key Takeaways
- History Repeats Itself: In the late ’80s, many firms froze hiring during a recession—only to face a talent drought when business returned, particularly among mid-level associates.
- Talent Gap Widens: Law school enrollment has stayed flat, while demand for lawyers keeps climbing. Firms that pause hiring now may be left scrambling later.
- Downturn = Opportunity: Smart firms double down on recruitment, training, and leadership development during slow periods to position themselves for market recovery.
- New Playbook Needed: Experts urge firms to rethink lockstep pay, reward high performers, and invest in inspirational leadership to keep talent engaged and loyal.
⚖️ Why It Matters
The “war for talent” doesn’t stop in a downturn—it intensifies. Firms that continue to invest in people now will be the ones best equipped to dominate when the market swings back.
Learn more from this guide: The War for Talent and Business Downturns