August 2024 Jobs Report - Fourth Month of Decline for Legal Services

Let's cut to the chase. For August 2024 the folks at the Labor Department calculate that 2,300 jobs were lost in legal services. This represents the fourth consecutive month of decline. Here is more data from Law360. 

That is a bad signal for associate hiring. Sure, the lateral market for partners is going gangbusters and not only as set in play by Paul, Weiss and Kirkland & Ellis. And Profit Per Equity Partner is heading upward with revenue boosted by increasing rates. 

Overall, though, as professional anonymous networks Reddit and Fishbowl communicate lateral hiring on the junior level has been slow. The exception has been for in-demand practices. In general technology is eliminating grunt tasks such as document review. No one really has a handle on what Gen AI will do to associate positions.

Of course, equity partnerships are not safe. We recently bore witness to the carnage at newly merged entity A&O Shearman. That might just be only the first wave of synergy-driven job cuts.

Also despite the hoopla about a star being hired, there is no guarantee that will convert to raised vibrations in branding or in profits. Disappointing performance can result in "being counseled out." Professional anonymous networks speculate which of the recent celebrity lateralings in M&A and PE will pay off.

Losing a job is always a big deal. But in Big Law it is beyond that. Typically it is an emotional catastrophe. Those who come to me for coaching are stuck at that point in time. Should that continue their runway becomes quite limited.

In business and life you usually have only one shot at whatever. Up the odds of success with Jane Genova. I am an intuitive coach, tarot reader and content-creator. Complimentary consultation (please text/phone 203-468-8579 or email janegenova374@gmail.com)