Glam Legal Sector: Like Tech, Less Aura and Meanwhile Lots of Mouths to Feed

 Lawyers in brandname law firms, just like employees in Big Tech, had inspired awe. Their achievements were featured in pop culture, ranging from television (remember that medium?) to film.

That was then. Now, as with the experts in technology (with the exception of those in generative AI), lawyer glam is gone. Part of that trend will be the slowdown of lawyers' build-up of wealth.

Back in Q4 of 2024, reports Reuters, profits grew 11.5%. But that might be the last of the good times rolling, at least for a while. Financial performance can shift back to normal and normal dims the star power.

Among the headwinds is the slowdown in the growth of demand. No longer as robust is business in the practices of litigation and bankruptcy. Recently productivity has been off. Expenses, especially for manpower and technology, are eating into profits. And, there are also the impacts of tariffs. 

Meanwhile, there are a lot of mouths to feed in large law firms. Hiring of new associates was brisk with firms expecting the recovery of M&A. But recently with the chaos created by the Trump Administration those expectations have soured. 

To maintain the glow a law firm will have to differentiate itself, as the old saying goes, by coloring outside the lines. Today I published an article in O'Dwyer Public Relations on the reward, risk and how-to of being a rule-breaker. 

What will happen to those inexperienced lawyers? Generative AI can take over the grunt tasks.

Will we be circling back to the Lost Generation of Young Lawyers of 2008 - 2009? Those put on the chopping block had nowhere to go and a $700 monthly payment on law school debt. As an intuitive career coach I guided them to work outside the legal sector. Paul Weiss was among the few firms not conducting massive RIFs. 

As an intuitive career coach/tarot reader I uncover the opportunities/obstacles in your earning power that others miss. Free confidential consultation. If we work together, fees are custom-made for your budget. For an appointment: contact Jane Genova (text/phone 203-468-8579, janegenova374@gmail.com). In-person and remote.