The past decade has seen substantial fluctuations in the legal job market. These accompany shifts in the economic and technological landscape. Recent concern about technology and privacy, cyclical demands of many fields of law, and shifts in the job market have led law firms to seek new ways to acquire talent. Some of the trends are as follows.
1. Booms in Specific Sectors
Technology and privacy are an upcoming field of law with major cases hitting the news headlines, but the fastest growing fields are litigation and commercial law. Experienced litigators and legal support are in high demand as reflected by a substantial midpoint starting salary of $128,000.00 for eDiscovery directors. Employers are competing within the pool of commercial lawyers as well as with experienced compliance managers and offer a salary midpoint of $93,000.00
2. Promising Job Market
Trends in the legal job market have been optimistic for the first time in a while for new grads. While the highest labor demand in the legal industry is for specialized support like security analysts, The entry-level job market is at an all-time low for unemployment. Numbers suggest that the decrease in unemployment isn’t from a surge in new job creation as much as a decrease in the total pool of candidates. Graduating classes of law students have shrunk by 28.0% between 2013 and 2019.
3. Technology and Specialists
Newer focuses in American law range from cases going before the Senate, small disputes, privacy, and technological innovation. Furthermore, applications of technology within the practice of law have proven a tremendous boom for optimizing workflow, staffing, and even advanced tasks in daily operation. Because of these trends, the legal market is seeing an increased demand for specialists who understand and can apply modern technology within their niche.
4. Contracting: the New Normal
Like many other fields of the job market, the law firms are turning to contractors. Contracting offers flexibility in terms of seasonal demands or specific cases and provides a window of observation for potential full-time employees in a contract-to-hire position. General Counsels are also inclined to seek out contract arrangements as a way to manage the budget as temporary contracts are an effective way to decrease spending compared to employing outside counsel.
5. Advent of New Solutions
The specialized nature of talent acquisition within the legal sector has given rise to a boom in the legaltech marketplace. Staffers can offer tailored solutions to employers and draw from the competitive pool of existing candidates. Many law firms prefer in-house contractors to outsourcing, and the legaltech marketplace offers a unique solution.
The cyclical nature of many fields of law makes talent acquisition a regular concern with a need for specialists in both support and practice. Online staffing agencies streamline the process for law firms that juggle an impacted workload alongside their persistent need for new talent. Start your search with LawTrades Apex to gain access to a pool of seasoned and vetted candidates ready for interview today.