In 2021, recruitment for lawyers was at an all-time high, especially in corporate and litigation. But with a potential recession looming (According to Reuters, law firm expenses are up, profits are down and demand is shrinking), is there an end or slowdown in sight to the boom in legal hiring?

While Leopard Solutions’ research tells us a lot about real-time hiring trends, we sought to hear the valuable perspectives of legal industry professionals on the hiring market.

With that in mind, in August 2022, we surveyed 56 legal industry professionals for their insights on what the job market for lawyers for the next six to twelve months may look like. While these viewpoints represent only a small fraction of the legal industry, time will tell how the legal market will fare through the remainder of 2022 and beyond.

Here's what they said:

How does the current legal hiring market compare to 2021?

41% of respondents cited that they are experiencing a somewhat slower market, 26% of respondents feel it is about the same as it was in 2021, and 19% are somewhat busier than they were. Very few respondents said that they are experiencing polar extremes, with only 7% saying the market is much slower, and 5% seeing a significant uptick.

What do you think the legal hiring market will look like over the next 6 to 12 months?

Just over half of our respondents (51%) anticipate a somewhat slower hiring market over the next 6-12 months, while 26% think that things will stay roughly the same. 14% anticipate a busier market. Most respondents shied away from the extremes here, with only 5% expecting a much slower market and only one person anticipating a much busier market. One respondent said, "The need for high caliber candidates will not change, however, less qualified candidates will have to compete harder."

Are you concerned about a recession?

93% of respondents said that they have some concerns about a recession, and when we delved deeper into the numbers, 59% cited they are slightly concerned, 23% are somewhat concerned, and 12% are very concerned. This is an area that we will continue to closely monitor in the coming months.

Looking at practice areas, we asked where there will be demands in legal hiring.

The forecast for litigation roles is looking up, as 55% of our respondents anticipate a slightly or much higher demand for litigation positions. Our survey showed that 29% anticipate that the demand for corporate positions will remain the same, while 48% predict that demand will be slightly lower. One respondent anticipates that corporate hiring will pick up in the fall as mid-term elections near.

But as one respondent said, “When one practice area slows down, another usually heats up. When corporate and real estate are slower, often bankruptcy and restructuring heat up.”

Which practices will see an uptick in demand?

• Corporate: 48% anticipate slightly lower demand; 29% anticipate it to be about the same
• Litigation: 28% anticipate it to be about the same; 32% anticipate slightly higher demand; and 22% anticipate a much higher demand
• Bankruptcy: 74% of people anticipate either a slightly higher demand or a much higher demand
• IP: The bulk of respondents (55%) anticipate demand to stay the same
• Real Estate: 40% of respondents think there will be slightly lower demand; 27% think it will stay the same, and 21% predict that there will be a slightly higher demand
• Banking: Nearly half (49%) say demand will stay about the same; 32% anticipate a slightly lower demand
• Employment: Nearly half (45%) anticipate the market to stay the same, while 32% anticipate a slightly higher demand

As one respondent stated, “Some firms may take the opportunity to proactively hire partner-level talent with proven track records of active and portable practices. This presents its own challenges for several reasons, but hopefully there are great opportunities to be found and matches to be made.”

As 2021 legal hiring frenzy hit such high levels, the market might just be recalibrating itself. However, firms would be wise to take steps now to “recession-proof” themselves as well as ensuring their staffing levels meet client needs now and into the foreseeable future. If anything, we’ve learned over the past two years, to not hit the panic button when it comes to right sizing your staffing now, or else you may find yourself in great need of talent down the line. We will, of course, continue to monitor developments in legal hiring.