2023 is likely to see intense competition for legal talent and a more competitive playing field for legal work too, according to a recent report from UK media.
The Financial News survey of some of the top legal leaders in UK’s big law firms shows a consensus regarding continued tough competition for talent with many firms reluctant to let go of lawyers despite a slowing in transactional work.
The difficulties faced in the aftermath of the global financial crisis when lawyers were ‘released’ but then became sought after when work picked up again has seen law firms slow in their moves to release their lawyers.
The tough, competitive legal recruitment market is one that will see law firms work hard to retain legal talent, notwithstanding a contraction in the demand for legal services.
John Cashman, president of Major Lindsey and Africa legal recruitment says that in the US litigation and regulatory practices, and to a lesser extent real estate, will continue to grow nationally.
“The combination of focused regional growth, specific practice area growth, and narrowly focused geographic downturns will likely cancel each other out and cause the industry and law firm profits to remain relatively flat,” he wrote in Bloomberg Law.
The Home-Office Split
It appears that the split between home and office will continue and the global law firms have been using remote working for some time, a practice that is set to continue as their ‘structure-less’ business models provide the best lawyers for the job regardless of location.
This model is one reason why major big law practices were able to overcome problems from the pandemic and continue to earn major revenues, unlike some other professions and industries.