With many changes in the legal field over the last several years, experts are seeing some very specific trends in the industry. They are noticing that clients are more selective about which law firms they use for which services. When you’re looking to add legal staff to your firm it may be important to understand the specific changes within the industry. Here are some of the market trends that are being seen today.
- Segmentation of the market. There are several specific segments of the legal market that experts are noticing. This includes global mega-firms, Wall Street specific firms with a limited presence outside of New York, Multi-region firms usually created after a merger, regional firms which are known for their specific geographic location and specialists who aren’t tied to a specific location but are known for niche practices.
- Legal needs are changing. Clients seem to be selecting law firms based on a smaller list of specialists depending on their needs. They are looking for specific values that fit in with their own corporate culture that the lawyers can translate easily.
- Merger activity is picking up. Some smaller firms are scrambling to remain relevant in the changing market and partnering or being bought by larger firms is one way to make this happen. This is resulting in multi-regional firms that may still function as two separate entities but under the same corporate umbrella.
- Current staffing trends in law. Prior to 2010, legal hiring was facing a downswing. However, that year saw the industry level out and not as many staff reductions were occurring in firms throughout the US. 2012 saw more lateral hires adding partners within firms. There was also a rise in entry level hiring and summer programs, which had also been in decline since the start of the recession.
- Temporary and Contract attorneys. Another hiring trend is the use of short term or contract attorneys. Working with a staffing service that specializes in legal placement can allow for an office to save money but still hire the talent needed to perform the most essential functions.
Do you want to know more about the latest trends facing the legal market? If you are looking for legal recruiting agencies in DC, contact the staffing experts at NRI today.