Those who remember 2008 or earlier crises are not surprised to see the legal sector shedding jobs. Indeed, lawyers are often among the first on the chopping block despite the strategic guidance and compliance services that lawyers provide. The losses are likely to continue, as companies and law firms attempt to right-size their personnel with their decreased revenue. For in-house counsel, this means a time of uncertainty for job prospects, but also an increased workload as colleagues lose their jobs. Be prepared and vigilant for job seeking during a recession and know that companies are still hiring for in-house counsel and even General Counsel jobs – but the competition will be fierce.
“Legal employment is way down amid law firm furloughs and layoffs during the COVID-19 pandemic. The legal services sector lost 64,000 jobs in April, according to seasonally adjusted numbers by the U.S. Bureau of Labor Statistics. Since April of last year, the sector lost 48,400 jobs.”
Read: Legal services sector shed a whopping 64,000 jobs last month at ABA Journal – Top Stories