When the pandemic began, many law firms prepared for the worst by furloughing or laying off lawyers and legal professionals. Many of these same firms then found themselves at a disadvantage when the hiring spree began in the fourth quarter of 2020. Leopard Solution‘s Phil Flora joins us this week to talk about the numbers that they tracked over this time on hiring and movement in the legal industry. Pre-pandemic, there were 6,000 – 7,000 open jobs at any given moment. Currently, that number is 12,000+. And it doesn’t appear to be slowing down.
Phil Flora discusses a number of issues around how law firms and others are managing, recruiting, and retaining talent in such an active market. Of course, money is the traditional approach for law firms, and that is no exception this time around. However, Flora points out that there are a lot of “greats” going on in the market, including the “Great Pause”, the “Great Resurgence”, and the “Great Reflection” to name a few. And while money will be one piece of the solution, legal talent is wanting many more adjustments in order to keep them content and in place. This includes more work flexibility, mentoring, and even more social awareness by the law firms when it comes to how they align with societal goals.
Crystal Ball Question
We asked Norton Rose Fulbright’s Zack Barnes to look into his crystal ball and predict what he sees for the legal industry. Barnes’ future expands upon the ability for the legal market to expand upon the sandboxes created by Utah and Arizona to allow for ownership of law firms beyond the licensed attorney ranks. For true business innovation, there needs to be diversity in the ownership ranks.
Music: Jerry David DeCicca