Ten Positive Developments on the Legal Scene

It is clear that the legal industry continues to experience many challenges in the current economic climate. However, despite the layoffs, salary reductions and dwindling practice groups, there are some positive developments and trends that perhaps could be deemed a light at the end of the tunnel, a glimmer of hope or simply fortuitous by-products of an economic downturn. Below are our top ten:

1. As they are flooded with volunteer attorneys, non-profit organizations are benefiting from the qualified pool of legal talent on the market. Many law firms are encouraging or even paying their associates to take a year out to spend it with these organizations. It’s win, win, win, all around.

2. Mid-sized and small firms are also able to take advantage of highly qualified legal talent from large firms in the market by using these attorneys on a contract basis.  Attorneys that haven’t been exposed to smaller firms may be enticed to leave Big Law for some of the benefits these firms have to offer.

3. As a direct result of the current economic crisis, firms that can offer non-traditional fee structures have an opportunity to attract more corporate clients.  Since corporate legal departments are now more cost-conscious than ever and are open to exploring their options, this is a great time for firms to establish new relationships that will outlast the current downturn.

4. As support staffs are laid off from firms, many of them are returning to school or brushing up on their office skills so that they are more marketable when they re-enter the work force.  Firms and companies will have the pick of even more qualified staff, which in turn will help firms run more efficiently. 

5. Attorneys have more time to meet and talk with legal vendors to fully discuss the benefits of their services and products, in turn giving them a more knowledgeable platform from which to speak and better service their clients. 

6. Firms and corporate clients are more proactive in ensuring that they are paying salaries that are commensurate with experience and expertise.

7. Employees are being more reasonable about salary demands and employers face less of a risk of employees leaving simply for higher salaries.

8. Great employees who were not previously available, are now available to work on a temp-to-hire basis for employers, providing an excellent opportunity for both employees and employers to make sure that they make a great fit.

9. Firms and companies with temporary needs are able to find highly skilled temporary employees who were previously only available for permanent positions.

10. Attorney candidates are being more selective about the positions they look at and are being careful not to be motivated solely by salaries. Instead, they also are carefully weighing factors such as the firm’s culture, practice areas and the opportunity for long term growth.

Truly, there are, if not silver linings to every situation, at least ten silver threads in the current market.