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Greetings!
Change has been a prevalent national theme in the last 12 months, and autumn is one of the most spectacular natural displays of change that we see in Colorado. While the leaves change and the temperatures dip, it is important to recognize that the legal sector is changing as well. As we plunge into the busy fall season, it is vital that you take stock of your personnel plan, benefits, and staffing needs to ensure that you aren't caught flat footed as the pace increases this season.
This month's newsletter focuses on issues and ideas that are facing all of our firms during the recession. We have included three articles on the current employment market and some specific pitfalls for the legal sector. Though the economy is not out of the woods yet, the rate of decline here in Colorado has diminished and both firms and corporations are starting to approach the market with a cautious optimism.
We sincerely hope you will find these pieces both relevant and useful. As always, please check out our featured attorney and legal staff candidates in the upper left hand corner of this newsletter. The resumes of both our featured candidates and our other top notch candidates can also be viewed on the 'Recruiting' page of our website at www.lawqteam.com. As always, we hope your month is a great one and feel free to contact us with any of your recruiting or employment questions.
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Truly yours,
R. Christopher Newton
LAW Q, LLC
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Q4 2009 Job Forecast
Careerbuilder.com
CareerBuilder and USA TODAY's Q4 2009 Job Forecast shows that,while employers are feeling more optimistic about the economy and job market, the majority plan to keep their staff levels the same for the remainder of the year. Continued moderation in job loss and a hesitant approach to hiring is expected for the fourth quarter. Compensation trends in the fourth quarter are expected to mirror those of the last two quarters, as half of employers (51 percent) anticipate no change in salaries for full-time, permanent employees in the next three months.
The survey of more than 2,900 hiring managers and human resource professionals across various industries was conducted by Harris InteractiveŽ from August 20 to September 9, 2009.
Looking Ahead
"Companies are switching their focus from cost containment to growth. Employers who have instituted pay cuts or layoffs in the last year are reporting that they have begun to restore compensation levels and rehire employees," said Matt Ferguson, CEO of CareerBuilder.
"While these are positive indicators, the pace of hiring will remain restrained. It will take time to rebuild the confidence needed in the nation's economy to trigger more robust recruitment programs."
Q3 2009 v. Q4 2009: Who's Hiring?
Q3 2009: The number of employers who increased their full-time, permanent headcount in the third quarter was unchanged from the second quarter at 18 percent.
Q4 2009: Seventeen percent of employers expect to add full-time, permanent employees. Reducing headcount
Q3 2009: Fifteen percent of employers reported declines in staff levels in the third quarter, an improvement from 17 percent in the second quarter.
Q4 2009: Planned staff reductions continue to trend down; 10 percent anticipate a decrease in headcount. No change in staff or undecided
Q3 2009: Sixty-five percent of employers reported no change in their number of full-time, permanent employees, while one percent were undecided.
Q4 2009: Sixty-eight percent anticipate no change, while 5 percent are undecided.
Employers Rehiring, Bringing Back Laid Off Workers, Reversing Pay Cuts and Strategy
Although employers have made moves to scale back spending and minimize risk in the wake of a financial crisis, they are also cognizant of the need to remain relevant and competitive. As the U.S. economy shows signs of stabilization, employers are reversing some of the strategies they had taken to manage through challenging economic times. Many are rehiring and bringing laid off employees back, as evidenced in the forecast:
Twenty-seven percent of employers reported that, over the last year, they have laid off workers in one area, but hired in another.
Primary areas of hiring were those linked to revenue, including technology, sales, customer service, and research and development.
Laid Off Workers: Employers are Bringing them Back
Of employers who had layoffs in the last 12 months, one in four (26 percent) reported their company is planning to bring back some employees they let go earlier in the year.
Of those rehiring laid off workers, 23 percent started extending job offers to former employees in the third quarter, while 19 percent say they will begin to do so in the fourth quarter.
Nearly a quarter of employers (21 percent) will start bringing back laid off employees in the first quarter of 2010, while 15 percent are waiting until the second quarter of 2010. Others are holding off until the latter half of 2010 and beyond.
Reversing Pay Cuts
Nearly one in five employers (18 percent) reported their organizations implemented pay cuts in the last 12 months. But when will pay be restored?
* reprinted with permission 2009 |
Legal Sector Lost 2,000 Jobs in September
Brian Baxter, The American Lawyer
According to a monthly jobs report released Friday by the U.S. Bureau of Labor Statistics, the nation lost 263,000 jobs in September as the unemployment rate reached 9.8 percent, the highest in 26 years.
The legal sector wasn't spared. When the data is seasonally adjusted, the sector shed another 2,000 jobs. When not seasonally adjusted, the legal industry lost 13,600 jobs, likely a result of the conclusion of most summer associate programs and the return of students to their law schools. (Click here for the BLS report, The Employment Situation: September 2009.)
While layoffs at Am Law firms appear to have tapered off from their brisk pace earlier this year, some firms still are slimming their ranks. Sonnenschein Nath & Rosenthal enacted its third round of cuts of the past 18 months, reducing its ranks by 30 lawyers in September, including 10 income partners.
Baker Botts also recently let go of a number of associates, but the firm has not specified exact numbers.
One bit of good news is that one year after the collapse of Heller Ehrman, no major law firms have folded since the dissolution of WolfBlock in March.
Still, early signs don't point to any major improvements in the employment stats in the legal field for October.
On Friday, sibling publication The Recorder reported that Cooley Godward Kronish was laying off 58 staffers, with the majority of the cuts coming from the secretarial ranks. The layoffs represent nearly 6 percent of the firm's total staff. Cooley previously cut 52 lawyers and 62 staff in January.
*reprinted with permission 2009 | Law Jobs in an Economic Slump?
LawCrossing.com
With the economic downturn, there's nothing worse today that is affected like the legal job market. Then, there are the aspects to take care of such as intense competition, client cut backs, layoffs, and reduced pay. The changes are evident with attorneys cracking under the pressure. There have been reports of suicide in 3 major law firms in the United States. The state of the law firms in the last 6 months has not been something encouraging as they have demonstrated that lawyers have to bear the brunt of the downturn and the failing market. The intensity of big wins and billable hours are on the rise. More and more attorneys are leaving their jobs.
According to a study that was conducted by the National Institute for Occupational Health and Safety, lawyers have been ranked fifth among the professionals who are prone to committing suicide. The situation has grown worse and lawyers are the workers who are quickly subject to depression owing to their work pressure and legal training that more often than not bears them down. In fact, the stress factors of the lawyers are created by their own work profile and they are often victims to these for years on end.
The deteriorating economy affects the lives of the attorneys as generally lawyers are laid off in the middle of all those cost cutting measures. In the case of law, often lawyers end up losing a case just before committing suicide. The stress of the recession is tough on employees and this is especially true in the case of lawyers who are generally over achievers. Their working conditions and legal training can be the reasons for work related stress, as has been confirmed by a recent study. The anxiety that is accompanied thereby can lead to contemplation of suicidal thoughts.
What has been termed as an ''equal opportunity downfall for everyone'', it seems that the recession is playing havoc with the attorneys and their careers. In fact, they cannot visit their friends and family members if they live in the same place, and the law professionals who are facing the hammer are under extreme stress to live up to their expectations. They are being pushed to the end of their rope. One of the prominent law firms, Kilpatrick, had been headed by Mark Levy in the sphere of the Supreme Court practice. Levy committed suicide in his Washington, DC office as he was one of the 24 lawyers to be dismissed.
A female associate at Simpson Thatcher killed herself after the firm dismissed her. George Covington of King and Spalding killed himself after he along with a team of litigators faced a jury trial defeat in a case that was going on for 7 years. There isn't much of a legal risk involved when lawyers commit suicide or when they take their lives. Only a handful of lawyers' families can actually move the court for suing the firms. In all, law firms are responding to the downturn by slashing their budgets.
*reprinted with permission 2009
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