How Aggressively Should Firms Re-Hire?
JP Morgan recently announced plans to hire 1200 to staff up its real estate lending capabilities. This is as aggressive a hedge on the recovering market as I’ve seen, in an economy where we still see nothing but mixed signals.
Banks aren’t law firms, of course, but the two industries have a great many parallels. The bursting of the real estate bubble had marked effects on both banks and then law firms, and we’ve seen significant downsizing in both industries. JP Morgan’s bullish hiring makes me wonder: are there law firms who might aggressively start hiring in anticipation of a healthy economic rebound?
I suspect we will see a great deal more reluctance within law firms to over-hire than we might see in other industries. I do see firms trying to predict the perfect time to hire opportunistically before the hiring market becomes competitive again. When we look back, who will be the firms that timed the market right?
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lioness45385 on January 12th, 2010
It is suggested that law firms should aggressively re-hire. If some do and some don’t, the firms that don’t aggressively re-hire will be left out in the cold. There are numerous legal fields that are opening up, especially in light of the large amount of foreclosures and loan modifications out there, as well as real estate litigation matters. It seems to me that the firms that do not re-hire are going to take a fall and will be left out, while others stand to make a decent amount of revenue. It takes qualified applicants, and the firms have these applicants waiting on the sidelines. Right now it is an employers market, but it will not always be that way.
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