It's counterproductive to discuss whether we have a talent shortage or high unemployment. We have both. Even as the economy recovers, the Obama administration's Council of Economic Advisors earlier this year projected that the unemployment rate would stay well above 6% until 2015
As we make our way through the challenges of the global economic crisis, high-impact performers are in demand. I'm speaking here of the indispensible workers who are willing to do what it takes to help the company succeed even in the most difficult of times.
This morning’s monthly jobs report was a mixed bag offering something for both the bears and the bulls.The good news: Unemployment dropped from 10 percent to 9.7 percent. The bad news: The economy continued to lose jobs, shedding 20,000 in January when economists expected jobs to at least be flat, if not grow. The U.S. Bureau of Labor Statistics also revised its reports for November and December. In November, the BLS now says the economy gained 64,000 jobs, up from its previous estimate of a 4,000 job gain.
I predict this year will be marked by five changes in the evolving relationship between those who work and those who pay to have work done.
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? Related posts: Do Law Firms Generally Have Hiring Freezes During the Holiday Season, or is This as Good a Time as Any to Aggressively Pursue a New Job? I am from Akron, OH, but I’d love to work in New York or Los Angeles.
Economists expect that tomorrow’s jobs report from the U.S. Bureau of Labor Statistics will show 175,000 jobs were lost in September, the smallest since July 2008. A Bloomberg survey also says economists expect the unemployment rate to rise to 9.8 percent, the highest since 1983. An ADP report released this morning foreshadows the lower, yet still continuing job loss. The ADP National Employment Report says the U.S
David Szary says financial services companies are hiring — a lot.
I’ve noticed recently that the West Coast job market has gotten better in the past few months, in relation to law firm hiring. Law firms are cautiously dipping their toes back in the associate hiring waters. For example, I recently got a job order from a firm in LA for a junior litigation associate- and have also received job orders for mid-level corporate associates, as well. This is a good sign. Many firms are becoming more optimistic that the economy is improving and that there will be a need for associate hiring in areas like general corporate, litigation, and real estate law. Keep in mind that firms are still pretty selective in regards to granting associate interviews. Overall though, this increase in associate hiring is great news for many in our legal community. Related posts: How much do hot practice areas vary from state to state? Pick Your Practice Area Wisely Did we skip the litigators?