- Market expectations in 2022: salaries, jobs, office-working and culture.
- What to expect when the market inevitably corrects.
Many of the top law firms have experienced serious increases in revenue over the course of the pandemic, as client demand has, arguably, been at its greatest over the past two years. In fact, according to MLA’s recent Global Law Firm Report, demand from clients is up 15-25%. As a result of this uptick, firms have been ferocious in their efforts to acquire both partners and teams. The pandemic has ultimately given rise to a near ‘perfect storm’, with appetite from firms, principally US, coupled with a lateral market at its most receptive to new opportunities. Ultimately, firms are paying more than they ever have for the top talent and cash is certainly still king.
As the market charges ahead, we can expect some stand-out factors to keep law firms up at night, including flexible working and maintaining firm culture.
