Although the economic downturn of the past four-plus years is only slowly coming to an end, and a general “wait and see” attitude by employers with regard to expanding their businesses still prevails in certain industries and geographical locations, overall hiring (including in the legal industry) has been steadily increasing. Moreover, during the depths of The Great Recession, many financially strong companies and firms viewed the weak economy as providing an opportunity to recruit top talent from their less fortunate competitors. Others sought to increase market share by simply maintaining their ranks while many of their competitors were downsizing. Now, however, the stock market has reached all-time highs repetitively, and it is clear that many businesses are doing extremely well. A spate of new hiring can be expected to follow, and we are already seeing strong evidence of this trend in the legal industry and other sectors of the economy.
As noted in a prior “Market Highlights” comment (written in June 2006, as the economy was beginning to show signs of faltering), at no time is the quality of a company’s management team and other key employees more critical than during an economic recession. While investing in superior talent is always a wise decision, it becomes paramount when tough challenges affecting the very survival of business enterprises must be faced head-on and overcome by the individuals being hired. Employers that take advantage of the opportunities presented by economic downturns to shore up their management and other vital functions will likely emerge as tomorrow’s market leaders.
(Posted or updated 4-7-13)