Law Firm Jobs Report: Comparative Analysis (December 2024 vs. December 2023)
This report provides a comparative analysis of job market activity among a closed set of law firms tracked longitudinally, focusing on the month of December 2024 compared to December 2023. The analysis examines both overall market activity and activity specific to domestic firms within the group.
The law firm job market showed notable changes in December 2024 compared to December 2023. Overall, job openings experienced a 44.1% decrease, while job closures dropped by 28.1%. However, the total number of open positions increased by 31.3%.
Within domestic firms, job openings decreased by 43.3%, and job closures fell by 32.3%, with total open positions rising by 34.1%.
Key Observations
Job Openings Decline Across the Board:
- Both overall and domestic firms showed significant declines in job openings in December 2024 compared to the same period in 2023. The reductions were relatively similar in magnitude, with a 44.1% drop overall and a 43.3% drop for domestic firms.
Fewer Jobs Closed:
- The number of jobs closed also decreased for both categories. For all firms, the decrease was 28.1%, while domestic firms saw a slightly sharper decline of 32.3%.
Increase in Total Open Jobs:
- Interestingly, the total number of open jobs at the end of December 2024 rose significantly compared to 2023. This indicates that while fewer jobs were opened and closed, existing openings persisted longer, potentially signaling changes in hiring dynamics or slower decision-making.
Domestic Firms’ Contribution to Market Trends:
- Domestic firms’ trends closely mirror the overall market, suggesting that domestic firms are a substantial driver of the observed changes. Notably, domestic firms alone accounted for the vast majority of total open jobs in December 2024 (173 out of 176).
Conclusion
The December 2024 legal job market exhibited restrained hiring activity relative to December 2023, as evidenced by sharp declines in job openings and jobs closed. However, the increase in total open positions indicates potential challenges in fulfilling hiring needs or a cautious approach to job closures. Domestic firms displayed parallel trends to the broader market, underscoring their significant influence on overall activity.
