Leopard Solutions is proud to unveil a refined methodology designed to provide more precise and actionable insights into the legal job market. By focusing on a consistent subset of firms we have monitored over time, this approach minimizes fluctuations caused by the dynamic growth of our database. While we are still building retroactive predictions for this subset, year-over-year comparisons now offer a clearer lens into market conditions. Looking ahead, monthly projections will enable us to compare current trends against algorithmic forecasts, paving the way for increasingly accurate evaluations of hiring patterns across the legal industry.
The November data reflects significant developments in legal hiring trends from 2023 to 2024, offering valuable insights into the changing dynamics of job openings and closures for associates, partners, and counsel roles across all locations. Below are the highlights.
Key Legal Job Market Trends: November 2023 vs. November 2024
A Shift in Hiring Dynamics
Job Openings: November 2024 saw 25 new job openings, a 40% decrease compared to the 42 openings in November 2023. While this suggests firms may be approaching hiring with greater caution, it also reflects a strategic emphasis on aligning recruitment with long-term goals.
Job Closures: Closures also dropped significantly, from 61 in November 2023 to 31 in November 2024—a 50% decline. This slowdown could indicate reduced turnover and improved retention, as firms focus on stability in uncertain times.
Growth in Total Open Jobs
Encouragingly, the total number of open positions increased substantially year-over-year:
In November 2023, there were 134 open positions, whereas November 2024 recorded 182—a 36% rise (48 more jobs). This uptick suggests that demand for legal talent remains robust, with firms continuing to create opportunities even amid a measured hiring landscape. The growing number of open jobs could reflect firms’ focus on finding the best-fit candidates, a sign of thoughtful and strategic recruitment.
U.S. Legal Job Market Trends
Zooming in on U.S.-based legal roles, similar trends emerge, showcasing opportunities despite an overall slowdown in activity:
Job Openings: New openings in the U.S. decreased by 43%, from 42 in November 2023 to 24 in November 2024. This may indicate firms recalibrating their hiring strategies to align with changing market demands.
Job Closures: Closures in the U.S. dropped by 52%, from 60 in November 2023 to 29 in November 2024. This trend could point to a more stable workforce and fewer unplanned departures.
Total Open Jobs: The total number of open positions in the U.S. rose significantly from 132 in November 2023 to 179 in November 2024—a 36% increase. This growth reflects a sustained demand for legal talent and a pipeline of opportunities waiting to be filled.
Broader U.S. Market Context: A Tale of Resilience
The broader U.S. labor market added more jobs than forecast in November 2024, buoyed by a rebound from weather disruptions and labor strikes. While the unemployment rate ticked higher, this points to a labor market rebalancing after temporary disruptions. Against this backdrop, the legal industry shows resilience, with firms maintaining a strong need for qualified talent, evidenced by the rise in total open positions.
Though hiring activity has moderated, the increasing pool of open jobs underscores firms’ commitment to strategic recruitment, prioritizing long-term growth and adaptability in a competitive landscape.
Laterals Overview: November Trends by Role
The lateral hiring market demonstrated notable percentage shifts across associate, counsel, and partner roles in November 2024 compared to November 2023. Associate roles experienced a significant 16.7% increase, rising from 719 to 839 positions. This growth underscores sustained demand for early to mid-level legal talent, as firms continue to prioritize foundational support in key practice areas.
Conversely, counsel and partner roles saw modest declines. Counsel positions decreased by 5.2%, falling from 155 in November 2023 to 147 in November 2024. Similarly, partner openings dropped by 5%, from 218 to 207. These reductions may reflect firms’ cautious approach to expanding senior leadership, likely driven by evolving market conditions and budget considerations.
Despite these specific declines, the overall number of open lateral positions increased by 9.3%, growing from 1,092 in November 2023 to 1,193 in November 2024. This rise reflects a resilient lateral hiring market, with firms showing adaptability and a forward-looking approach, focusing on long-term growth opportunities even in the face of shifting dynamics.
Looking Ahead: Optimism for the Legal Job Market
Leopard Solutions’ advanced methodologies and proprietary algorithms provide unique insights into the legal job market, analyzing seasonality, hiring trends, and economic factors. As firms navigate a dynamic environment, our reports will continue to offer valuable data to support informed decision-making and strategic planning. With a growing pool of opportunities, the legal industry is poised for future growth as firms refine their recruitment strategies to attract top talent.
For more information on legal job trends and career opportunities, visit Leopard Jobs.
