When it comes to new job postings, the term “summer doldrums” seems to be absent from the law firm lexicon. July marks the fourth consecutive month that performance has exceeded predictions.
As we enter Q3 of 2024, job listings reached 1,141 across all firms tracked by Leopard Solutions, surpassing the predicted figure by 6%. Despite this positive trend, the overall number was still down by 87 jobs from June, which saw an unsustainable 20% increase.
Conversely, the difference between predicted and actual percentages among domestic firms increased from 5% to 6% between June and July.
The number of U.S.-based jobs in the lateral market rose an impressive 12%, increasing to 2,810 from 2,520 in June. This surge was driven by a strong demand for associates, which exceeded our anticipated 1,487 by nearly 20% (19%).
Uncharted Waters
Time will tell whether the current hiring pace reflects a healthy deal environment or whether we are heading toward a speculative bubble. Leopard Solutions’ predictions are based on our proprietary algorithm, which quantifies job opening figures by analyzing the seasonality of employment opportunities and the trajectory of market trends observed in the preceding months.
