IP JOBS HOLD STEADY DESPITE THE GLOBAL PANDEMIC
Our organization tracks weekly IP advertised jobs for the AM 100, AM 200, and middle market. Middle market law firms include a subsection of firms that are growing and could move into the AM 200 rankings. This is one of our many indicators that we use to analyze the IP Marketplace for our Network Recruiters. Over the past 24 months the IP jobs advertised have been very stable, between low 500’s to 600 open jobs weekly. It is not uncommon to see a variance of 20 jobs per week up or down when the amount of open IP jobs peaks over the 450 mark. To give this some perspective, just 4 years ago the amount of open jobs were in the low 300 range and 5 years ago in the high 100 to low 200 range. During January of 2020, the IP jobs reported peaked at about 600 open jobs. During January the US jobs created hit a high of 350,000 jobs, so the spike in IP jobs was within the norm. One can clearly see the job market was at its all-time high.
As of March 8th, our reporting showed 574 open jobs. As of March 24, our report showed 520 jobs open. That’s a 54 job drop, but remember under market conditions it is not out of the norm to see a negative 20 job loss. During the COVID-19 situation, the IP job market only lost an additional 34 jobs. One would think that with the magnitude of this current situation that there would be a much larger drop in jobs. The IP jobs continue to remain very stable, because IP leaders continue to hire. Our Network Recruiters have informed us that law firms and IP practice groups have done an amazing job adapting to our current circumstances by moving to online interviewing. One of our Network Recruiters reported just last week that a major AM firm interviewed an IP Mid-Level Associate and extended an offer. The offer was accepted and the firm onboarded this Associate without having a face to face meeting with the attorney. This is a clear example of the IP leadership embracing a new modern-day approach of hiring.
We will be reporting our IP jobs analysis during this current situation. Please note that these job numbers reporting from advertised jobs do not take into account the hundreds of jobs that our Network Recruiters identify in the hidden job market through the aggressive marketing of the IP Agents / Advisors / Associates / Counsel and Partners that they represent.