Provided that an economic slowdown has the good grace and courtesy to let managing partners know a) it is coming, b) how long it is going to last and c) which sectors it is going to affect worst, then the managing partner can plan their recruiting needs accordingly. However, even the least commercially aware lawyer knows that this is not realistic.
Further, when one factors in the time-lag apparent in both hiring and firing lawyers – usually three months either side – the traditional recruitment model is found to be seriously wanting. By the time you know you need an extra resource, it is too late – the deal is on your desk and needs doing; regardless of how many hours there are in a day. You may well ‘recruit’ an additional lawyer, but that individual is not going to start for at least one whole financial quarter – and who knows what the situation will be then?
