There is a rule of thumb that we recruiters console ourselves with during economic slowdowns that, even though salary levels fall or remain static and the overall number of successful placements might go down, the average value of each one goes up.
The basic rationale for this is that, with deal flow generally down, law firms no longer have need for a vast infantry of assistants, but have a keen, if not keener, appetite for key senior hires who might be able to bring in books of business and boost turnover and fees.
