The subprime mortgage crisis of 2007 to 2010 saw financial corporations scrambling for attorneys with banking and mortgage foreclosure expertise. The extraordinarily high demand for these lawyers, coupled with the high costs associated with adding headcount, caused many of these organizations to look to contract attorneys for support. Those that had not used temporary staffing in the past were pleasantly surprised by the level of expertise they were able to find, as evidenced by the number of contractor attorneys who were ultimately converted to permanent positions within these firms.
A similar situation has emerged today, as the COVID-19 pandemic has companies and law firms seeking specialists in employment law, loan securitizations, restructurings, cybersecurity, data privacy, compliance, SaaS and other matters related to moving employees from their traditional offices to remote work environments. Once again, the need for expertise is widespread, yet budgets are strained. And so, once again, contract attorneys and support staff are providing a temporary or temp-to-perm solution.
