Extract from Jared Coseglia’s article “Top 10 Predictions for the 2023 LegalTech Job Market”
2022 will be remembered as a year of huge momentum in full-time hiring for mid-market, non-contract professionals. Early in the year, candidates were amazed at the lightning-fast speed of hire, excellent salary offers, and flexible working conditions extended for new roles. Hiring managers were spurred by the ease of virtual meetings in lieu of in-person interviews, availability of large, experienced talent pools, and burgeoning workloads resulting from the end of the pandemic.
In Q4 2022, things slowed a bit as recession threats loomed, but the overall job market shows continued promise. In 2023, full-time hiring may be slower in the first quarter, but the workloads are not going to be smaller, so look for a quick rebound. Here are my predictions for 2023 for the legal tech marketplace:
1. Speed of hire will stabilize, remaining faster & more efficient than previous years
The rapid adoption of virtual interviewing during the pandemic accelerated the timeline for interviewing and hiring new employees. In legal technology, the peak was a speedy eight to 12 business days from resume submission to offer acceptance. Now, things have stabilized:
- For mid-market talent, the timeline to hire is 30 to 40 days. Prior to 2020, that timeline was almost 90 days.
- Executive-level roles now take about two months. Prior to 2020, executive searches could take between three and six months.
- Contract roles took only days to fill in 2021, less than two weeks in 2022, and over the last two months, have accelerated to about seven business days.