It's a Mad, Mad, Mad, Mad Market!
If you are old enough, you remember the movie from which this title is stolen. If not, you may get the idea anyway. Observant recruiters are now licking their chops--all is falling into place for them--and, by extension, for lawyers at all levels. All the signs are there for another sonic boom (in the positive direction) for the need for attorneys at all types of firms everywhere. Put your seatbelt on.
A few items of note:
1) The attorneys in this country are aging--the boomer generation is retiring. This means that the talent pool for leadership at firms is shrinking and about to shrink precipitately. This is good, of course, for those at the point of taking the reins, and it is good for everyone down the totem pole--there is room to move up for all.
2) Business is STILL BOOMING. Despite the slight market hesitations right now in the housing market (and the very recent slight drop in the DOW and S&P today), all market indicators say that the global economy is only continuing to heat up. It is difficult for us collectively as a set of markets to comprehend the amazing growth going on--there are bound to be some slow-downs, sometimes!, in any market. There is no such thing as perpetual growth with never an interruption. However, even in those markets that the gurus are watching are fundamentally strong and going to remain strong. This means, of course, more deals, more of the time--more work for lawyers on all fronts.
3) Inflation is dead; even deflation has been put on hold. If you read and watch, you know this is true (although maybe I'm overly bullish on the threat of deflation). Regardless, the economy has the room to grow even more---the total wealth of the world is increasing, and there appears to be more and more capacity.
4) World stability. Don't laugh. Our little military foray in the Middle-East aside, the world is becoming increasing connected--and in ways that even the 'common man' can understand. Common interests mean fewer structural pulls for political unrest. The new paradigms haven't solidified enough for us to yet worry about any future instability that the new alignments will engender--bottom line: growth, unimpeded and unstoppable.
Thus, we are confronted with a world there there are more opportunities, and for fewer professionals to fill as a percentage of need. I therefore predict that the need for talent is going to become the single most important factor facing commercial interests in the immediate future and in the next 20 years. This means more jobs and better compensation, folks!
It's just a "mad, mad, mad, mad world"--and please remember that at the end of the movie, after a maniacal chase across the globe, the fabulous treasure is unearthed afterall.
Just a thought.
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