- On April 24, 2022
Yes, these are crazy times: pandemic, war, supply chain snarls, China lockdown, inflation at a four-decade high, and increased odds of a recession. WSJ thinks an “abrupt end” to growth is on the table.
What does this mean for in-house careers?
- If you are looking to change jobs, consider the effect of the economy on your prospective employer. Is it in a stable/growing space? Will it be impacted disproportionately by increased interest rates, inflation, supply chain disruptions, etc.?
- When will you know the recession has hit? You generally will see companies start layoffs (usually non-lawyers first), so you will know when a recession is here. Luckily, lawyers are not usually the first ones let go unless they were the last ones hired or Sales fell off a cliff. In fact, companies sometimes still hire lawyers even when the outlook is cloudy because to get an in-house headcount the position is well-justified by demand, and managers want to grow their team. But you’ll see other positions get cut so you’ll know the party is over.
- Keep up your networks now, not when you need something. Be a resource to people so they will want to help you when you need an intro, insight into a company, etc.