As has been the case for the last several quarters, the number of applicants per position has risen. The process of sorting through numerous, unqualified applicants can be extremely tedious. Because of this, the cost of a hiring decision is estimated to be up to four times the salary of the position.

Unfortunately, law school graduates are still in a precarious position. It is estimated that 2011 might be even worse for hiring new graduates than 2010.  There are still problems with the economy. A whopping 24% of homeowners are underwater and unemployment is at the longest drought on record, staying over 9.5% for over 15 months.  8 million jobs were lost from November 2008 through November 2010.

The good news is that we can look to the period following the 2001 recession for hope. After 9/11, there were 2.5 million jobs lost, but by 2004, huge expansion and enormous recovery occurred. It may take longer to recover from the recent hit to the economy, but the market is sure to do so and of course, we are seeing signs of this daily. Many predict that the economy will enter a boom period by summer 2011 and that 200,000 jobs per month will begin to be added.

2010 was an extremely successful year for Spence Search Partners. We made several successful placements and were extremely busy keeping up with the needs of our clients. Our company is adding a solid and steady amount of job orders weekly, so we certainly see the market pointed in this positive direction mentioned above. The companies and law firms that get ahead in this type of market are the ones who act to recruit and hire the best candidates before concrete signs of improvement become obvious to all.