The legal field closed out the second quarter of 2023 with encouraging data: Its unemployment rate fell to the lowest level in more than a decade.
From Q1 to Q2, legal occupation average quarterly unemployment rates fell from 1.13% to 0.17% for men, 1.6% to 0.67% for women, and 1.4% to 0.43% overall, representing historic lows among all groups.
The legal occupations accounted for in this data include lawyers, paralegals, legal secretaries, support staff, and law clerks.
The positive news comes despite fear-inducing headlines about legal layoffs, artificial intelligence replacing legal professionals, and a recession.
Notably, unemployment for men registered at 0.0% for April and May—a figure only reached a total of four times in the last 10 years, including the two times it occurred this quarter.
Overall legal employment grew modestly in Q2, from 1.82 million to 1.90 million, but didn’t manage to reach Q2 2019’s 2.0 million, the highest legal employment count in the past decade.
The past quarter’s solid growth, combined with the quarter’s extremely low unemployment levels, likely indicate that individuals looking for legal work are able to find it—and in a broader sense, it may signify that the legal field is nearing full employment.
While one positive quarter alone isn’t evidence of an economic trend, these employment numbers should provide some peace of mind for those concerned about the state of the legal sector.
Bloomberg Law subscribers can find related content on our...
Actor Kim Soo-hyun's legal team vowed to file a 30 billion won ($19.9 million) civil suit against the head of far-right YouTuber Kim Se-eui for damages caused by allegedly fabricated claims about ...