Recession Proof Your Legal Career
Are you ready for 2028?
Depending on who you get your financial news from, a global recession will hit us all in the coming years, around 20 years after the last global market meltdown:
1987
2008
2028?
Leading up to, and when we are in the actual recession, your career should focus on YOU.
Here are some tips for you to start preparing:
If you are in-house, you should always be prepared for downsizing - this is the harsh reality of working in corporate. There is no point in dressing it up or avoiding it, this happens in corporates of all sizes in all countries.
One way of avoiding this is to work relentlessly on showing your worth to those in the exec management team, some of our tips. The in-house legal market is a challenging one, it doesn’t see double-digit growth in job numbers, teams do not expand at a high rate, and most hiring is done under strict legislative (in SA and other countries) and budgetary constraints.
Each industry is different, so broadly, these are some of the expected changes to we are predicting we will see in ‘25-’26.
Increased Base Salaries - This a trend that doesn’t protect against redundancy, but we will see the of rising base salaries for in-house counsel over the coming years, driven by competition for legal talent and the need for companies to attract and retain skilled lawyers.
Organisations are recognising the value of experienced legal professionals in navigating complex regulatory environments and supporting business objectives.