In a separate lesson, we redefined law firm profitability. This got quite a reaction, which is what happens when you turn conventional thinking on its head. In the next short series, we'll talk about talent retention. Again, buckle in, because this ride won't follow the usual route.

But first, let's just check in on the boom which fueled the talent wars. Recent reports  suggest that demand is at a tipping point. This was inevitable. To paraphrase Newton's Third Law, the market force behind every event will always meet an equal and opposite market force. That's right, it's all cyclical.

At the start of the pandemic, law firms thought they'd be saddled with excess associates, and they geared up for layoffs. Fast forward two years and the bust turned out to be a boom. Firms saw an unexpected surge in demand and went all-in on recruiting. But Newton's Third Law is about to strike, demand is peaking and will start to fall. Soon enough law firms will be asking themselves questions like: if the boom is over, is the talent war also over? If so, what will we do with all the talent for which we just over-paid? The descent may be gentle or it may be sharp, but the likelihood is that law firms will divest talent at a similar pace.