Statistics show that general counsel are worried about some kind of economic downturn in the next year, however, those who work with in-house counsel say day-to-day operations aren’t changing just yet.
Michael Sachs, a partner at Major, Lindsey & Africa’s in-house group in Chicago, said while he has not noticed a significant increase in hiring, he has also not gotten phone calls from general counsel asking to cancel searches for new in-house attorneys because of a looming economic downturn.
“GCs are spending some time thinking about it because it’s been the news,” Sachs said. “Smart GCs are thinking about how they’re going to handle things while it happens.”
As more reports surface that an economic downturn is coming, in-house counsel are going to be paying more attention to how the business is doing.According to a survey published in November by Altman Weil, 76% of chief legal officers and general counsel in the U.S. believe a recession is coming and already is impacting their overall budgets.