Is a Correction Coming? What Would it Mean for Your Career?

Yes, these are crazy times: pandemic, war, supply chain snarls, China lockdown, inflation at a four-decade high, and increased odds of a recession. WSJ thinks an “abrupt end” to growth is on the table.

What does this mean for in-house careers?

If you are looking to change jobs, consider the effect of the economy on your prospective employer. Is it in a stable/growing space? Will it be impacted disproportionately by increased interest rates, inflation, supply chain disruptions, etc.?
When will you know the recession has hit? You generally will see companies start layoffs (usually non-lawyers first), so you will know when a recession is here. Luckily, lawyers are not usually the first ones let go unless they were the last ones hired or Sales fell off a cliff. In fact, companies sometimes still hire lawyers even when the outlook is cloudy because to get an in-house headcount the position is well-justified by demand, and managers want to grow their team. But you’ll see other positions get cut so you’ll know the party is over.
Keep up your networks now, not when you need something. Be a resource to people so they will want to help you when you need an intro, insight into a company, etc.