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Storm clouds are now appearing. The markets are down, inflation is up, and legal budgets will likely feel the effects www.canadianlawyermag.com 1 EDITOR'S DESK UPFRONT www.canadianlawyermag.com EDITORIAL Managing Editor Tim Wilbur Senior Editor Zena Olijnyk Editor Aidan Macnab Production Editors Kel Pero, Christina Jelinek, Karen Atienza Writers Lucy Saddleton, Katrina Eñano, Jason Tan, Angelica Dino, Bernise Carolino, Kiezzsa Cruz CONTRIBUTORS Neill May, Fernando Garcia ART & PRODUCTION Designers Loiza Razon, Khaye Cortez, Juan Ramos Customer Success Managers Sharmaine Guevara, Dyanne Dimatulac Production Co-ordinators Kat Guzman Global Production Manager Monica Lalisan SALES & BUSINESS DEVELOPMENT VP, Media and Client Strategy Dane Taylor Sr. Business Development Managers Steffanie Munroe, Lynda Fenton Business Development Manager Maurice Phillips CORPORATE President Tim Duce Events and Conference Manager Chris Davis Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil Global CEO Mike Shipley Global COO George Walmsley EDITORIAL INQUIRIES tim.wilbur@keymedia.com NAUK SUBSCRIPTIONS CO-ORDINATOR Donnabel Reyes tel: 647 374 4536 ext. 243 donnabel.reyes@keymedia.com ADVERTISING INQUIRIES legaladvertise@keymedia.com T he legal profession, and the markets, have been operating at an accelerated pace. While the pandemic did cause many things to slow down at first, it even- tually meant corporate activity and the need for legal services had increased significantly by 2021. One of the side effects of these good times was that law firms and companies could spend time focusing on more than survival and were open to change. For the legal profession, the demand for legal services meant young lawyers could be picky about their workplace. According to Orit Sinai at ZSA, "It's a very healthy and fruitful market for lawyers. I think that a lot of lawyers right now don't understand how many opportunities are out there" (p. 5). There has also been a significant rise in in-house opportuni- ties. "The clients that I'm working with who are not offering a hybrid remote option, they're not going to be able to canvass great candidates" Sinai says (p. 4). Law firms and in-house departments have responded to staffing challenges by ramping up their effort to woo talent. Flexibility is the big buzzword. In the corporate world, active capital markets have meant that environmental, social, and governance (ESG) concerns can drive decisions beyond short-term prof- itability. It is easier for investors to focus on the long term when times are good. "If a company is working to demonstrate its leadership and to demonstrate its improvement from a sustainability perspective, the market is paying attention," says Ravipal Bains at McMillan LLP (p. 30). But what happens when things take a turn? Storm clouds are now appearing. The markets are down, inflation is up, and legal budgets will likely feel the effects. Cynics will ask if these feel-good approaches will last when the coming recession hits. Yet the need for flexibility at law firms and for ESG concerns are vital in bad times, too. Law firms will continue to save costs using virtual technology even if legal demand goes down. And companies with their ESG house in order will perform better in challenging markets, as disclosure rules won't disappear and new ESG risks will emerge. In other words, those who have adapted to change will continue to rise to the top. Tim Wilbur, managing editor Looking forward, good times or bad ISSUE 46.03 | SEPTEMBER 2022 Canadian Lawyer is published 4 times a year by Key Media Canada (Law) Ltd. KEY MEDIA and the KEY MEDIA logo are trademarks of Key Media IP Limited, and used under licence by Key Media Canada (Law) Ltd. CANADIAN LAWYER is a trademark of Key Media Canada (Law) Ltd. All rights reserved. Contents may not be reprinted without written permission. The opinions expressed in articles are not necessarily those of the publisher. Information presented is compiled from sources believed to be accurate, however, the publisher assumes no responsibility for errors or omissions. Canadian Lawyer disclaims any warranty as to the accuracy, completeness or currency of the contents of this publication and disclaims all liability in respect of the results of any action taken or not taken in reliance upon information in this publication. Publications Mail Agreement #41261516 ISSN 0703-2129 ©2021 GST/HST Registration #799898465RC-0001 RETURN UNDELIVERABLE CANADIAN ADDRESS TO: CIRCULATION DEPARTMENT 317 Adelaide Street West, Suite 910, Toronto, ON M5V 1P9 RETOURNER TOUTE CORRESPONDANCE NE POUVANT ÉTRE LIVREÉ AU CANADA AU SERVICE DES PUBLICATIONS 317 Adelaide Street West, Suite 910, Toronto, ON M5V 1P9 Key Media Canada (Law) Ltd 317 Adelaide Street West, Suite 910 Toronto, ON M5V 1P9 tel: +1 416 644 8740 www.keymedia.com