This dynamic is one of the reasons we're seeing such large layoffs right now. Even many of the companies that are rolling in cash simply got too aggressive with hiring in recent years. Anyone who knew the drill could grind leetcode, study interview guides, apply to enough FAANG companies and get a job eventually.
I've heard more stories about in-progress FAANG interviews being cancelled than I could possibly count. Most FAANG companies are still hiring, albeit very selectively. They're also trimming staff through large layoffs and also smaller, less publicized team cuts.
I suspect many of these are soft landing cuts, as I've seen a sudden increase in the number of ex-FAANG resumes landing in my inbox. A lot of stories about how people are just "looking for a change of pace", but I suspect they see the writing on the wall.
> I used to be a software engineer. Then I went to law school, and now work in biglaw. I am a year out of law school, and have been working on a legal tech startup with a friend. If we cannot raise in the next couple months, I wish (almost need, really) to bail on the biglaw job and go back to being a dev.
In your case, "used to be a software engineer" is already going to put you at a massive disadvantage relative to all of the experienced engineers who were recently forced into the job market by layoffs. You could try to lean on the startup experience, but keep in mind that hiring managers won't be eager to hire someone who admits to working on an entire side startup while having a dayjob. That could mean the employee wants to continue working on their startup while collecting paychecks, which is a lot of risk to take in a job market that is crowded with applicants.