I think it's going to be pretty bad if you're expecting to go through something like the process you described:
1. Cram some coding exercises
2. Breeze through a FAANG panel b/c they're hiring anyone who can balance a binary tree and carry on a conversation at the same time
3. ...
4. Pull an easy $250k base, plus stock and a twice-annual review/raise cycle
I worked through the 2001 downturn and 2008. Both times I maintained a decent amount of flexibility in where I worked and what I worked on, with the consequence that I could no longer simply demand whatever salary I wanted and an extremely senior title on my way in the door.
Given that you have software development _and_ legal qualifications you should have lots of options if you're willing to branch out a bit. Ex.: big co's need folks to own compliance for user data, financials, etc.; being a technical lawyer could be a superpower there. Ditto running audits from a bigger consultancy: anyone trying to gain PCI, SOX, or various ISO certifications -- or even just the record-keeping and reporting needed to be a public company -- needs experts in both tech and legal policy.
So: I wouldn't freak out, but I would suggest actively looking for a more creative/blended use of your skills, vs. simply throwing yourself into a FAANG candidate pipeline and hoping for the best. It'll put you ahead of other candidates, hopefully avoid some of the post-layoff hangover, and honestly probably be more fun and interesting than just slinging code that gets more people to click on ads.