Every year, hundreds of law grads flock to Bay Street in downtown Toronto to article at the biggest law offices in the city. But each year, the number of articling jobs in Canada’s largest legal market declines.

For the last six years, PrecedentJD has tracked how many students article on Bay Street and how many get hired back as first-year associates. The findings have been stark. In 2010 there were 333 articling students at the 16 Toronto law offices that hired the most students, not including students who worked at the now-defunct Heenan Blaikie LLP. Then, by 2013 there were only 297 students at the same firms. And this year, the numbers fell to an all-time low of 282.

That’s not to say the legal economy is tanking. In fact, although the number of articling positions continues to fall, a greater percentage of students are getting hired back. This year, those 16 firms hired back 78 percent of their students, up from 73 percent in 2013. So, students who do get an articling gig at a big firm will have a better chance of staying on as associates. Still, for anyone in law school today, one trend will stand out: downtown Toronto articling positions are more competitive than ever.

Even so, a tight job market has a hidden advantage: when competition is high, students who follow their interests will stand out to recruiters, says Maryse Chouinard, director of the career development office at the faculty of law at McGill University. In other words, there is a practical reason for students to apply for jobs they want — say, in an area that interests them — rather than jobs they see as prestigious. “Their cover letters will be truly inspired and credible,” says Chouinard. “And they will perform better in the interview because they are more engaged and knowledgeable.”

Five key hireback numbers

18 — Number of articling students at Heenan Blaikie in 2013, the last year the firm was on the hireback watch

200 — Students hired back on Bay Street this year, a number that holds steady from 2013 when 204 students got hired back

3 — Firms with a 100 percent hireback rating, the most since Precedent started tracking hirebacks six years ago

25 — Students hired back by Blakes. For the third year in a row, Blakes hired more students than any firm

11 — Number of big firms that hired back a greater percentage of students in 2014 than 2013

The five firms with the largest articling classes in 2009 versus 2014

For a detailed rundown of all the numbers, check out our Hireback Watch 2014 chart.