The Impact of the "Credit Crunch" on Legal Recruitment
"The Lawyer" these days reported that the credit crunch does not appear to possess had an result on law firm's trainee retention rates. In fact, the retention rates are reported to own had a seven% increase, with a lot of than 3-quarters of law companies keeping on a lot of trainee solicitors than last year. At first look these figures might seem like a surprise, however could this actually be a strategic move by law corporations to safeguard their future, and what implications does this present for legal recruitment?
With many trainee Solicitors thanks to qualify this September, this announcement is sure to be welcomed with open arms, but maybe not to legal recruitment agencies that thrive on a smart staff turnover inside law corporations and In-House legal teams. In straightforward terms, Newly Qualified Solicitors present cheaper labour to law corporations as; firstly, Newly Qualified Solicitors command a lower salary than more experienced solicitors; and secondly, filling vacancies internally by retaining Newly Qualified Solicitors is a lot of more value-effective than paying human resources costs, advertising fees and legal recruitment agency's fees. Additionally, if the economy were to take a additional flip for the worse, it'd be easier and cheaper for legal practices to form redundancies at the Newly Qualified level.
The legal recruitment agency business has conjointly seen Legal Executives become increasingly sought after. These days it's not unusual for a law firms to advertise a job as a "Solicitor/Legal Government" vacancy. Once more, this indicates another ripple impact of the credit crunch as just like Newly Qualified Solicitors, Legal Executives conjointly present cheaper labour than experienced Solicitors. But, not like Newly Qualified Solicitors, Legal Executives gain their title by clocking up five years experience of operating inside a Law Firm; now can generally embody two years of carrying their own caseload, and on average, four years studying. This suggests that very often, Legal Executives will have additional experience than Solicitors, thus surely employing a Legal Executive instead of a Solicitor presents a no-brainer to law companies in a time of monetary crisis.
Legal recruitment agencies have also seen a record range of Business Property Legal Secretaries registering since the start of the year. Last year, experienced Legal Secretaries were in high demand with an abundance of job opportunities being advertised - particularly within the industrial property sector, so it had been relatively simple to place an experienced Legal Secretary that came on to the books. But, in the present situation, with business property work diminishing, it is the support workers like Legal Secretaries and Paralegals who are first to take the brunt of redundancies. Many law firms can redistribute Legal Secretaries into completely different departments, however from a legal recruitment perspective, it's increasingly difficult to search out job opportunities for superfluous support staff. Recruitment is a job-driven marketplace after all!
Fortunately, the credit crunch hasn't been all bad therefore so much - despite having a huge impact on the property sector, alternative practice areas have been unaffected. Non-public Shopper legal vacancies, Personal Injury law jobs, Clinical Negligence job opportunities, Criminal positions and Commercial Litigation vacancies are still being advertised as these areas are still going strong. And perhaps not therefore unsurprisingly, observe areas like Employment law, Civil Litigation / Insolvency law have truly picked up with a healthy number of jobs available. Sadly, the credit crunch has conjointly seen Family law pick up as money pressures are taking their toll on family life as has Insolvency law with many businesses struggling to stay afloat.
There remains a lot of uncertainty regarding how much a lot of the credit crisis can affect the legal recruitment trade in the approaching months. At gift there are still jobs out there, but the pinch is beginning to be felt. My prediction is that if this state of affairs worsens, it will be the higher paid higher skilled legal employees that will be the most affected. Legal recruitment will see a higher volume of support staff, Newly Qualified and Legal Executives vacancies, but a smaller volume of experienced Solicitor positions. But at the top of the day, it is only time that will be ready to tell.
Author Resource:
aaron adish has been writing articles online for nearly 2 years now. Not only does this author specialize in Legal, you can also check out latest website about
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