The early summer brings a number of different challenges for recruiters in the legal market; there is traditionally a lull in candidates approaching us proactively looking for a new role as thoughts instead turn to holidays and “getting away from it all” in July/August.
However it also tends to coincide with firms cementing their plans for the next 6-12 months, identifying key areas which they are looking to strengthen at either the lateral hire/partner level or by recruiting other lawyers to complement the existing team. With many financial years ending in the spring, practices have spent the last couple of months collating financial information, identifying areas of growth and discussing investment moving forward. With almost every firm reporting increased PEP in their 2010 figures there is now money to spend on bringing in lawyers who can guarantee either a following or who can bring a skill set which will ultimately maximise billing potential of existing clients.
Over the last fortnight we have met up with a number of our best clients to discuss their strategies for 2010/11, and to provide market intelligence as to who it would be worth them speaking to about such requirements. As highlighted in our last blog (Real Estate, Real Opportunities - http://vgcharles.blogspot.com/2010/06/real-estate-real-opportunities.html) these areas targeted for growth include fields such as property & corporate, highlighting that even though these were the areas worst-hit during the recession, firms remain aware of the importance of retaining a strong offering in these fields. After all, like any good business, legal practices understand that they must continue to offer the high levels of service necessary to retain clients during lean times, not only so that they can generate new fees as the market continues to recover but there is also the short-term effect that strong client relationships generate work for other areas including litigation and employment.
Some clients have also indicated that they are looking for a differentiating factor; developing the niche that makes their offering stand out from the competitors. There are a small number of practices which are able to rely on brand alone, but for most this is not a realistic option and this search for a different offering is another key aspect of their plans for the next year. Sports law for example has been an area which firms are looking at to supplement their private client and family departments, identifying potentially lucrative rewards from high net worth clients of a relatively young age; corporate fraud has also come to the fore and practices who do not currently offer this have looked to develop or recruit into this specialist litigation field.
The result? At the end of the day money talks and firms are looking to get as much of this as possible, just like every other business. How they do this though has changed and firms are having to walk a considered line between only recruiting into profitable areas and investing in some low-to-mid risk options which will leave them in a stronger position in the future, albeit with a lower financial return in the short-term.
Upon formulation of these plans it is now the job of the legal recruiter to source the candidates necessary to fulfil these aims, which is what we are presently undertaking for those clients we have recently met. If only all those candidates weren’t on holiday...........!
Are you formulating your plans for the next financial year, but have yet to speak to the right people about what you are doing?
Are you looking to move from your present position but are unsure as to which firms may be most interested in what you can offer?
At VG Charles & Co we know the market and are able to discuss these matters with you from both a client’s or candidate’s viewpoint. Call 0121 233 5000 to speak to one of our specialists about your plans for the next year for professional and impartial advice.
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