Hopefully you have so far enjoyed a successful and busy start to the year; having now survived the first Monday morning of 2011 there is no doubt that we’re back at the coal face! The Christmas break seems far away already, and unfortunately a few of those New Year’s resolutions have somewhat fallen by the wayside........
The significance of the New Year has always represented a time when people look at where they’re looking to improve their life. It’s not just doing something about that extra few pounds from Christmas; professionally as well as personally the start of a New Year is a time for planning and implementing strategies, remedying where you may have erred in the previous 12 months and analysing where you see both your practice and your career moving in the near future.
So what does 2011 have in store? Well one week in we are already seeing many firms anticipate at least some growth in a range of sectors, particularly in the transactional areas which suffered heavily during the recession. In the first four working days of 2011 alone we were instructed on more new roles than the combined number of instructions in November and December 2010, an indicator that there is confidence that current levels of work will be maintained.
The other interesting aspect is that many of these instructions are at the ‘junior’ end of the market, ie. NQ-3yrs PQE. For a market which is largely perceived to be saturated at the lower PQE end, the requirements of our clients has highlighted that actually there is a shortage of lawyers available as large numbers of NQs left the market as the recession hit (don’t say we legal recruiters didn’t warn you! - http://vgcharles.blogspot.com/2010/08/question-of-retention.html)
Coming off the back of two years where the majority of recruitment has been at partner level and a healthy following has been essential, we are now seeing firms recruiting for the ‘foot soldiers’ again, indicating that capacity is being exceeded at these practices. As we are well aware many lawyers have been working under these conditions for some time, but with the workload now having been maintained over a sustained time period, firms now have the confidence to increase staff levels to properly service the clients.
So what else will we see in 2011? Well, there is also likely to be quite a bit of movement at partner level, particularly as the trend of firms merging shows no signs of slowing down. The amalgamation of these firms can often impact upon the culture within the practice, which may become significantly larger or more profit driven, causing some unrest amongst senior lawyers who often opt to make a move.
Similarly a number of firms are seeing their profits start to recover and as the equity spread begins to look more attractive so disillusioned partners may recognise that actually the grass may just be a little greener elsewhere.
So in conclusion what can we draw from these early indicators of 2011? Well, if you’re a law firm it’s a good time to look at partner hires and/or to speak to legal recruiters about possibilities of a merger or acquisition before all the good ones are gone....a bit like those Quality Street did at Christmas.
If you’re a lawyer and you’re giving some thought to your career, well you’ll be encouraged to know that there are firms out there looking to invest in new talent. It may not be at the levels of 2006/2007 but there is more faith in the market recovering than at any time in the last 2-3 years and we remain hopeful that this momentum will remain through the rest of 2011 and beyond.
Oh; and If you’re still finishing off those Quality Street we referred to then you’re going about your New Year’s resolutions the wrong way.
Have a great 2011.
To discuss opportunities in the New Year, either to improve your personal situation or to develop your firm, call one of our specialist consultants at VG Charles & Co on 0121 233 5000 / 020 7649 9094 or visit our website www.vgcharles.com
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