At the end of the 3rd quarter the legal market shows no signs of slowing down. We’ve seen a 22% increase in live vacancies across all sectors (see breakdown below) One notable change this quarter is an increase in teams looking for multiple hires, particularly in transactional areas. It is therefore getting even more competitive for talent, with candidates typically holding multiple offers.
So, what can be done:
Speed - We’ve all heard the phrase “time kills deals” and it has never been more apparent. Many of our clients have recognised the importance of responding quickly to new applicants, booking interviews in as soon as possible, and providing a quick decision after interview. We’ve also seen a retu to offers being made after just one interview! In this situation its important to get the balance right between showing commitment and appearing desperate!
Flexible working policy – Most of the junior candidates we work with, want to be in the office. The key driver behind this is the desire to lea, build working relationships and enjoy the culture the firm has to offer. Its therefore important that partners and seniors are in the office to help them lea. Juniors who are in the office on their own, without senior support are more open to moves.
Relocators – clients that are open to candidates relocating are getting more choice when hiring. We’ve seen a significant increase in overseas candidates from Australia, New Zealand and South Africa secure roles in London. Flexible working has also opened up the UK market and candidates from Leeds, Manchester and Birmingham are now considering London as they will commute for 2-3 days a week.
The sector that has seen the biggest increase in activity has been real estate (incorporating construction and planning), which now accounts for 22% of all instructions this quarter. Corporate and finance lawyers remain in high demand with similar levels of instructions.
2-5 PQE, as always, remains the most in demand level for lateral associate hires. However, we’ve experienced an increase in demand at 0-2 level as firms look to bolster junior ranks and take pressure off mid – senior level team members most at risk of moving.
How can DMJ Legal help you?
We are always on hand to provide up to date market intelligence, competitor analysis and offer solutions to support your hiring needs. If you'd like to gain some insight into the market, book some time in my diary here.
We’ve expanded our team and taken on 3 new hires to support the established team in identifying and sourcing the best talent for you. You can meet them here.