Demand likely to be subdued
We anticipate that demand for lawyers from the financial services sector will remain subdued during the first half of 2012. In 2011 the legal financial recruitment services market experienced a miserable second half to the year with the number of lawyers accepting new positions 62% off its 2010 peak. On the upside redundancies remain relatively light and most legal departments continue to report, given the challenges they face, that their resources are stretched. As in other areas of corporate governance, lawyers working in governance related positions remain particularly challenged.
The expansion in the number of in-house lawyers employed in commerce came to a halt in the final quarter of 2011. Recruitment in 2012 is likely to be driven by the replacement of business critical lawyers.
After a strong 2011 private practices are likely to resize during 2012 to ensure that their service offering reflects client demands. Recruitment is likely to be more discriminate with exceptional fee earners targeted together with partners who can demonstrate a substantial following.
2012 is likely to be a problematic year for the legal recruitment market. The restoration of confidence that would come from closure on the Eurozone debt crisis would be a huge benefit, ensuring employment levels amongst lawyers are maintained.
For more information on the legal recruitment market, visit: Legal Market Report
For more information on the current in-house legal recruitment market, please contact Tracy Brown tb@barclaysimpson.com, Jane Fry jf@barclaysimpson.com, Andrew Neil an@barclaysimpson.com or Chris O'Meara co@barclaysimpson.com. For private practice opportunities please contact Shruti Barton ssb@barclaysimpson.com or telephone on 020 7936 2601.
For legal opportunities and contact details in the Middle East and Hong Kong please click on the links. |
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