Legal recruitment in recovery mode
The legal recruitment market is in recovery mode. This recovery is being led by the financial sector which in 2010 has enjoyed a particularly strong first half. A resurgent City and a tougher regulatory environment is resulting in demand that whilst not as comprehensive, is similar in its intensity to pre-crisis/recession levels. It is characterised by pockets of strong demand as the investment banks drive demand for transactional and product lawyers.
Demand has more recently started to recover within the in-house commercial sector. Vacancies are biased towards those that support effective operations and the front line of business.
Private practice started 2010 with little demand to recruit externally. Exceptions were litigation and ‘flagship’ practice areas. However as the year has progressed demand has grown and by the start of the second quarter demand for transactional and M&A expertise had increased. More recently this has included regulatory work in the financial sector, funds, insurance/reinsurance, general commercial and IT/IP work.
Should the economy continue to recover we expect the total number of lawyers employed in the economy to grow and we are therefore optimistic that demand will continue in the second half of 2010. However, in spite of the rebound in the recruitment market, the economic environment remains fragile.
For more information on the legal recruitment market and a comprehensive guide to the current legal salaries visit: Legal Interim 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 or Andrew Neil an@barclaysimpson.com or Shruti Srivastava ssr@barclaysimpson.com for private practice opportunities or telephone on 020 7936 2601. |
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