Here is our summary of the current state of the legal job market:
Locum Recruitment – Busy
Locum work has not stopped since the summer of 2021, partly fuelled by the property market. We managed to slow down for a breather over Christmas but it has picked up again! We have over 1500 locums registered with us and the market is getting back up to speed again as we go through January. Availability in all fields is very good at the moment, but we do not think this will last..
Locum assignment updates here: https://www.interimlawyers.co.uk/category/locum-solicitor-updates/
Permanent Recruitment – Quiet
Our permanent recruitment consultant, Peter Gresty, has reported that the market has been quiet since November now – its the same issue still arising – plenty of vacancies, very few candidates looking to make a move unless the role is particularly good and showing lots of potential (usually salary increases). Some firms have not yet noticed the emphasis on rapidly rising living costs. Annual reviews need to be taken very seriously this year I think or some firms may well find themselves losing staff who move elsewhere for a pay increase to reflect the rise in the cost of living. We have over 11,500 solicitors and legal executives registered with us for permanent work.
Vacancies can be viewed here: https://www.ten-percent.co.uk/vacancies/
Law Firms for Sale – Busy
We have remained busy throughout December and January, partly because there are a number of larger buyers currently looking at multiple firm purchases in the market. Picking up generally and we anticipate the market getting very busy over the next four weeks. New firms for sale added in last week and more to come..
Full list at https://www.jonathanfagan.co.uk/law-accountancy-firms-for-sale/. For a confidential discussion about a potential sale or purchase please ring 01824 780937 and speak to Jonathan Fagan or email email@example.com.
Ten Percent Legal Recruitment Statistics
General Statistics for December 2021 and January 2022 (bracketed number is for December 2020 and January 2021)
New permanent vacancies added: 67 (44)
New locum vacancies added: 48 (47)
New candidates registering: 70 (90)
KPMG/REC UK Job Market Report January 2022
Recruiters signal further steep increases in permanent
placements and temp billings
Candidate availability falls at slowest rate for eight months
Substantial upward pressure on starting pay
Comment from KPMG:
The UK jobs market rocketed to near historic levels as New Year approached. That’s despite it losing a little fizz with the pace of accelerating demand for staff, wage and salary growth and vacancies all easing slightly. Employers in all sectors haven’t lost their appetite to hire, but many will be frustrated by the pressure these inflationary and competitive conditions, which are likely to continue for some time, are putting on their operating costs and ability to expand.
The availability of workers is testing the resolve of employers across the economy and will likely cause distortion in recruitment patterns as businesses shift focus from long-term growth to short-term cover.