Legal Recruitment – still an uncertain market
Each month we run a comparison between the last calendar month and the same time period in 2018 to see if there has been any noticeable difference in view of the extreme political uncertainty. In August 2019 we saw a 38% fall in the number of new permanent vacancies. We also saw a 23% fall in the number of new locum roles posted with us.
So how was September 2019 compared to 2018? We had the same number of locum assignments in both years but saw a 22% fall in permanent vacancies. Uncertainty in the market? Possibly, although this was a fall from 36 to 28, so not that bad!
Generally in September we watch the job market decline as we get into the run up to Christmas. Recruitment tends to be busy from March to September and then quieter from October to February. Locum work always falls off, particularly for short term conveyancing cover, and hourly rates drop as more locums compete for less jobs.
General Statistics for September 2019 (comparison is with September 2018)
Current live vacancies: 1061
New permanent vacancies added: 28 (36)
New locum vacancies added: 17 (16)
New candidates registering: 101 (46)
October 2019 – Live Jobs (comparison with October 2019 in brackets):
London vacancies: 194 (194)
South East: 453 (445) (+2%)
South West: 96 (96)
Midlands: 80 (75) (+7%)
North West: 112 (112)
North East: 76 (75) (+1%)
We have 39 law firms for sale at the moment with a couple more coming to market in the next week – for details of law firms for sale please click here to view our list.
KPMG and REC Report on Jobs
The KPMG and REC, UK Report on Jobs is compiled by IHS Markit from responses to questionnaires sent to a panel of around 400 UK recruitment and employment consultancies (including the Ten Percent Group).
Permanent placements drop for seventh month in a row
Weakest increase in vacancies for over seven-and-a-half years
Availability of staff continues to drop amid uncertain outlook
Comment from KPMG:
“The Brexit impasse continues to affect the jobs market with employers stuck, unable to make informed decisions, and people unwilling to risk seeking new roles. Given that it’s the weakest increase in job vacancies since 2012 and the longest period that permanent staff appointments have fallen since the global financial crisis, it would seem that it’s proving difficult for businesses to shake off the heightened uncertainty and unknowns. So with the deadline fast approaching, they may well be waiting to get clarity on the future direction of Brexit before making any key decisions on hiring and investment.”
Comment from the REC:
“Businesses are positive about their own prospects, but ongoing Brexit uncertainty
has led many firms to delay projects and hiring decisions. Vacancy growth has fallen to its lowest since 2012. The UK’s vibrant temporary work market is playing an important role in helping employers to manage the ongoing uncertainty and jobseekers to find work. There are deeper issues which must be addressed to secure the UK’s future prosperity. Productivity is falling, and there are skills shortages in vital sectors across the economy. Solving these problems must be top of the government’s to-do list once the Brexit deadlock has been broken.”