Posted in Blog on 3 Feb 2013
A study by Douglas Scott Legal Recruitment points to property lawyers' stock rising again.
The company's 2013 salary and benefits benchmarker, which processed over £19m of salary data, revealed that property and personal injury lawyers accounted for the highest paid paralegals in the UK.
As consumers gain confidence in property as a viable investment again, Jon Nolan, director at Douglas Scott, predicts that property lawyers are going to feel a bit of wind in their sails over the next quarter and that they will soon regain the top spot in terms of demand and wages.
Government assistance for prospective housebuyers, plus a cautious return of confidence in property as a whole, is meaning a shift - and this has already been reflected in Douglas Scott's recruitment opportunities. "Demand for experienced conveyancers is just starting to outstrip supply," advises Nolan. "There will be blood in PI as the industry faces up to post-Jackson challenges, but we are expecting conveyancing salaries to keep nudging up. It might not be long before they are back on top in the private client legal services market."
This optimism is echoed by Elliot Nathan, partner at John Charcol Associates, the leading independent mortgage and remortgage advisor. Nathan sees strong signs of recovery in the housing market: "Low interest rates are encouraging people to buy," he says. "The banks are starting to see property as a reliable investment again, particularly in comparison to badly performing ISAs and pensions. Property has always been a tangible asset and we are thankfully starting to see the tide turning - people are buying again."
"It really is looking good for property lawyers," Nolan concludes. "Salaries are a long way off pre -2008 peaks, but hopefully the market will continue to gain momentum throughout the rest of 2013."