Posted in Latest News on 15 Jun 2022
According to Land Registry data, Residential Conveyancers have succeeded in getting approximately 1.26 million transactions over the line this financial year - up from around 675,000 the year before. Furthermore, capacity has doubled in 10 years, with the average firm completing over one transaction a day, compared to half a transaction per day in 2012.
Some automisation of the Residential Conveyancing process has helped deliver these figures. There has also been an increase in the number firms operating within Conveyancing, 4,000, which is up from around 3,500 in the previous financial year. And anecdotally we are aware of a high number of Resdiential Conveyancers who have left the legal profession citing the pressures of stamp duty deadlines.
It’s understandable therefore why demand for talent in the Residential Conveyancing sector remains high across England and Wales. Employers continue to out manoeuvre hirers in the battle for talent by enhancing propositions and fast tracking promotions. The knock on effect, validated by the data we crunched when putting together our 10th annual Salary and Benefits survey, is that the legal sector’s active talent pool has shrunk. According to our research the legal sector is bucking the trend of the Great Resignation and hirers are facing their biggest challenges yet in the battle for talent, and the number of legal professionals actively looking to change jobs has dropped to 24%, a sharp fall from 28% in 2021 and on a parallel with 2018 when the shadow of Brexit hung over the jobs market.
We know from research that the top 3 career motivators in the legal sector are consistently career progression, salary and job security. And although the legal sector talent pool has shrunk this year plenty of legal professionals are motivated to move. I am working on stand out opportunities and propositions. Many will deliver an increase in salary, benefits and clear a path to career progression.
Douglas Scott is the biggest, and we believe, the best legal sector specialist in the UK. You might be struggling with a hire. Be driven to find the best possible candidate for your role. Maybe you have just been given backword. Or from a candidate perspective, looking to make a fully informed decision before you commit to a career move.
Contact our specialist team for confidential advice today.