Posted in Latest News on 19 Jul 2022
The legal recruitment market has been on a steady increase for some years now. With National and International Law Firms revenue growing year by year, thus numbers of new recruits rising. Enter the Pandemic, the market came to an unprecedented stop in almost all areas of law, and Law Costs has been no exception to that. What was a continuous growing market had come to a halt in early 2020, due to firms tightening their budgets, as the nation failed to provide an exit plan to the crisis. This led to less jobs on the market and very unfortunate redundancies throughout the industry.
Enter 2022, and we have found dramatic growth in both the legal industry and Costs on a national level alike, since the start of the pandemic. Roles have been pouring in, in what is certainly a candidate driven market at present. Firms continue to become frustrated with lack of market talent and salaries continue to increase to attract the best possible experience and quality with firms going the extra mile to allow working from home flexibility and create more enticing benefits packages.
What will come in 2023? As previously in the legal market, with a possible recession looming in the coming months and year, the tables could possibly turn. The power will likely shift back to the firms with candidates looking for roles in a possible drought. We currently have a surplus in roles where firms are paying through the nose to ensure they can stay ahead of the competition however that won't last forever, as budgets will soon tighten again for the foreseeable and we will see less movement once again.
"What does this mean for me as someone open to a new role", I hear you ask? In simple terms, if you're happy where you are and think that won't change for the next several years, likely absolutely nothing in recruitment terms. However, if you are ambitious and the struggling costs of living are becoming ever more apparent - it means now is a good a time as any to explore your opportunities. In the costs market right now, candidates have an array of choices, with salaries and benefits as competitive as ever but it's only a matter of time until these roles are filled and become more difficult to find, and the market becomes candidate flooded once again. If you're looking for your next salary increase or next step in your law costs career, please don't hesitate to give me a call and get the ball rolling before things get that little bit more difficult.