Legal Market Update | June 2021
A strong market for experienced lawyers
Job vacancies have continued to rise over the past few months, with many predicting that this level of demand is set to continue for some time yet. The number of vacancies that we are actively recruiting for have now well exceeded pre-Covid-19 levels, and many law firms (both big and small) have been challenged to fill roles. Sign-on and retention bonuses have returned, along with the 'lose-lose' game of counter-offers.
Here are just some of our observations and trends of the current market which seems to have well and truly tipped in the favour of skilled lawyers.
- Intensity of work increases - As the Australian economy continues to grow much faster than predicted for 2021, the demand for legal services has intensified with many law firms finding it difficult to keep up. Long working hours have returned and the challenge of resourcing new work has seen some firms turn work away.
- No definitive pattern on practice area - What do we mean by that? In an attempt to ride the peaks and troughs of economic cycles, 'full service' or commercial law firms are typically structured to be counter-cyclical. In a down market, litigation lawyers are not only only running at full steam but tend to be the most in demand. Flip that over, and in a highly transactional markets it's the property, commercial and corporate lawyers who are riding the wave. Right now, there are very few (if any) practice areas that are quiet. In fact, there are job vacancies across most transactional and litigious practice areas as well as in some of the more niche ones including IP/IT, family law, tax and workplace relations.
- Experience counts - Despite this clear shortage of talent, the spotlight appears to be on lawyers with at least 3 years or more. With the greatest level of demand being at senior associate level, the 'too busy to train, need a safe pair of hands' seems to be a very common theme.
- Work flexibly or WFH/Anywhere - Rarely heard outside of progressive top tier firms, some smaller/boutique firms are recognising that there is some real value in promoting the 'nibble' and 'flexible' approach. It's now becoming a point of difference, firms recognise this more than just an employer focused work-around or passing fad. We've taken a few 'work from anywhere' roles lately including those for litigators. Believe it or not!
- Personal brand and marketing skills - Despite the market buoyancy, some firms continue to place an emphasis on a lawyers ability to generate work. The current influx of work will inevitably subside and the need for lawyers to sustain themselves in good times and in down times is key.
- Salary and benefits - Last year saw the 'pause button' pressed on salaries, and although some firms made out-of-cycle corrections, others are looking to June/July 21 to rectify this. According to some of our clients, some generous increases will flow in key practice areas as we enter the new financial year.
- Benefits, culture and a nice place to work - If 2020 has taught us anything is that there is so much more to life, and so much more to work. Yes quality of work, challenge and progression, all still matter and they matter lots...but who we share our work day with, is where the enjoyment and sense of belonging comes into play. Good employers have long recognised this and seem to be working harder than ever before to make sure its well communicated. (Expect to be invited out for coffee, lunch to meet team members and make sure to have your questions ready!)
With such high demand for experienced legal talent, retention and reward are both top of mind this review season. Turning work away is never something that any business enjoys doing, much less in a market where the very talent servicing that work, is also spoilt for choice.
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