Here is our summary of the current state of the legal job market in June 2022:
Locum Recruitment – Very Busy
It has seemed as if the whole world and his dog is looking for a residential conveyancing locum for the past few weeks and this shows no sign of abating! We have been anticipating the conveyancing locum market was due to slow down as the economy gets more difficult, but still absolutely manic on the property side. Part of the problem is permanent recruitment and the huge disparity between employee and employer expectations (see below). Other areas also busy, with a number of corporate commercial roles on a consultancy basis cropping up. Private client very busy too.
Locum assignment updates here: https://www.interimlawyers.co.uk/category/locum-solicitor-updates/
Permanent Recruitment – Very Busy
Finding PAYE/salaried staff for any jobs at the moment is hard work. There is a shortage of just about everyone other than inexperienced paralegals and one of the hardest jobs for us at the moment is managing expectations – employers looking for employees and vice versa. Difficulties arise primarily around remote working (see article below) and salary levels. Candidates want figures far higher than firms can often afford and some firms are still living in the early 2010s! Wages to attract candidates need to be higher than levels we are seeing a number of firms try to recruit at. Candidate registrations are still plummeting – we would expect over 75 new registrations this month, whereas we have only had 34. Most recruitment is now taking place from our database of existing candidates rather than job posting, which is having less effect than usual.
Vacancies can be viewed here: https://ten-percent.co.uk/vacancies/
Law Firms for Sale – Busy
Still busy, although as I write this I should say that this week has been one of the quietest we have seen for some time (linked to the double bank holiday I think!). In the last few weeks we have had a number of firms complete, including a sole practitioner in Yorkshire and a 2 partner firm in London. A good number to follow as well in the next month, with a further 8 completions expected before the end of June. Good time to be looking at the market – plenty of choice for buyers and good options for most sellers.
Full list at https://www.jonathanfagan.co.uk/law-accountancy-firms-for-sale/. For valuations or a confidential discussion about a potential sale or acquisition please ring 01824 780937 and speak to Jonathan Fagan or email jf@jonathanfagan.co.uk
Ten Percent Legal Recruitment Statistics
General Statistics for May 2022 (bracketed number is for May 2021)
New permanent vacancies added: 35 (29)
New locum vacancies added: 48 (36)
New candidates registering: 34 (54)
S&P Global & CIPS UK Report on Services June 2022
Summary:
Business activity expansion eases for second month running
Input cost and prices charged inflation hit fresh record highs
Growth projections lowest since October 2020
Commentary
May data pointed to a difficult month for the UK service sector as business activity growth eased considerably since April and margins were squeezed again by rising inflation. Survey respondents often noted that concerns about the economic outlook and heightened risk version had taken a toll on customer demand. As a result, service providers signalled that growth expectations for the year ahead dipped for the fourth month running to the lowest since October 2020.
