Here is our summary of the current state of the legal job market:
Locum Recruitment – Busy
Locum work is still busy, but in view of the recent market turmoil, we anticipate an increase in availability for conveyancing locums, something we have not seen in a very long time. I also anticipate a drop in rates for property locums if the conveyancing market quietens down and this has not happened now since lockdown. At the moment our headline rate for conveyancing locums is a minimum level of £35 per hour, but I think by January 2023 this will have dropped to £32 due to availability. Other areas of law seem to be extremely busy – wills & probate in particular. Not clear yet whether this is in anticipation of a decline in property work, or simply a busy period. Corporate commercial fairly quiet, along with all related commercial roles, both in house and private practice.
Locum assignment updates here: https://www.interimlawyers.co.uk/category/locum-solicitor-updates/
Permanent Recruitment – Busy
Permanent recruitment remains busy, but it is still very difficult indeed in most areas of the UK to actually recruit staff on a salaried basis. Lawyers are very reluctant to move at the moment, mainly due to the last in first out rule of thumb that has applied in the past, and firms will need to offer something extra to get deals over the line.
Vacancies can be viewed here: https://ten-percent.co.uk/vacancies/
Law Firms for Sale – Busy
The law firm M&A market never seems to go quiet – there are always buyers looking and law firms for sale. At the moment we have a steady stream of enquiries for a good proportion of firms listed with us and values are much the same. It remains to be seen if there will be an effect on potential deals of the current financial market volatility.
Full list of firms for sale at https://www.jonathanfagan.co.uk/law-accountancy-firms-for-sale/. For valuations, exit planning or a confidential discussion about a potential sale or acquisition generally please ring 01824 780937 and speak to Jonathan Fagan or email jf@jonathanfagan.co.uk
KPMG & REC Report on Jobs UK October 2022
Summary
Weakest rises in perm placements and temp billings for 19 months
Vacancies expand at slowest rate since February 2021
Candidate shortages and cost of living pushes up rates of pay
Commentary from Claire Warnes, Head of Education, Skills and Productivity at KPMG UK
“The UK jobs market remained tight in September, with candidate shortages impacting recruiters’ abilities to fill jobs. Deepening economic uncertainty has also meant that workers are choosing to stay put in current roles, rather than apply for new roles, leading to a moderation in the overall rate of vacancy growth. Some employers, even those who anticipate that the recession may be short, are taking steps now to contain costs, including hiring freezes.”
Commentary from Kate Shoesmith, REC Deputy CEO
“The challenges we see in today’s data reflects the underlying shortage of Labour the UK faces. With unemployment at record lows, pay continues to rise for both temporary and permanent workers starting new jobs, and activity levels across the recruitment and staffing industry remain high. While any economic slowdown this winter will affect the market, the extent of shortages mean that hiring will remain a focus for employers.“
