Here is our summary of the current state of the UK legal job market.
Locum Recruitment – Quiet
Locum work has been extremely busy over the summer, but as ever we have started to drop off as winter looms. Conveyancing rates have fallen noticeably and you can get residential conveyancing locum cover (remotely) from £30 per hour. In house assignments remain lower still, but this may relate to companies waiting to see what the budget holds in store for them (see below). A quick look at the most recently posted roles shows fields of law include property litigation, commercial litigation, conveyancing, wills & probate and commercial property. Locum assignment updates here.
Permanent Recruitment – Busy
Permanent roles are much higher than usual. We still have a wide range of vacancies coming in for fields of law – wills & probate remains extremely popular and difficult to recruit for in all areas of the UK. Recent vacancies in have been for property litigation, corporate commercial, in house, conveyancing and family. A good proportion of permanent vacancies remain unfilled after 3 months – mainly because of the lack of candidates generally in the market still. Permanent vacancies can be viewed here: https://www.ten-percent.co.uk/vacancies/
New Candidate Registrations – 52% Increase
Candidate registrations are a very good indicator for market conditions. Increasing numbers of candidates register with us when the market is going down, and drop when the market is on the up. Numbers are up by c70% for the last month compared with the previous year. The KPMG/REC monthly report is still indicating a general increase in candidate numbers across the board with their sample of recruitment agencies (see below)
Law Firms for Sale – Very Busy
Very busy. Not as many firms coming to market at present but still good flow of buyer enquiries coming into us daily for our firms for sale. The number of firms for sale with us has dropped in the last few months as deals have completed (yes you really can sell small law firms despite the advice to the contrary online!). Full details of firms currently for sale on our website – list updated daily. For valuations, exit planning or a confidential discussion about a potential sale or acquisition generally please ring 01824 780937 or email jf@jonathanfagan.co.uk. You can also download our free detailed guides on Buying a Law Firm and Selling a Law Firm .
Ten Percent Group statistics for September 2024 (2023 figures in brackets)
- New locum roles added – 20 (11)
- New permanent roles added – 41 (23)
- New candidates added – 90 (59)
KPMG & REC Report on Jobs UK – October 8th 2024
- Permanent staff appointments post further decline
- Lowest increase in permanent salaries since February 2021
- Further rises in candidate availability
Commentary from Jon Holt, CEO of KPMG UK
“While some sectors are still finding it difficult to recruit people with the right skills, the overall pool of available candidates is growing as companies are still faced with tough decisions on their headcount. This has led to a softening of salary inflation, which dropped to its lowest point since February 2021. The Bank of England will likely be encouraged by this easing in pay pressures, which could strengthen the case for a further cut in interest rates in November.”
Commentary from Neil Carberry REC CEO
“This is a picture of a jobs market waiting for a signal. Recruiters report that projects in client businesses are ready to go, but confidence is not yet high enough to push the button. The market for permanent jobs declined in September but more slowly than in the month before, while the temporary hiring market was more resilient and grew in some places. Private sector vacancies are close to flat, which also suggests businesses are holding position.”
