Hays Legal - July 2010
Hotspots
Lawyers leaving the banking and financial services practices of top-tier law firms are increasingly in demand from the larger banking and financial services organisations. In particular demand are funds lawyers, lawyers who have been involved with significant capital market transactions and lawyers with advisory experience in retail banking.
Outside financial services, the key skill in demand for the in-house market is commercial law, including candidates able to provide advice to clients around areas such as trade practices, competition and intellectual property. Strong drafting and negotiating skills are important, and candidates leaving top-tier or national firms (or at least trained by them earlier in their career) are in more demand than those from smaller law firms. The highest demand is for candidates with between four and eight years post-admission experience and at the associate/senior associate level.
Major changes to various aspects of Financial Services regulation and legislation, in addition to general growth in this sector have fuelled a demand for skills. There is also a trend of hiring lawyers with between four and eight years PAE to backfill roles left vacant following internal promotions for retention and recognition of an employee's work during the GFC.
With the property market on the rise, Property Lawyers are needed following GFC redundancies. The new Fair Work legislation continues to create a need for Employment Lawyers, while Senior Associates at any level are in demand to drive forward revenue.
Tackling the hotspots
Rather than waiting for a candidate with specific and exact experience to become available, those employers who think outside the box are securing excellent candidates who rise to the challenge of the learning curve presented to them. This pragmatic view when recruiting is allowing employers to secure quality candidates.
We are also working closely with our overseas and interstate colleagues to attract appropriate skills for our clients. Secondees are also helping to fill vacancies in law firms.
Public sector trends
The Government sector will experience an increase in temporary and contract placements in response to the influx of work associated with an election year.
The coming quarter
Firms are looking to expand rapidly, while a general return of confidence to the commercial sector means headcount freezes are being lifted and job flow is increasing. Both temporary and permanent roles are being created. Most new jobs are at the four to eight year level, rather than the General Counsel level.
Executive recruitment
Many senior in-house candidates at the General Counsel level are planning their next career move, although few suitable vacancies exist at present.
Employer trends
Many employers are shortening the timeframe of all stages of the recruitment process in order to secure the best candidates. This includes reducing the amount of time taken to review resumes and provide feedback, to arrange first and second stage interviews, and to make an offer. Those employers that continue with a lengthy process are missing out on candidates in the interim. The market remains candidate-short, with good top-end candidates in demand.
Employers who consider candidates from a variety of backgrounds rather than solely those with an exactly fit are filling their vacancies much more quickly.
Employers are focusing on their retention strategies, predominantly by giving salary reviews and offering bonuses to current employees. Firms are offering clear career paths to partnership for both current and new employees.
Candidate trends
There is a shortage of candidates for in-house roles. While many lawyers currently working for law firms are interested in in-house roles, most have put their job search on hold for the next two to three months until end-of-year bonuses and/or pay rises are offered. If these bonuses or pay rises do not meet their expectations, they will actively recommence their job search. This would increase the number of top-tier candidates in the market.
A large number of candidates at the graduate and 1st year level continue to seek employment, but these roles are virtually non-existent.
