The impact of the recession has been widespread and has led to large numbers of qualified lawyers finding themselves out of work. Certain areas of the profession, such as residential property and to a lesser extent commercial property, have been particularly hard hit and lawyers who chose to specialise in these fields have been the main casualties.
However, over the last six months the economic slowdown has affected almost every area of private practice as the difficulties for businesses to secure available lending from the banks becomes more apparent. Like all businesses, law firms have scrutinised workload, income and overheads, and in some cases have had no option other than to make redundancies.
Furthermore the retention rate for trainee lawyers approaching the end of their two year fixed contract is lower than in preceding years. As a consequence, the net result of the downturn has been a massive influx of candidates into the job market all competing for the much reduced pool of available opportunities.
With the market continuing to be a state of flux as a result of the global recession Alan Clark, Senior Consultant at Thorpe Molloy Recruitment, has this advice for lawyers who find themselves out of work.
“At the current time, the key word is flexibility. There is an increasing awareness among candidates of their need to be flexible when assessing the job market. It is no longer a candidate’s market.”
He continues, “Candidates need to be increasingly flexible in the types of opportunity and the practice areas they will consider. For example, a newly qualified candidate I was dealing with recently, who was working for a large firm in the central belt, initially indicated a preference for working in a corporate role with a large firm, having enjoyed this area during his training. However, he appreciated the need to be as flexible as possible and, unwilling to close any avenues, ended up securing a litigation role with a smaller firm in Aberdeen, demonstrating that it pays to consider all options at the current time.”
According to Alan flexibility is also crucial in relation to salary expectations. He explains, “About 12-18 months ago the situation with salaries was mirroring that of house prices, with candidates demanding inflated salaries in order to make a move. Candidates were in the driving seat, the best candidates were able to demand large salaries and the competition amongst employers drove these up further.
“Fast forward to the current time, and the position has changed dramatically. With a market saturated with candidates coinciding with a significant decrease in the number of available opportunities, candidates are now showing flexibility when it comes to their salary expectations. With bills to pay, candidates need to secure a job even if it means taking a drop in pay and this has led to a reduction in salaries for all but those operating in specific niche areas.
“Similarly affected are trainees, 18 months ago it was standard practice for salaries to increase by more than 50% at the end of a traineeship, however today, post traineeship salaries remain stagnant, often with no increase at all. This situation is likely to last for the foreseeable future as candidates and trainees remain cautious about pricing themselves out of the market in the face of stiffer competition for jobs.”
A flexible attitude relating to location has also been identified by Alan. “In Aberdeen, we have seen a significant rise in the number of candidates considering relocating to the area as they realise the professional and personal benefits of living in Europe’s oil capital.
“In addition to being a hub of the international energy industry, Aberdeen City and Shire has strong life sciences, food and drink, financial services, manufacturing, agriculture and tourism sectors and is the location for Donald Trump’s £1 billion golf resort development. Aberdeen is rated as one of the most desirable cities in the UK in which to live and work and Aberdeenshire was recently ranked the top area for quality of life in Scotland **.”
Source ** www.aberdeencityandshire.com
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