9.6 C
London
HomeSector InsightsEmploymentRecord Year for Legal Market: 85% of UK law firms planning to...

Record Year for Legal Market: 85% of UK law firms planning to increase staff headcount

Dawn Jackson
By Dawn Jackson
  • 85% of law firms in London are recruiting – with more jobs posted in H1 2022 than all of 2020
  • 93% of city firms do not plan to make any cuts to headcount
  • US law firms offering salaries 50% above Magic Circle
  • Tax specialists the biggest in-demand, followed by Real Estate and M&A

An extraordinary 85% of City law firms are planning to increase staff numbers for the remainder of 2022 – according to new jobs data from global recruitment consultancy Robert Walters.

Legal vacancies in London for the first half of 2022 (January – June) have already surpassed what we saw for the same period last year (+4%), despite a slight -12% dip in Q2 bought about by the Russia-Ukraine conflict and subsequent rising inflation.

In fact, legal job vacancies in the City have eclipsed what was posted for the entirety of 2020 – with Robert Walters reporting a +22% increase just six months into the year, when compared with the whole of Covid-riddled 2020.

Richard Harris, Chief Legal Officer at Robert Walters Group, comments:

“Whilst downsizing at volume within law firms is rare – the legal world is prone to boom and bust in regard to hiring.

“What we encounter during a downturn is a cut back in new trainees, but when demand increases this means there are simply less available qualified lawyers at the junior end of the profession, putting pressure on the system as a whole.

“Add in truly incredible wage inflation, greater specialism making some types of lawyer scarce, the increasing scale of in-house teams – partly in response to the increasing rates of law firms which funds the wage inflation – and we have a ticking timebomb of pressure.”

War for Talent Intensifies

A resounding 93% of London-based law firms are not currently planning to make any staff reductions this year – feeding further into what legal recruitment firm Robert Walters calls the biggest war for talent seen in over a decade.

The battle for talent means that we are seeing salaries for those moving firm increase by 30-35% on average – compared to around 15-20% in financial services – with the added flexibility of not needing to be based in the City 5-days a week.

US law firms continue to headhunt aggressively – offering USD based packages, which given the relative FOREX strength, is resulting in offers almost 50% above what professionals currently earn in Magic Circle firms.

These pay increases go across the board – where a US law firm has set an entirely new benchmark for newly qualified lawyers this summer offering in the region of £179,000.

Dan Harris, Director Legal In-House at Robert Walters, comments:

“It truly has been the perfect storm. A combination of Brexit, a delayed start in degrees, and a pause in junior hires in 2020 has left many law firms scrambling to fill the gaping hole in their talent pipeline.

“It was not long ago where the biggest graduate earners in London typically worked within tech or banking – but lawyers are very much at the top of that chain and there are no signs yet of this slowing down.

“What’s more we have seen a record number of law firms increasing their salaries this year, coupled with firms large and small offering one-time living crisis bonus payments as a retention tactic.”

Specialisms in Demand

Vacancies for tax lawyers have seen the biggest jump – increasing by +21% this year, in part bought on by pending change in Corporate Tax from 19% to 25% from April 2023, as well as further reforms expected once a new Prime Minister is elected.

Legal specialists in Real Estate (+8%) and M&A (7%) continue to be in demand – following a record-breaking year for conveyancers (1.26 million transactions) and mergers (60,000 takeovers).

On the contrary, vacancies for Banking lawyers are down -24% on last year, followed by Litigation, Dispute & Resolution (-8%), and Employment law specialists (-7%) – however much of this could be explained away by the record levels of hiring we saw in these fields in 2021; +184%, +62%, and +125% respectively.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Share 0
Previous article
WBD awarded gold standard certification by leading sustainability platform – EcoVadis
Next article
What can be done to overcome the challenges of rising labour costs and inflation in construction?

latest articles

explore more

385 COMMENTS

  115. An intriguing discussion is definitely worth comment. I think that you ought to write more about this issue, it might not be a taboo subject but usually people don’t talk about these issues. To the next! Kind regards!!

  171. Hi, I do believe this is a great blog. I stumbledupon it 😉 I may return once again since i have bookmarked it. Money and freedom is the best way to change, may you be rich and continue to help other people.

  296. gdzie mozna kupic prawo jazdy z wpisem do rejestru, kupić prawo jazdy, legalne prawo jazdy do kupienia, kupię prawo jazdy, jak załatwić prawo jazdy, bez egzaminu, jak kupić prawo jazdy, czy można kupić prawo jazdy, legalne prawo jazdy do kupienia 2024, pomogę zdać egzamin na prawo jazdy, prawo jazdy bez egzaminu, gdzie kupić prawo jazdy bez egzaminu, gdzie kupić prawo jazdy na lewo, jak kupić prawo jazdy w niemczech, gdzie kupic prawo jazdy legalnie, kupić prawo jazdy b, pomogę zdać egzamin na prawo jazdy, gdzie można kupić prawo jazdy z wpisem do rejestru forum, prawo jazdy płatne przy odbiorze, prawo jazdy czechy kupno, w jakim kraju można kupić prawo jazdy, pomogę załatwić prawo jazdy w uk, sprzedam prawo jazdy z wpisem bez zaliczek, jak kupić prawo jazdy w uk, ile kosztuje prawo jazdy na lewo?,
    ;l,kmn

  297. sportbootführerschein binnen und see, sportbootführerschein binnen prüfungsfragen, sportbootführerschein binnen kosten, sportbootführerschein binnen online, sporthochseeschifferschein kaufen, sportbootführerschein binnen berlin, sportbootführerschein binnen segel, sportbootführerschein kaufen, sportseeschifferschein kaufen erfahrungen, sportküstenschifferschein kaufen schwarz, sportbootführerschein see kaufen, sportbootführerschein binnen kaufen, sportbootführerschein see kaufen ohne prüfung, bootsführerschein kaufen, bootsführerschein kaufen polen, bootsführerschein kaufen erfahrungen, bootsführerschein online kaufen, bootsführerschein tschechien kaufen, SSS kaufen, SKS kaufen, SHS kaufen, führerschein kaufen,sportbootführerschein see, österreichischen führerschein kaufen legal, kaufen swiss registrierte führerschein, registrierten führerschein kaufen berlin, echten führerschein kaufen Köln, legal führerschein kaufen, echten deutschen führerschein kaufen, deutschen registrierten führerschein kaufen, osterreichischen-fuhrerschein-kaufen zürich, deutschen registrierten führerschein kaufen
    nb

  300. deutschen führerschein legal kaufen, führerschein online kaufen, motorrad führerschein kaufen schweiz, eu-führerschein kaufen,wie viel kostet der führerschein in österreich, führerschein kaufen ohne vorkasse, führerschein kaufen ohne prüfung Köln, Lkw führerschein kaufen Frankfurt, mpu kaufen Frankfurt,mpu kaufen köln, mpu kaufen legal, positive mpu kaufen erfafahrungen, mpu kaufen stuttgart, kaufen swiss registrierte führerschein, führerschein kaufen in österreich, Pkw führerschein kaufen auf Rechnung, führerschein österreich kaufen, österreichischen führerschein kaufen legal, kaufen swiss registrierte führerschein, registrierten führerschein kaufen berlin, echten führerschein kaufen Köln, legal führerschein kaufen, echten deutschen führerschein kaufen, deutschen registrierten führerschein kaufen, osterreichischen-fuhrerschein-kaufen zürich, deutschen registrierten führerschein kaufen, österreichischer führerschein kaufen erfahrungen, führerschein in österreich kaufen, osterreichischen-fuhrerschein-kaufen was tun, osterreichischen-fuhrerschein-kaufen was ist das, kaufen schweizer juristischen führerschein,
    kjmnb

  301. rijbewijs kopen, rijbewijs b kopen, vals rijbewijs kopen, rijbewijs b kopen in belgie, rijbewijs kopen prijs, rijbewijs kopen legaal, rijbewijs kopen 247 ervaringen, rijbewijs kopen online, rijbewijs kopen belgie, nep rijbewijs, motorrijbewijs kopen, kan je een rijbewijs kopen, koop een rijbewijs, motor rijbewijs kopen, rijbewijs kopen betrouwbaar, neppe rijbewijs kopen, auto zonder rijbewijs kopen belgie, rijbewijs koop, rijbewijs kopen nederland, auto zonder rijbewijs kopen, rijbewijs kopen belgië, rijbewijs kopen belgie, rijbewijs kopen in nederland, rijbewijs b belgie, rijbewijs kopen met registratie.
    kjn

  302. comprar carta de conduçao preço, comprar carta de condução verdadeira, comprar carta de conduçao, comprar carta de condução lisboa, comprar carta de condução legal, comprar carta de condução, carta de condução comprar, comprar carta de conduçao, comprar carta de condução em Portugal, comprar carta, comprar carta de condução portugal, comprar carta de condução online, comprar a carta de condução, carta de condução, comprar carta de carro, imt carta de condução, comprar carta de condução no porto,Comprar carta de conduçao legalmente, Comprar carta de condução sem pré-pagamento, uma carteira de motorista registrada compre experiências, comprar experiências de carta de condução, Comprar carta de condução sem exame Colônia, Comprar carta de condução porto, Comprar carta de condução sem exame portugal, Comprar carta de condução em portugal, comprar carta de condução lisboa, comprar carta de condução portugal. k,mjn

  303. ADR Schein kaufen. ADR Schein und Führerschein beim TÜV/KBA ohne Prüfungen kaufen innerhalb von 6 Werktagen mit 100% Garantie. lkw führerschein kaufen legal, führerschein kaufen ohne vorkasse, registrierten führerschein kaufen erfahrungen, führerschein kaufen Erfahrungen, führerschein kaufen ohne prüfung Köln, führerschein kaufen österreich, führerschein kaufen ohne prüfung österreich, führerschein kaufen ohne prüfung österreich, führerschein kaufen in österreich, führerschein kaufen Frankfurt, führerschein kaufen schweiz, führerschein kaufen in österreich, Pkw führerschein kaufen auf Rechnung, führerschein österreich kaufen, österreichischen führerschein kaufen legal, kaufen swiss registrierte führerschein, registrierten führerschein kaufen berlin, echten führerschein kaufen Köln, legal führerschein kaufen, echten deutschen führerschein kaufen, deutschen registrierten führerschein kaufen, osterreichischen-fuhrerschein-kaufen zürich, deutschen registrierten führerschein kaufen, österreichischer führerschein kaufen erfahrungen, führerschein in österreich kaufen, osterreichischen-fuhrerschein-kaufen was tun, osterreichischen-fuhrerschein-kaufen was ist das, kaufen schweizer juristischen führerschein
    kjn

  304. kupovina vozacke dozvole,kako kupiti vozacku dozvolu u srbiji, lazna vozacka dozvola, kupiti vozacku u bosni, kako kupiti vozacku dozvolu, kupiti vozacka dozvola hrvatska cijena, kupovina vozacke dozvole na crno, kupiti vozačku dozvolu, kupljena vozacka dozvola, kupiti vozacka dozvola bez polaganja, kupiti vozacku dozvolu, kupi lažna vozačka dozvola, kupiti vozacku u hrvatskoj, kupite vozacka dozvola hrvatska, vozacka dozvola na crno, zamena srpske vozacke dozvole u italiji 2025
    lkmn

  319. As a Newbie, I am permanently exploring online for articles that can be of assistance tome. Thank youMy blog post; Divine Dynamic Keto Reviews – Lila –

  322. พนันบอลออนไลน์ที่คอบอลไม่สมควรพลาด มาเปลี่ยนแปลงความชื่นชอบเป็นรายได้กันครับผม UFABET เปิดให้คุณแทางบอลออนไลน์ได้ไม่ยากมีทุกต้นแบบที่คุณติดอกติดใจไม่เพียงเท่านั้นยังมีเกมออนไลน์นานัปการเป็นต้นว่า บาคาร่า สล็อต ยิงปลาและเกมสมาชิกใหม่ก็มีมากมายเลยครับ

  368. I like the helpful info you provide in your articles. I’ll bookmark your blog and check again here frequently. I am quite certain I will learn many new stuff right here! Best of luck for the next!

  382. Профессиональный сервисный центр по ремонту бытовой техники с выездом на дом.
    Мы предлагаем:сервис центры бытовой техники москва
    Наши мастера оперативно устранят неисправности вашего устройства в сервисе или с выездом на дом!

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LawNews.co.uk provides the latest legal news and analysis from around the world

most viewed

useful links

Copyright © 2022 LawNews.co.uk