We are technically back in recession, however it seems law firms in the City are looking past this, and are gearing back up to 2008 levels, according to a recent article on The Lawyer.
Statistics show that partner moves have increased by 12 per cent on last year, and indeed are back to a level not seen since 2008. The research also shows that team moves remain popular – almost 20 per cent of partner hires were as part of two or more colleagues making the same leap. This is seen as a favorable move in the sense that it should encourage big clients to move with their lawyers and it is at its highest level for five years. It is safe to assume that this figure will be boosted further in the next quarter by entire practices jumping ship from Dewey.
Not surprisingly, the finance sector topped the list, accounted for nearly a fifth of all hires, litigation (17 per cent) was next, with a recovery for real estate movement (15 per cent) in third. Corporate slumped to a below-average 11 per cent of all lateral partner hires.
Total Partner hires in Q1 (The Lawyer, May 2012)
2007 – 124
2008 – 130
2009 – 65
2010 – 120
2011 – 117
Obviously we still have a long way to go until the legal recruitment market in general is back to pre-recession levels, however these figures certainly go a long way to show that law firms certainly are gaining a decent appetite once again.
If you have been thinking about a move or would just like some general advice about options in the market, please feel free to contact Terry Cape or Chris Clarke on 0113 2385965.
CapeClarke is a leading niche legal recruitment consultancy operating across Leeds, Manchester, Sheffield and London. Please feel free to check out our priority legal vacancies by clicking here. Please note these legal vacancies are only a small selection of those we have been instructed on, so please get in touch if you do not see a role which looks suitable.