| "The Lawyer" today reported that the credit crunch | | | | number of Commercial Property Legal Secretaries |
| does not seem to have had an effect on law firm's | | | | registering since the beginning of the year. Last year, |
| trainee retention rates. In fact, the retention rates | | | | experienced Legal Secretaries were in high demand |
| are reported to have had a 7% increase, with more | | | | with an abundance of job opportunities being |
| than three-quarters of law firms keeping on more | | | | advertised - especially in the commercial property |
| trainee solicitors than last year. At first glance these | | | | sector, so it was relatively easy to place an |
| figures may seem like a surprise, but could this | | | | experienced Legal Secretary that came on to the |
| actually be a strategic move by law firms to | | | | books. However, in the current situation, with |
| safeguard their future, and what implications does | | | | commercial property work diminishing, it is the |
| this present for legal recruitment? | | | | support staff such as Legal Secretaries and Paralegals |
| With many trainee Solicitors due to qualify this | | | | who are first to take the brunt of redundancies. |
| September, this announcement is sure to be | | | | Many law firms are able to redistribute Legal |
| welcomed with open arms, but perhaps not to legal | | | | Secretaries into different departments, but from a |
| recruitment agencies that thrive on a good staff | | | | legal recruitment perspective, it is increasingly difficult |
| turnover within law firms and In-House legal teams. In | | | | to find job opportunities for superfluous support |
| simple terms, Newly Qualified Solicitors present | | | | staff. Recruitment is a job-driven marketplace after |
| cheaper labour to law firms as; firstly, Newly Qualified | | | | all! |
| Solicitors command a lower salary than more | | | | Fortunately, the credit crunch hasn't been all bad so |
| experienced solicitors; and secondly, filling vacancies | | | | far - despite having a huge impact on the property |
| internally by retaining Newly Qualified Solicitors is | | | | sector, other practice areas have been unaffected. |
| much more cost-effective than paying human | | | | Private Client legal vacancies, Personal Injury law |
| resources costs, advertising fees and legal | | | | jobs, Clinical Negligence job opportunities, Criminal |
| recruitment agency's fees. Also, if the economy were | | | | positions and Commercial Litigation vacancies are still |
| to take a further turn for the worse, it would be | | | | being advertised as these areas are still going strong. |
| easier and cheaper for legal practices to make | | | | And perhaps not so unsurprisingly, practice areas |
| redundancies at the Newly Qualified level. | | | | such as Employment law, Civil Litigation / Insolvency |
| The legal recruitment agency industry has also seen | | | | law have actually picked up with a healthy number of |
| Legal Executives become increasingly sought after. | | | | jobs available. Sadly, the credit crunch has also seen |
| Nowadays it is not unusual for a law firms to | | | | Family law pick up as financial pressures are taking |
| advertise a job as a "Solicitor/Legal Executive" | | | | their toll on family life as has Insolvency law with |
| vacancy. Again, this indicates another ripple effect of | | | | many businesses struggling to stay afloat. |
| the credit crunch as just like Newly Qualified | | | | There remains a lot of uncertainty about how much |
| Solicitors, Legal Executives also present cheaper | | | | more the credit crisis will affect the legal recruitment |
| labour than experienced Solicitors. However, unlike | | | | industry in the coming months. At present there are |
| Newly Qualified Solicitors, Legal Executives gain their | | | | still jobs out there, but the pinch is beginning to be |
| title by clocking up five years experience of working | | | | felt. My prediction is that if the current situation |
| within a Law Firm; this time will generally include two | | | | worsens, it will be the higher paid higher skilled legal |
| years of carrying their own caseload, and on | | | | staff that will be the most affected. Legal |
| average, four years studying. This means that quite | | | | recruitment will see a higher volume of support staff, |
| often, Legal Executives will have more experience | | | | Newly Qualified and Legal Executives vacancies, but a |
| than Solicitors, so surely employing a Legal Executive | | | | smaller volume of experienced Solicitor positions. But |
| rather than a Solicitor presents a no-brainer to law | | | | at the end of the day, it is only time that will be able |
| firms in a time of financial crisis. | | | | to tell. |
| Legal recruitment agencies have also seen a record | | | | |