Legal & Compliance Market Update Q2 2017
Looking back at the second quarter we have noticed an increase in private practice activity and a reduction in the number of in-house roles vis-à-vis the first quarter. We expect this was due to law firms feeling more optimistic about the market in general and hence the decision to increase recruitment in their departments. There has been a reduction in in-house activity in the second quarter versus the first quarter which is often a seasonal aberration, whereby budgets are released in the new year for increased headcount and in-house recruitment soars as a result.
In the second quarter, we have seen a significant increase in recruitment in private practice, especially in smaller firms (staff numbers below 50) recruiting at rates that we have not seen since pre-2009. The rise in demand for roles was across property, banking, debt recovery, employment and civil litigation, some of which have not been buoyant markets in the past. This trend is a good indicator of a growing economy in general.
There is a significant increase in recruitment in private practice, especially in smaller firms (staff numbers below 50)
Another trend we see emerging in this quarter is smaller firms starting to win back work taken from larger firms during the recession, with many of the larger firms happy to ‘price themselves out’ of winning the work.
The main highlight in quarter two was the announcement of Pinsent Masons setting up a Dublin office and securing the employment of three well-known Irish partners. This growth is set to continue with other UK firms looking to enter the market. These firms will be announced in the upcoming months and we expect to see an increase in demand in the partner recruitment market.
Heading into the second half of the year we are predicting a significant increase in roles related to Data Protection. Law and accountancy firms are now vying with each other to offer consultancy services to clients around the General Data Protection Regulation (GDPR) which will come into force in May 2018. ‘Data Protection’ is now one of the main priorities for firms and we predict there will be a surge of demand in this potentially very valuable market.
If you are thinking of a move this Q3 in the legal and compliance sector, for a confidential discussion please contact John Macklin on email@example.com or call 01 661 0444.