In the ever-evolving landscape of the legal and accountancy sectors, recent trends have created a shift towards a job-led market. This is characterised by a reduced number of firms actively hiring and an increasing pool of highly talented lawyers and accountants seeking employment. The results of this are profound, affecting both jobseekers and employers in significant ways.
Understanding the market
A job-led market is one where the demand for jobs outstrips the supply of available positions. There are fewer firms with open positions, while the number of qualified and experienced lawyers and accountants in search of work continues to rise. This imbalance has created a competitive environment where job seekers must go above and beyond to secure employment, while employers benefit from a broader, more talented selection of candidates.
Contributing factors
- Average application rates began to increase during the latter part of 2023 and are continuing to rise into 2024
- Job boards including Reed reported a 17% drop in jobs posted in 2023 compared to 2022, but a 29% increase in applications.
- The upshot being that, where once employers were competing with each other for applicants, the opposite is now the case, and applicants are competing for jobs.
Economic Uncertainty: Economic downturns and market volatility often lead firms to tighten their budgets and limit hiring. The legal industry is not immune to these pressures, resulting in fewer job openings.
Technological Advancements: Automation and legal technology have streamlined many traditional legal processes. While these advancements increase efficiency, they also reduce the need for large legal teams, further limiting job opportunities.
Increased Law Graduates: The number of law graduates entering the market continues to grow, adding to the pool of job seekers. Law schools are producing more graduates than the market can currently absorb.
Implications for job seekers
For individuals navigating this competitive arena, the job-led market presents both challenges and opportunities:
- Enhanced Competition: With more candidates vying for fewer positions, lawyers must differentiate themselves through specialised skills, advanced certifications, and stable professional networks.
- Continued Professional Development: Ongoing education and skill enhancement become crucial. Lawyers who stay current with emerging legal technologies and trends will be better positioned to stand out.
- Networking and Personal Branding: Building a strong professional network and personal brand can significantly impact job prospects. Engaging in industry events, publishing articles, and maintaining a visible online presence are essential strategies.
Implications for employers
For firms and organisations, a job-led market presents unique advantages:
- Access to Top Talent: Employers benefit from a surplus of highly qualified candidates, allowing them to be selective and find the best fit for their needs.
- Cost Savings: With an abundant talent pool, firms may find it easier to negotiate salaries and benefits, potentially leading to cost savings.
- Innovative Hiring Practices: Firms can leverage the competitive market to explore innovative hiring practices, such as project-based work, part-time roles, or flexible arrangements that attract top-tier talent.
Why AJ Chambers’ market expertise becomes crucial
The job-led market in the legal sector is a dynamic and evolving landscape. While it poses significant challenges for job seekers, it also encourages resilience, adaptability, and continuous professional growth. For employers, it offers a unique opportunity to enhance their teams with top-tier talent and drive strategic initiatives. Navigating this market successfully requires a keen understanding of its nuances and a proactive approach to both job searching and talent acquisition.
This is where AJ Chambers’ expertise comes in and where our experience becomes key. We have market insight and cultural knowledge of all the firms we work with, understanding their requirements inside-out.
Our staff have a proven track record of placing the best talent into top UK firms for over 14 years. From getting to know you or your business and what you’re looking for, we also support you through the entire process. We can assist in creating job adverts and help you with interview questions. All while managing the details of the recruitment journey – we will be there for you every step of the way.
The services we provide include:
- Regular consultative meetings
- Advertising
- Marketing Strategies
- Candidate Sourcing
- Headhunting
- Screening Candidates
- Organising Interviews
- Making Offers
- Terms of Business
- Onboarding
If you would like a confidential discussion about anything related to talent attraction or careers advice, please contact:
Legal recruitment
London: Stuart Whiter
Regional: Andrew Fragnito-Day
Accountancy recruitment
East of England: Scott Golding
London: Adam Munro
AJ Chambers Recruitment Ltd,