According to an article in the AFR yesterday (19/7/21) there is strong demand for lawyers in a tight candidate market. The likely result is increases in salary of around 10-15% in NSW and 10% in Victoria.
Demand for qualified lawyers with 3-5 years post qualification experience with corporate, M&A, private equity, capital markets and finance is particularly high. According to Elias Recruitment Legal Job Index other areas of demand include property, insurance, commercial litigation and IT.
Factors influencing the market are the restrictions on immigration currently in place, regulatory and compliance changes because of the Banking Royal Commissions and the frenetic pace of commercial activity in Australia.
Specialist Legal Recruiter, Jason Elias also attributes the candidate scarcity to the pandemic’s effects on business confidence. “Lawyers can be risk-averse and have been selective about moving jobs. If the economic climate changes they do not want to be last in first out. There has also been an increase in counter-offers and bidding wars over a limited talent pool. It is definitely a good time to be a candidate with at least 3 years PQE”
There has also been demand for talent in industries connected with Legal such as the Legal tech industry where they have recruited from outside the Legal tech pool of talent.
Firms and corporates will examine all manner of ways to attract and retain talent in addition to attractive remuneration. Culture, career development and flexibility will be competing factors.