This article explores the extent to which a property crash later this year is likely, and if there is one, whether it might result in job losses in conveyancing in the same way we have seen recently following the Financial Crisis of 2008.[Read more…]
A “candidate-led” market is one that is essentially a market where candidate demand is greater than supply. In the legal world it usually occurs when there is a shortage of suitably qualified people to fill specific practice areas. As a result, firms find it a struggle to recruit the talent they need.[Read more…]
In this article we briefly discuss and comment on the effects of the Covid-19 pandemic on staff at legal firms. Bear in mind that no two firms have the same business needs or office arrangements, so their practices and treatment of staff can vary widely. Here we consider items such as staff working from home, reduced working hours and pay, furloughing, redundancies, trainee retention/ NQ jobs and recruitment.[Read more…]
Redundancies as a result of coronavirus are going to be inevitable in a lot of law firms, and they have already started in some firms. As the furlough scheme winds down and if law firm income does not return to its pre-coronavirus levels, it is anticipated there will be more.
If you are on furlough leave or working in an area where your work has decreased, you may want more certainty from your employer about whether your role is safe from redundancy but, in many cases, law firms won’t be able to provide this clarity because it depends on work levels returning to normal, which is currently being monitored.[Read more…]
The economic consequences of the Covid-19 pandemic are having a big impact on law firms and will affect their jobs and recruitment.
With this Covid-19 outbreak legal work has been reduced suddenly and significantly with overall revenues down considerably. It is also taking longer for firms to get paid for work already done (or, in the worst cases, not getting paid at all) and this has become a big problem for many firms. Bear in mind most firms still carry most pre-virus operating expenses such as staff wages, insurance and rent (furlough leave if it has been taken up, only helps to a limited extent). And these firms have a lot less revenue coming in.[Read more…]