The legal market was at its peak in 2007 - law firms enjoyed high profits and a consistent flow of work, and profitability of law firms rocketed to all-time highs. Business development and marketing took a back seat for many lawyers as each hour was spent servicing work and clocking up chargeable hours. Many candidates will remember when they could find themselves easily holding multiple offers and this was a pattern across a range of practice areas such as corporate, property, finance, employment, etc.
How times have changed! The credit crisis and economic downturn have created a new environment where demand for lawyers has waned and those firms that are hiring are spoilt for choice due to the high volume of candidates available. Firms still hiring are also raising the bar in terms of their expectations of assistants and associates and no longer will skill set alone be enough to secure an offer. Firms are looking for candidates with top-notch skill-sets, but they are seeking additional qualities; drive, gravitas, acute commercial acumen and the ability to develop strong business relationships are now essential, rather than desirable, qualities to be found in an associate. Associates need to know how to market their skills and their firm's selling-points, including cross-selling to clients.
You may be one of those who has previously sought a new position but were overlooked, left frustrated by the market and/or unable to secure a package reflecting your true worth. At LPA, we are aware of this change in demand as a result of detailed communication with clients and recent placements. We have placed a number of associates in recent weeks and, through our in-depth interviewing techniques we have established key selling points for each of the candidates, which in some cases the candidates did not realise they had. This process, developed originally for our partner candidates and which we now apply across the board for private practice candidates, has made the difference in securing candidates positions which they may well not otherwise have secured.
Here are some case studies showing examples of the success of this process:
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Case Study 1
A 6pqe dual qualified litigation lawyer at a Top 25 UK law firm. The candidate had developed their own business contacts and relationships through marketing and other activities drawing in both domestic and international work. Despite this she was made redundant by her firm. The firm did not fully support the international element and this prevented further growth of the candidates practice. In addition to the contentious work, the candidate was able to refer transactional work across the firm. Candidate placed in 2009 at a mid sized entrepreneurial West End firm with international client base. |
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Case Study 2
A 7 pqe senior associate at a regional firm with small London office. The candidate had developed his own regulatory/litigation practice throughout his time at the firm. However, further growth was not supported by the management demonstrated by the lack of budget approval. We identified that his skill-set was in fact rare and in an area that we were confident would burgeon in the next few years. Placed in 2009 (holding 5 offers through LPA) he accepted a position with a large national firm with significant London presence where he now has the autonomy and backing to further develop his practice. |
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Case Study 3
A Senior Associate/Junior Partner with a small firm in the regions who had at an early stage in his career built a law firm which handled crime and immigration work. The candidate developed strong business skills at a relatively early stage in his career and having developed these skills he decided to make his first move into a firm in the Central London market. Placed in 2009 within 2 weeks of first meeting at a small City firm where he can further grow a part of his practice and cross refer into other areas of practice whilst developing his skill set in new areas. |
This is an excellent time to take advantage of the recent market trend and utilise/develop business connections. If you are convinced that you are a candidate with more to offer than a pure skill set then you could be missing out on some serious opportunities. Each of the above candidates benefitted from our advice which included in all three cases assistant/associate business plans detailing and focussing on the candidate’s key selling points which often fail to come out in a standard CV.
For further information or if you would like an informal discussion about your career and prospects, please call:
Krupa Patel is a Consultant in LPA Legal Recruitment's Private Practice Division
Anil Shah is the Managing Director of LPA Legal Recruitment
