24 Jun Private Practice Emerging Trends
It seems we’re always on the cusp of something at the moment, right now we’re on the cusp of another potential lock-down in Sydney. Hopefully by the time you read this it will have come to nothing and we’re back to sharing seats again on the bus and forgetting that door handles are the true villain.
We’re also on the cusp of lawyers receiving news of their 2021 pay reviews and bonuses, a tense time for all (particularly if you’re a law firm concerned that passing on anything short of a major lotto win will result in a mass exodus). At this point in the year, late June, there’s a definite sense of expectation and intrigue surrounding this year’s uplifts with many seeking significant recompense for last year’s troubles.
Overall, private practice continues its march back to positivity with yet more roles being released, more stress being felt by firms and more candidates being offered more money. We have, however, noticed the following three trends emerging:
- Banking is back. This month has seen a dramatic increase in the demand for finance lawyers at all levels. Banking has taken it’s time to return to recruitment mode but, now it’s back, it’s on fire and there is strong demand across the top-tier firms in particular.
- Lawyers are flocking to London and the US. The procession of transactional lawyers keen to grab the last slice of English summer time and the Big Apple has accelerated. With many stories of firms asking their Australian lawyers to put a shout out to their mates back home, we’ve again been stunned by the volumes of lawyers heading overseas. It’s not overstating it to say this is the single greatest threat facing Australian firms, and their efforts to grow teams and retain staff right now.
- Juniors are in demand. As a likely reaction to point 2, this month has seen several major firms open their arms to M&A lawyers with as little as 6 months experience in a bid to solve a future staffing crisis.
So, here’s to next month and a new financial year. We’ll surely find some new developments to discuss next time but, for now, carry on, wear a mask and wash your hands.