Quarterly market update from Balance Recruitment - Legal Accounts - July 2011

Having previously reported on five consecutive quarters of growth in the Legal Accounts market, Q2 2011 started off looking to follow a similar vein. However it was very much a quarter of two halves with Easter being a turning point and seeing the first real slow down of the legal accounts jobs market for well over a year.

The UK jobs market as a whole saw the slowest level of growth in permanent recruitment for seven months in May, with the deceleration continuing in to June. The Recruitment & Employment Confederation (REC) recently reported that June saw the slowest month of growth for 22 months. Looking at it from a slightly more positive angle however, the overall number of successful permanent placements has continued to expand (for a 23rd consecutive month).

Back to the Legal Accounts sector specifically, candidate flow has remained relatively consistent with many individuals looking for a move to increase their earnings after disappointing salary reviews and just as many deciding that, having held tight over the last three years, now is the time for a fresh challenge or just a change of scenery. Those areas which have been most difficult to resource for however have included newly to two years post qualified financial analysts and legal billers with Elite experience.

During Q2 there have been no specific areas in highest demand, and instead we’ve seen opportunities coming through across most areas/levels of the Legal Finance function. The increase in Legal Cashiering opportunities reporting in our Q1 review has continued, and we are starting to see some ongoing movement in this area after a lengthy period of stability.

It is difficult to predict the levels of activity likely to occur throughout Q3 as historic (pre-recession) data points towards July and August being the slowest months in the recruitment calendar, however this trend was thrown out of the window last year. It seems safe to assume that there will be no real surge in growth, but perhaps a continuation of the slow growth seen in the last half of Q2.

If you would be interested to discuss any of the above or related issues in more detail, or if you have any hiring requirements arise within your finance department, please feel free to give me a call anytime.

Any feedback or suggestions for additional information to be included in future quarterly market updates would be very welcome.