find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
My next move: Is the start of a new financial year a hiring incentive in the legal market?

My next move: Is the start of a new financial year a hiring incentive in the legal market?

It’s still a cautious market and legal hiring this financial year will likely be influenced by a number of factors other than the financial-year cycle.

Law firms and in-house legal teams have typically organised their budgets for the new financial year and now have a clear strategy for future recruitment.

The new financial year is also typically a time when there is an influx of candidates in the legal market who are looking for a new role.

Candidates tend to look at this time of year because they might not be happy with their salary, bonus arrangement or career progression post-performance review. (As Lawyers Weekly has reported in earlier editions, certain employers have imposed a salary freeze this year.) We have also seen candidates whose increased workloads are taking their toll as team members have left and not been replaced.

Another factor that will influence business activity, and in turn legal hiring, is the federal election, but its anticipated that it will take some time after the election for there to be an upturn in transactional work (such as M&A and banking & finance). In the meantime, a number of firms have said that they are sitting tight or keeping steady, with a reduction in graduate intakes and flexible work policies being implemented to reduce or avoid potential redundancies.

While the large firms have been cutting numbers, mid-sized players have been more active on the hiring front.

There have been many notable top-tier partner movements to mid-sized firms.

The Australian legal market is also influenced by the international legal market and international economic activity generally. It is expected that local legal hiring will be encouraged when the international firms start hiring again.

Many of the global firms, as well as our large domestic firms, are rethinking their structure and making structural changes.

While it is anticipated that the market will remain conservative and there is unlikely to be a surge in legal hiring, employers will be looking to fill specific skill gaps in their teams (both in-house and private practice) and firms will continue to seek lawyers with a potential client base.

The legal hires that employers make this new financial year are expected to be extremely well-considered and strategic as they seek to maintain or improve their position in the market.


Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

My next move: Is the start of a new financial year a hiring incentive in the legal market?
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...