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A new financial year ... what now?

A new financial year ... what now?

It's a new financial year and everyone is looking forward to a more profitable 12 months than the last, after all, the only way from here is up, writes Ruth SalamonMarket trendsWe are starting…

It's a new financial year and everyone is looking forward to a more profitable 12 months than the last, after all, the only way from here is up, writes Ruth Salamon

Market trends

We are starting to see a definite improvement in the mid-tier market with a number of firms actively recruiting. The next 12 months should continue to see smaller mid-tiers grow (including some who are taking quite an aggressive approach to their growth) and larger mid-tiers grow cautiously. Yet we are unlikely to see much growth in the top-tier over the next six months.

The benefit of a new financial year is that employers have new head-count budgets, which usually means that they are able to re-evaluate staff needs, workflows and team structures. This is likely to result in some new recruitment.

The new financial year has seen fewer and more modest pay rises so remuneration will remain largely unchanged over the coming year. Companies are, however, still eager to reward outstanding employees, with only a few firms confirming pay freezes.

In the meantime

Lawyers should continue to get as much hands-on experience as possible. The market is calling for lawyers to be more flexible and broaden their scope slightly, in the wake of recent redundancies and lower workflows in some practice areas. This is a good thing and should be embraced. A total change of practice area (outside of your current firm) would be difficult right now because those employers who are recruiting have specific needs and are looking for someone who can hit the ground running with little effort.

There are a number of great opportunities currently available - so keep an eye out. For those seeking a job change, now is a great time to work on your CV and speak with a consultant about your current and future options.

Ruth Salamon heads up Laurence Simons Specialist Legal Recruitment, Australia

 

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