2024 is certainly going to be a year of mega elections in the democratic world with key elections in India, the US and the UK and France. France has just announced a snap poll after a surprising result in the European Elections. Change is certainly coming in the UK according to the pollsters; while in India, Modi suffered severe setbacks despite winning a 3rd term. And that’s not all - at least 64 countries, home to nearly half of the global population, will vote this year. It will undoubtedly be a year of change for so many. Here’s to it being a year of positive change.
Moving jobs is a time of great change for anyone including lawyers of any level and of course the aim is always a positive change – such as career advancement, better work quality, more convenient location or hours and of course better renumeration. All candidates must evaluate promises from employers, consider their own expectations and hope that any offer received will bring about a fundamental change to their life. General Elections force change on all individuals with the fundamental difference being that with elections we are part of a larger significant change and not in control. With an individual job offer it is all about the individual and the prospective employer trying to manage and control their options. The difference is one-on-one exchange compared to the democratic decision of millions at the ballot box.
Currently, with all the General Elections, here in the UK we have a lot of market uncertainty with many key decisions paused until election outcomes are known. In addition, according to some industry sources in the UK there are sadly still widespread insolvencies to come in the commercial and residential property world that are desperately in need of a cut in interest rates. So, I say roll on the summer…….!
While all this election noise goes on, the in-house legal recruitment market in London has shown some resilience with some opportunities arising due to structural changes at companies and the fact the London is home to internationally focused work that is detached from the UK economy. However, candidates overall are being somewhat reluctant to change roles in this time of uncertainty, unless they are fearing redundancy due the economic situation of their current employer or are simply unhappy with politically charged decisions that have not been to his/her advantage. The exponential rise in salaries for junior lawyer sat in the leading US and City law firms has however caused several in-house clients of mine to advise me to see what candidates are available with defined salary parameters.
Obviously, companies do not have bottomless budgets and it should be noted that quality academic backgrounds and very solid experience are still core requirements to undertake the roles required with most of my in-house clients. Leading companies are also so often looking for candidates that have spent time at a leading law firm at some stage in their careers.
A snap poll of all the candidates that I have interviewing this month reveals that 75% are immediately available or soon to become available as contracts end within circa 2 months. One role I worked hard to fill saw two permanently employed mid-level candidates decline the role and I eventually filled it with a candidate that had been made redundant. One of the lawyers who declined the new opportunity decided to stay put; whilst the other wavered at the last minute and was offered more £££ to stay in private practice. Like a General Election we never know what decision will be made by any person until the last moment.
What we must remember is that elections can be a time of change but also hope and rejuvenation. There have been some excellent job opportunities in the energy, construction, and financial services sectors.
Change is generally for the good and any lawyers knowing that it’s time for a change right now, in these times of uncertainty, should not be put off exploring the job market. In times of uncertainty, we can often make some of the most decisive and inspiring choices that serve us well in the future.
Whilst £££ earnt as a salary is fundamental to our lives, other factors such as pensions, bonuses, the number of days holiday, flexibility and the culture of a company all have a value to every individual. Two clients of mine in the industrial sector finish at 1230 on a Friday………such a perk is highly valued by those employees.
Just remember to do all your due diligence well and speak to an expert on the market, so that whatever decision you make it terms of moving roles will be one that offers an exciting new phase to your career.
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