Legal Finance Market Insights Q2 2018

SKILLS IN DEMAND

Q1 2018 saw a continuation in the influx of pricing roles, indications are that this will remain throughout the year. These skills are in short supply, particularly as many firms request previous experience from within a law firm. Firms are starting to look at different skillsets as the recognition of the importance of these roles being filled becomes time critical. Management Accountants with strong commercial skills from within legal are now being considered for these roles. 

We have seen an increase in senior interim roles, mainly to cover internal moves for incumbents to run projects. There is still a business focus on increasing the commerciality of firms and we have seen a 33% increase in senior perm roles in this area in comparison to Q1 2017, a trend that is likely to continue for H1. 

A key indicator that law firms are still in a busy period is the constant demand for billing and revenue positions which bodes well for the rest of the year.

PREDICTIONS FOR THE COMING QUARTER

Q2 will be a robust quarter, candidate shortages will still be prevalent and challenging, and sourcing high calibre candidates will remain high on the agenda for many firms. Due to the shortage of talent, there will be a rise in candidate utilisationfrom professional services firms to ensure that skill shortages do not impact business growth. Many hires are business/time critical and could impact achieving 2020 growth and strategy plans if they are not filled in a timely manner.

The increase of regional opportunities is a trend that will continue as more firms look to move their support functions to regional business hubs such as Birmingham, Manchester and Bristol. The availability of quality candidates and talent in these locations and the cost savings associated with moving teams out of London will see this grow and develop.

The Third Industrial Revolution - the impact that AI and technology will have on all firms and businesses will become more of a focus as firms look increasingly to automation to enhance and streamline businesses.   

ADVICE FOR EMPLOYERS

Move quickly when reviewing CVs and throughout the interview process – the market has been busy so far in Q1 and we only expect it to ramp up even more so candidates are in high demand. It is important you don’t miss out on a candidate by delaying processes from your side. 

Sell in your role and the firm – make your opportunity stand out against the other roles candidates are interviewing for. 

Be open-minded at FQ level to candidates outside of legal – with an increase in fully qualified accountant roles on the market, in order to fill your vacancy, we encourage you to be open-minded to candidates outside of the legal sector, this could limit the amount of CVs to review and avoid delay to the recruitment process.

ADVICE FOR JOBSEEKERS

Preparation is key – always relate your CV to the role and the job specification.

Meet with your consultant – make time to go over interview preparation.

Keep on top of your search – come back on job specifications ASAP to avoid missing out. 

Provide us with your interview feedback promptly after your interview to help keep the momentum of the recruitment process.

Always be honest about what other opportunities you are exploring.

Legal Finance & Accounting Salaries Q2 2018

Notes on salary table

1. Titles and levels vary from organisation to organisation.
2. The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.
3. 12-month base salaries are assumed.
4. All other benefits and bonuses are in addition to these figures.
5. Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances.