Legal Finance Market Insights Q3 2018

Billing demand has continued to increase throughout Q2, with all our clients looking for interim and permanent hires. We are continuing to see a need for e-billing experience both in focused e-billing roles or as part of a billing position.  

Skills in demand 

There have been newly created roles coming into the legal finance market, focusing on Finance Project Management. These roles are ultimately to drive revenue and help coordinate all teams involved in pricing, revenue and the fee earners themselves. They are real value add roles and require people with strong business partnering experience and a solid understanding of financials, without needing an accountancy qualification. 

Predictions for the coming quarter

A real lack of candidates in the market across the majority of legal finance roles looks set to continue into Q3.

Financial Reporting is being spoken about quite heavily in the legal market at the moment, this is potentially a sign that more law firms are looking to float IPO’s in the future? Being a traditional industry, law firms historically haven’t needed to (or probably wanted to) spend too much time on reporting however in order to continue to drive growth and work as a commercial, profitable organisation, it is imperative that firms invest in reporting tools to better prepare them for the future. This will no doubt see a need for strong FP&A and financial reporting experts. 

Advice for employers

Broaden horizons and look outside of legal for good calibre billers. The market is candidate short of legal billers and it is advised to all our clients to be open-mindedto seeing CVs with no legal billing. There are many outstanding calibre billers outside of the legal sector looking for a step in.

Move quickly with the interview process. Delaying the interview process for many weeks can potentially result in losing good calibre candidates. If you liked a candidate and could potentially see them working there, ensure you provide positive feedback and book in the 2nd stage within a week to keep them interested.

As we are in a candidate short market and the best candidates are likely to be interviewing at other firms, it is crucial to represent your firm in the best way possible and sell yourselves, in order to secure the best talent and stand out from your competitors.

Advice for jobseekers

Be proactive in each job that you are applying for. 

Ensure your CV is reflective of the role you are applying for and add any duties listed on the job description that are not on your CV already.

Take us up on the interview preparation that we offer - preparation is key!

Legal Finance & Accounting Salaries Q3 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.