It\u2019s no secret that the corporate world has irreversibly changed. Law firms are no longer simply providing a service. Today they must equip their business with the right talent, technology, and innovative mindset to respond to their customer\u2019s increasingly diverse and often more specialised needs. There is a real war for legal talent, happening in the marketplace right now.<\/p>\n\n\n\n
In an environment in both NZ and Australia where the unemployment rates remain stubbornly low, lawyers with the skills and experience firms are looking for have more bargaining power and freedom to consider new opportunities.<\/p>\n\n\n\n
We are seeing lawyers take greater control of their careers. They expect more flexibility, independence, and clear paths of progression.\u00a0 They will simply walk away if their current role doesn\u2019t create the lifestyle they want.\u00a0 A few examples of this include the rise of the niche micro firms in Australia, the increase in \u201cslashie\u201d roles (people working full-time while juggling another business), and the findings of the latest Legal Firm of Choice Survey showing that 27% of respondents are making plans to leave their current employers. All of which demonstrates that their is an active war for legal talent, that is happening in the market right now.<\/p>\n\n\n\n
In this market, a reactive approach to recruiting<\/a> has resulted in law firms paying well above market rates for talent that is available, rather than the best quality or fit for the team.\u00a0 There are also often time lags between an employee leaving and a new hire starting that can directly impact the wellbeing of other employees \u2013 and ultimately lead to further resignations.\u00a0 In addition, recruiters are charging larger and larger fees, on some occasions as high as 25% of a starting salary.<\/p>\n\n\n\n Our data shows the gap between the number of offshore specialist and senior lawyers returning versus those leaving Australia and New Zealand continues to widen.<\/p>\n\n\n\n In our 15+ years\u2019 experience with search recruitment we have seen firms make the mistake of placing recruitment on hold twice \u2013 firstly post the GFC in 2008 and then briefly after the outbreak of COVID in 2020. Many of those firms continue to scramble for quality talent today.<\/p>\n\n\n\n In the ongoing war for legal talent, it is vital that firms identify and pipeline lawyers if they are to stand a chance of filling roles with quality talent.<\/p>\n\n\n\n Insource is uniquely placed to support law firms with its powerful searchable database of over 100,000+ up to date lawyer profiles and extensive industry knowledge.\u00a0 Insource empowers those charged with identifying and hiring talent to take back control of recruitment \u2013 keeping partners happy and increasing retention by hiring the right people from the outset. It’s time to take control and win that war for legal talent.<\/p>\n\n\n\nAt Insource we don\u2019t foresee any change in the current market shortage for lawyers, particularly in the four to six year PQE level.<\/em><\/strong><\/h4>\n\n\n\n
The power of the Pipeline<\/strong><\/h4>\n\n\n\n