For many lawyers on the junior end of the scale their memories of the last recession in 2008 are fairly abstract, most likely having gained an understanding of those times through what they have read or by proxy. They may not remember the ramifications nor recognise the situation if Brexit has a similar effect.
A lot of people were let go across the City and despite those in top tier law firms believing that staying put was a safe bet, law firms were also hit, and redundancies did happen.
‘Magic Circle firm Allen & Overy cut nearly ten per cent of its workforce worldwide, ditching 47 partners, 200 junior lawyers and 250 support staff.’
A recently published article makes the point that competition with US law firms has driven salary inflation. If the Magic and Silver Circle firms have increased salaries, and their work dries up due to another economic downturn, then sustaining that level across all verticals will become difficult.
Therefore, when you look to make a move, sometimes it’s worth considering more than what you believe to be true, and maybe now is as good a time as any to look at the market.
For those in law firms, remember that some in-house roles can give a diversification to your skill set which can really help your career in the long term, and the experience you gain in-house, on top of a solid technical base, can give you a Unique Selling Point (USP) that will set you apart.
If you are considering your next career move, please do not hesitate to contact us for a confidential discussion, as many of our clients have exciting growth strategies that they feel aren’t going to be affected by Brexit.
For those thinking of hiring, our legal team was launched in 2016 to enhance our exclusive offering to financial services firms with a network of specialist legal professionals. Our team of legal recruitment experts can help you find the right talent to help your team navigate any situation.
If you would like to find out more, please contact me.