It is hard to communicate just how improved the legal market is in 2014 without appearing to drift into overstatement and hyperbole. With this in mind some figures and stats might more adequately highlight where we are in terms of growth when we compare 2012 with 2014:

Supplementing this data are further key pieces of information. In 2012 progression and job security were primary motivating factors for job seekers and job changers. In 2010 job security was very much the primary factor. The current hierarchy of needs for the local legal market is reflected here:

Lawyers seeking to stay in practice in 2014 prioritised remuneration and progression as their primary motivating factors whilst lawyers seeking an in-house move prioritised quality of work and work life balance.

Another important change in 2014 is the cross section of sector activity compared to previous years. The market has shifted back towards more transactional work from a recruitment perspective with significant demand from corporate and banking departments. Property has remained a high activity sector continuing from the final two quarters of 2013 and the in house commercial market continues to boom.

Market Overview

Whilst our perspective of recruitment activity is skewed typically towards larger firms (top 20) it is important to note that private client firms have re-entered the market on a consistent and high volume basis in 2014 which has created a far greater variety in opportunities for qualified solicitors.

Over the course of 2014 we have completed a number of key assignments:

• Equity Partner Executive Search
• Volume recruitment project (e-discovery / due diligence)
• EMEA Head of Legal

In addition to this we have recruited a record number of newly qualified solicitors in 2014, with the emphasis however still very much at the 3 – 5 PQE mark.

Expectations for 2015

Before discussing the year ahead, there is an important caveat to consider when framing the current positivity around the market. As mentioned above, the bulk of market activity rests between 3 – 5 PQE which corresponds with the height of the recession. As such, it is prudent to consider that the market is still playing catch up and that in the future we may see a slight plateau of recruitment activity.

Despite this it is also entirely possible that the level of growth will be such that this plateau may pass unnoticed as the cyclical nature of recruitment provides sufficient activity to maintain the level of opportunity.

Optimistically I think that whilst the levels of activity in 2015 will mirror 2014 the division between various sectors and departments will level off to create a more consistent and opportunistic market for career oriented legal professionals.

End of year review of the Legal Market was written by Robert Connolly, Director Amicus Search & Recruitment

robert@amicus.ie | o1 531 2424

Legal Jobs Ireland