In the current climate, the legal industry faces several challenges, the most prominent being candidate shortages. A study carried out by INDEX Consulting has revealed that 67% of law firms in the UK claim that skills shortages are ‘threatening their growth’. This shortage is a result of retention issues and the changing legal environment.
Smaller firms are struggling in a new legal environment where larger organisations are dominating the market with their expansion plans. This competition has meant that many smaller firms are losing the limited number of experienced lawyers available to larger companies who can attract the best talent. There has also been an increased demand for internal lawyers in finance, insurance, and property companies which has further hindered the ability of smaller companies to secure experienced candidates.
Retaining candidates has also become an issue within the industry, with the average person having 12 jobs in their lifetime. Many firms have pledged to prioritise having a strong employee benefits scheme to combat this issue. This not only ensures they will retain their employees but also improves the experience average within the company, which tends to align with greater success.
Many law firms are also focusing their attention on the talent improvement sphere of their business to help potential talent improve their skills and experience. Deloitte recorded that 87% of the law firms they surveyed claimed that ‘investing in talent’ was of the utmost importance for their recruitment strategy. This reinforces the idea that supporting up-and-coming talent is key to creating an experienced employee base. 60% of law graduates go into non-legal related jobs after university. As a result, many firms are also investing in in-house graduate schemes to ensure these qualified candidates can gain the skills and experience necessary to succeed in the legal arena. This is also beneficial as they can train the candidates to suit their business goals instead of retraining a more experienced candidate.
With sourcing experienced candidates being more difficult than ever, it’s clear that enlisting external recruitment services can greatly improve the standard of talent you are presented with to fill positions. Harnessing such services also saves companies time and relieves stress as the outsourcing is done for you. If you are interested in hearing more about what we can do for you, please don’t hesitate to get in contact with us via the details below.
