Hays Legal
January - March 2012
Hotspots
In line with our two speed economy, Energy and Resources Lawyers are in high demand from both private practice and in-house employers to support the ongoing boom in mining. Demand is also fuelled by businesses preparing for the repercussions of the Carbon Tax as well as ongoing investment in renewable energy projects across hydro, solar and wind in most states.
Construction Lawyers will also be sought, again by both firms and the in-house market. A number of major initiatives are taking place across most states and while in-house departments have found candidate attraction an easy process in the past, we expect to see a higher demand from law firms which will potentially see some prominent hires moving away from in-house roles in 2012. There is also a current demand for Construction Litigators.
Insurance Litigation Lawyers are another hotspot of demand within the practice market due to the spate of natural disasters across Australia in recent times. As a result, this area will be as busy as ever in 2012 with insurance companies bolstering their in-house teams and both large and boutique law firms continuing to expand their practices.
IT Lawyers will be needed by both firms and the in-house market. With a number of legacy systems still evident across the financial services sector in particular, IT business transformation and change remains a key focus area across many sectors. With pressure to reduce operating costs, there is an appetite to continue investing in IT to make the necessary savings in the medium to long term, while also ensuring a competitive edge is maintained.
Regulatory Lawyers are also sought since the financial services sector continues to become more competitive. We expect further regulatory changes in 2012 to create demand for specialist Lawyers in this area.
Telco Lawyers are sought. Ongoing investment in Australia's infrastructure, evidenced by the National Broadband Network project, has led to an increase in demand that will continue throughout 2012 and beyond. A number of companies are bringing talent in-house, which may pose a challenge to law firms who have traditionally been able to attract talent without difficulty.
Employment Lawyers are needed due to legislation changes and the Fair Work Act.
Banking and Finance Lawyers remain in high demand given new legislation. There is a real shortage of these candidates and employers have been looking at increasing teams in this area for some time.
Overcoming skills shortages
Those employers who are considering lawyers relocating back to the region or arriving here for the first time are successfully addressing their recruitment needs. These employers do not object to a candidate's lack of recent Australian experience and are consequently having greater success when recruiting.
This trend is not only evident in the in-house market. We've also seen top tier firms widen their search to include overseas candidates from the UK and New Zealand.
The coming quarter
Overall there was an air of caution across the wider market at the end of last year. For the first quarter of 2012 we expect to see a rise in vacancies following the traditional festive season slowdown. New recruitment strategies will lead to new roles, particularly in the above hotspot areas.
Employer trends
Employers are extremely precise in the skills and experience they require when recruiting. Private practice firms are putting solid career progression paths in place for current employees to keep them motivated and retain them.
Candidate trends
There is a strong flow of newly qualified candidates, although there is a shortage of challenging roles for them to consider. Overall candidate flow is rising now we have moved away from the festive season, although there is some hesitation from candidates in secure roles given the global economic environment. With a tighter candidate pool, this means the market this year will be candidate driven.
