By Kate Tregoning,
Managing Director, Michael Page Legal, Policy & Offshore
Kate is a specialist in recruitment services having worked in the industry for more than 20 years covering legal, accounting, finance and secretarial disciplines. In her current role, Kate is responsible for recruiting partners into US and UK law firms, as well as running the Legal, Policy and Offshore businesses for Michael Page International. Managing Director, Michael Page Legal, Policy & Offshore
While incremental hiring will be thin on the ground for many organisations, there is staff turnover in some sectors of the legal market which will drive some consistent recruitment activity in the Canary Wharf area.
Overview of the legal jobs market can be divided into the following three key areas:
Private practice
The buoyancy of the legal recruitment market for private practice roles continues to be dependant on sector. We are noticing a consistent demand for quality candidates in areas such as intellectual property, information technology, pension funds, asset finance, capital markets and international projects. Demand for real estate, on the other hand, remains stagnant.
Canary Wharf is a business hub for many large firms offering specialists roles in areas experiencing buoyancy so recruitment prospects are optimistic. Another trend we are seeing is that many firms in the area have the fiscal capacity to grow into larger offices giving them advantage over their smaller competitors.
Financial services
Asset managers and insurance companies are offsetting much of the downturn by implementing long-term strategies to recruit the highest quality candidates for the future. The impact on Canary Wharf is that recruitment into the larger banks has slowed in the second half of 2011 and much of the recruitment into asset management firms is taking place in Mayfair and the City.
Industry and commerce
In challenging times the industry and commerce market has proven itself to be the most resilient and stable. In 2009, many companies in this area took a long-term view of market, avoiding boom and bust strategies to recruitment and supporting staff retention in their legal divisions. As a result we are likely to see recruitment demand based on natural attrition. When these roles become available, the most attractive candidates will be those with direct sector experience and/or strong commercial intellectual property, and information technology experience.
Unlike the other sectors, industry and commerce does not have a central industry hub with many of its large businesses establishing themselves outside London, particularly towards the North and West. However, Canary Wharf is home to a number of large businesses who have teams present in the area including energy and commodity markets so we should see some movement in this sector.
