Job security has emerged as a leading concern for lawyers when considering a new employer, surpassing other factors such as flexibility, progression and prestige of firm, according to a new report by legal attraction, recruitment and retention consultancy, Realm Recruit.
As part of its annual market research conducted earlier this summer, Realm Recruit surveyed lawyers on topics including jobseeker status, progression, flexibility, culture and pay.
A total of 93 per cent of respondents said that job security was very or fairly important to them, in a list that also included length of commute, promotion opportunities and cultural fit.
Pay emerged as the biggest priority, with 95 per cent of lawyers saying it would be important to them if they were considering a new firm. It was also a common reason lawyers explored the jobs market last year, with 37 per cent saying it had triggered them to move firms.
79 per cent said the same about flexible working. Cultural fit and progression opportunities were also important with 79 per cent and 76 per cent of lawyers saying they were a priority, respectively.
Lawyers were also asked how active they were on the jobs market. The results revealed that the proportion actively seeking a new opportunity (ranging from lawyers who had set up an alert on a job board to lawyers who were in the throes of interviewing with prospective firms) has fallen for the fourth consecutive year to just five per cent, down from 10 per cent in 2022 and 40 per cent in 2019.
Despite only 10 per cent of the market identifying as active in 2022, 21 per cent of those who took the survey had moved jobs in the last 12 months, demonstrating that passive or inactive lawyers can have their heads turned for the right opportunity.
The 150 survey respondents were based primarily across the North West of England, Yorkshire and the Midlands, and included solicitors of all levels of post-qualified experience as well as non-qualified lawyers. Realm Recruit also spoke to law firms and grounded its findings in insight from key decision-makers and partners on how they are responding to the current legal talent market.
Duane Cormell, Managing Director at Realm Recruit comments:
“In today’s increasingly competitive legal market, law firms need to go beyond traditional offerings to attract and retain the best talent. With job security now a top priority for most lawyers, it’s essential for firms to create an environment where employees feel secure and valued.
If law firms can prospective hires offer above-inflation pay increases, this will also help to attract and recruit talented lawyers, but for many firms this approach is not sustainable.
Instead, firms can take a longer-term approach by cultivating a strong Employer Value Proposition that brings together other elements that are important to lawyers. By offering long-term career progression, looking after employee wellbeing, and providing flexibility, law firms can not only boost retention (and profitability) but also become employers of choice in a challenging market.”
