Why it's a Race to Land Top Legal Talent
This article from the Law Institute of Victoria discusses trends in the Legal Industry. Of particular interest in this research is the growth of boutique and new law firms.
As specialist recruiters in the Legal Industry in Melbourne, we continue to experience a candidate tight market.
This means that talented candidates are often fielding multiple offers.
Often they are weighing up a decision between, for example, a large full service law firm and a boutique firm.
The Rise of the Boutique Law Firm
A boutique law firm according to the Law Society of NSW is a firm with lawyers focused on a niche speciality. Often they offer their clients reduced prices due to reduced overheads.
Boutique firms are becoming very competitive in relation to salaries. They have also been known to offer attractive and achievable bonus arrangements. This, combined with their speed to market, is giving them a distinct advantage in attracting talent.
A boutique firm generally has a localised decision making structure which can also sway candidates their way.
When it comes to recruitment, boutique firms have a number of advantages:
- They can be nimble and make recruitment decisions quickly
- They are offering competitive salaries
- A Lawyer is likely to have more direct client contact
- Senior Partners have deep experience in their specialist area, making great mentors
- Lawyers gain experience quickly in a boutique. They can often be more hands on and autonomous than in a large firm
- Less bureaucracy
- A potentially quicker road to partnership due to less management layers
- There is a greater possibility of being able to influence company policy and management decisions
So how do you compete for talent if you are a Large Firm?
You highlight your advantages which may include:
- A diverse and challenging client base
- Extensive resources such as in-house law-libraries and copy centres
- Complex and high profile matters to work on
- Established recruitment, induction and training procedures
- Established policies relating to employee benefits, salary increases and performance reviews
- Experienced support staff
- Impressive office facilities
- Potential for overseas travel or secondments
The other thing you can do as a large firm, is to improve the turnaround time in relation to decision making. Taking weeks to confirm which candidate is perfect for your firm often results in losing the ideal candidate to a more nimble company.
At Legal People we present our HR partners with a screened list of candidates for their review. You can improve the time it takes you to make a decision post-interview by
- Ensuring the right people see the candidate for an interview
- Have all your ducks in a row in relation to approval to replace or to increase your headcount before you go to market
- Ensure people with decision making authority around salary and making an offer have the information they need to do so
- Understanding it is a candidate tight market and that speed is a key factor in securing the candidate
Some firms are using video interviews with pre-recorded questions. These often have set time pressures and no delete or do-over opportunities. This may mean a firm can see a wider pool of candidates. Used well, it can also mean they can get through the initial interview process quickly. These are particularly useful with junior or graduate staff. A more experienced lawyer may want a more personal experience.
There is one message for all firms looking for experienced legal talent during a candidate tight market. That is, to be prepared and move quickly . Demonstrate clearly to candidates your offering and culture and you could win the race for top talent. Using a specialist recruiter well connected within the Melbourne legal industry can only help!
Are you looking for exceptional candidates in the Legal Industry in Melbourne? Then get in touch with us here at Legal People. We are specialists in the Legal Industry and recruit Lawyers, Support staff and HR professionals. If you enjoyed reading this article, you can follow our Company Page on LinkedIn for regular updates.
