Skip to main content

2023 - Fight the cold feet

Written by: Andrew Waters, Chadwick Nott
Published on: 19 Dec 2022

By Andrew Waters, Managing Director, Chadwick Nott

 

What a year 2022 has been. Stability is probably not one of the first words that come to mind when looking back over the last 12 months. 3 prime ministers, 4 chancellors, a war in Europe, the loss of Queen Elizabeth II, the beginning of the King Charles III era, inflation, cost of living issues, supply chain shortages, strikes across the country and bleak economic forecasts posted across the media.

Against this backdrop, it would be completely understandable to be concerned about the future after a year like 2022 and your instinct might naturally be to play it safe and stay away from any big career moves, but is it really such a bad time to consider moving jobs in the legal sector?

 

Soaring legal salaries

While the media is filled with articles about the cost-of-living crisis and associated strikes in many professions (including barristers), there have also simultaneously been numerous pieces highlighting the soaring salaries in the legal sector particularly in corporate law firms. Only this week The Lawyer released yet another salary increase article, this time about Weil Gotshal & Manges whose global revenue has risen by 12 percent over 2022 and will be increasing their NQ salaries to an eye watering £165,000 compared to £145,000 only 9 months ago.

These salary jumps have not just been in London either with many regional legal centres making drastic salary increases to retain talent in their locations. Kennedys increased their NQ salary rates this year by 60% in London, but also by over 30% in the regions to try and stay in step with big movers like DLA who increased their regional NQ rates from £48,000 to £65,000.

If your current position at your law firm is not offering you the type of work and remuneration you want, there is no doubt it would be worth discussing your options and market worth in 2023 with a legal recruitment specialist.

 

Your career is not a general market trend

Speak to your agent about your specific career and area of specialism - don’t try and make general assumptions about the state of the legal employment sector. Different legal practice areas and different law firms will have different needs at differing points in time, dependant on their unique client demands and internal resourcing. While many employers might be off the market for your skill set, there will be others that may be considering your skill set as their priority hire for the year and might be able to offer you the exact challenge and remuneration you are after in 2023.

 

Don’t burn out based on fear

While salaries are an important factor, the legal community and lawyers are becoming increasingly aware of burn-out issues and the immense pressure that many lawyers face either due to the culture of the law firm they work at, the billable hours culture itself or the style of law they practise.

If you are in a situation like this at the beginning of 2023, don’t put up with it because you are worried it is the only option out there for you and you should keep your head down and consider yourself lucky. There are law firms making huge strides in improving well-being, mental health, and burn-out rates within their organisations. Talk to a legal recruitment expert, be open about what you need to change in your next role to protect your mental health and well-being. They will be able to talk to you about the firms that are genuinely serious about well-being for those pursuing a long, healthy, and positive career in law.

 

Last in, first out?

Law firms are inherently risk averse and will tend to be cautious about costs, areas of expansion, lawyer utilisation rates, the likelihood of future client pipeline work and retaining their legal staff. In fact, most partners will not be able to hire into their teams without first justifying their business case and obtaining full partner or board approval.

In summary, you are very unlikely to get an offer from a firm in this economic environment unless the firm is confident about your future with them. Of course, this conservative approach to recruitment from most law firms can never completely rule out the risk of some major unforeseen market event putting staff at risk. However, it does mean you should be able to get a lot of confidence from your discussions with the partners in the team during your interview process about their reasons for hiring you and the robustness of their work pipeline. Make sure you consider this when weighing up any “last in, first out” concerns.

 

Followings are Evergreen

Whether it is 2023, 2002 or 2222, one thing is never going to change: lawyers who have a significant portable following will be in demand. Traditional law firms, alternative business structures and profit-sharing law firms are always looking for rainmakers who can enhance their current practice area presence or get them a piece of a new practice area pie. If you have a following, you should discuss the range of work options available to you with a legal recruitment expert. There are countless different structures now rewarding those who can generate their own following while also letting them define the lifestyle balance they want.

 

Backing out is still a Big Deal

My final comment on deciding whether to make a move in 2023, is to consider it extremely carefully. Weigh up all the factors at play: the salary, the quality of work, the firm culture, flexible working and commuting logistics, benefits, the type of clients, the

stability of the business pipeline, the industry trends and forecasts, the unique position you will be taking on and the specific opportunities for you to progress. Once you have done this, you may decide the opportunity is too risky or not quite right for you at this point in your career. That is completely fine and those offering you the role will respect your decision.

The one thing you should attempt to avoid is accepting a new role without considering what you would do if your current employer decided to make you a counteroffer. This should be part of your initial decision-making process and you should run through this hypothetical in your own head and with your agent before you accept any other offer. Backing out of a signed acceptance is still a big deal in the legal sector and can damage your reputation in the employment marketplace, so make sure you consider all options before ultimately putting pen to paper.

 

Let’s talk about 2023

Finally, Chadwick Nott wishes you all the best for 2023, and whether you are actively considering a move in the new year or simply interested in knowing what the market is doing in your space, please do not hesitate to get in touch. We are always happy to have a confidential, no commitment chat to give you some perspective to start the year ahead.

 

Take a look at current roles with legal recruiter Chadwick Nott.

 

 

In association with Chadwick Nott: