Predictions for the 2024 Legal Recruitment Market
By Amy Walker
Head of Marketing
G2 Legal
We enter 2024 with cautious optimism. The UK labour market is currently tight, economic forecasters are predicting that interest rates will be cut later in the year, partly due to lowering inflation throughout 2023. Presently there is much speculation about the economy and the impact that the general election will have later in the year.
What does this all mean for the legal recruitment market in 2024? Unfortunately, we don’t have a crystal ball and so we can’t say for sure how these factors will impact the market. However, we can say that based on a combination of industry and our own market data, there are four key themes that will impact the market through the year.
- Technology is key
Last year was the year for ChatGPT and 2024 sees no slow down in the roll out of AI in the workplace. As businesses continue to digitalise their operations to improve efficiencies, the threat of cyber attacks increases. Consequently, there will be increased opportunities for lawyers who specialise in the growing and complex areas of AI and cybersecurity.
- Flexible working patterns
The flexible working bill received royal ascent in 2023 and will become law later in 2024. Combined with the ongoing rail strikes and ticket price increases in March, the employee demand for hybrid working throughout 2024 will remain high. This is mirrored by G2 Legal’s latest salary survey results, whereby 80% of lawyers stated that their preferred working model is hybrid. Firms that are looking to recruit in 2024 should be mindful of this and, where possible, offer hybrid or a flexible working option to all employees as standard practise to attract the best candidates.
- Environment Importance
2023 was an important year for the global environment for good and bad reasons. COP28 saw a deal achieved, whereby nearly 200 countries agreed to transition away from fossil fuels. Unfortunately, 2023 was also the hottest year on record for the planet. These two dichotomous events, paired with Linkedin’s recent reports of accelerated demand for green skills, means that the environment will be at the forefront of people’s minds. This will lead to a growth in legal roles specialising in environmental and climate change laws. In addition to growing number of ESG reporting roles that we are already seeing in the market.
- Consumer Confidence = Conveyancing Confidence?
In 2023 we saw a year on year decline in the conveyancing job market. However, from looking at the latest consumer confidence data, there has been a 20-point increase in the overall index from November ‘22 to November ‘23. If this trend continues into 2024, and interest rates are cut as forecasted, this will see the housing market pick up again in the second half of 2024, and a rise in conveyancing roles. We will all have to watch the economy to see how this plays out but based on predictions, 2024 could end well for the conveyancing market!
Amy Walker
Head of Marketing
G2 Legal Limited