Legal Business Services recruitment - 2023 review & 2024 outlook

As we near the end of 2023, we’re taking a look at key trends in our talent markets and looking ahead to what 2024 may bring.

For Legal Business Services or Client Value roles – pricing, LPM, data analysis and innovation - this means looking at movement across legal hubs globally, from the US to Europe and Asia Pacific.

Here’s what happened in 2023.

Increased movement

The client value talent market has picked up steam towards the end of 2023. Movement has been driven largely through career progression – talented client value professionals are looking for new challenges, opportunities to learn and a salary increase. 

Although internal promotions account for a large proportion of movement, for firms keen to keep their teams lean, ambitious people are having to move to climb the career ladder. 

Fewer candidates

In general across the global legal hubs, there is a lack of candidates for roles within client value. Salaries are increasing as a result. 

As always, firms are continually assessing their retention strategies, ensuring benefits, bonuses, pensions and, particularly in the US, healthcare plans remain competitive.

Counter offers and negotiation

Unsurprisingly in a candidate driven market, counteroffers remain an issue. Rather than having to rehire, firms will try and retain staff. 

Advice and negotiation through the offer process, managing counteroffers and sign-on bonuses is a major part of our service, particularly with the fast-paced American market.

Multi-skilled candidates

Amongst smaller firms, there is a growing demand for candidates with pricing combined with LPM experience. 

As a result, people who are good technically, commercially, adept at communication and managing stakeholders have an advantage. 

Global talent pool

This remains a talent market willing to move state or continent for the right role! Our network expands across north America into Europe and Asia Pacific.

We monitor movements within firms, states, countries and regions to ensure full market coverage, and some candidates are not averse to big relocations in order to progress.

Remote & hybrid working

Yes, the increased trend for remote working has created opportunities for those less willing to take the plunge and fully relocate. And, it can be possible to do a longer commute for less days, in the US, for example, although firms need to be mindful of inter-state tax implications.

Most firms have adopted a hybrid working pattern since the Covid pandemic, and this is seen as the standard for candidates. In the war for talent, if a firm insists on a five day office week, they may be limiting their appeal to the best candidates.

A partnership with talent teams

The relationship we have with the talent team within a law firm is paramount. It’s a partnership which offers strengths on both sides.

From our side, we are in touch with candidates everywhere, talk to law firms on a regular basis and can advise on a strategic level. We can hone the shortlist at the beginning of the process and save valuable admin time.

The internal talent team champions the employer brand and can offer insight into the firm’s long-term plans and aspirations. Together, we ensure the interview process and offer management are seamless, resulting in a successful outcome for both client and candidate.

Looking ahead to 2024……

We expect 2024 to follow a similar pattern to the latter half of 2023.

Movement between firms will be driven by candidates looking for a challenge and step-up if those opportunities don’t exist within their current structure. This will create momentum at all levels as firms look to plug gaps.

It’s likely that the global economy will slowly begin to recover towards the end of 2024. Firms will be striving to increase their competitive advantage and gain market share as more projects are on the table. The resulting increase in business will lead to a lifting of hiring freezes and a push to hire more talent in client value roles.

Again, this will create new opportunities for good people to move on.

Whilst internal talent teams will remain central to the hiring strategies of law firms in 2024, Boston Hale will work closely with them to supplement skills and resources in times of peak demand, and for difficult to find candidates. We will continue to monitor global movements of staff and grow our network in Pricing, Legal Project Management, Data Analytics and Innovation roles.

 

Talk to Simon if you want to learn more about how we can support your commercial hiring, or are looking for your next move in Legal Business Services.

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