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Graduate Market
- How does
the graduate market for the legal sector compare to other industries?
- Well,
firstly you won't be lonely since law hires a large portion of all graduates
(7%).
- Hiring rates are very stable because law firms
hire three years in advance of qualification.
- They
have to play safe unless they are willing to make a bet on the economy three
years down the line.
- Unlike
banks which grow and shrink their workforce in line with market conditions.
- Salaries:
- Secondly,
you will be awarded one of the highest starting salaries for anyone your age.
- On
top of which, salaries for junior associates are being pushed up by the
American firms in the UK.
- Given
the desirability of a law career, whilst there are many applicants per place,
the figure is not astronomical. This is probably explained by a degree of
self-selection amongst applicants who know what is required to make the grade.
- This
is perhaps unlike Fast Moving Consumer Goods (FMCG) companies (who make things
like shampoos and toothpaste) which attract over 100 applicants per place. An
applicant to a law firm is less likely to have speculatively written a cover
letter and CV after seeing the brand name of a shampoo in the shower.
Sources include: AGR Summer Survey, Company
Websites, The Lawyer, Legal Week, Topemployers, Legal 500, Hildebrandt, ALM
Research, Legal Business, First Research, Legal Marketing News and The
Economist.
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