There is no denying that the cost of living crisis has well and truly arrived. Despite Christmas being right around the corner, the rising cost of living and inflation is all anyone can talk about. The Office of National Statistics has revealed that 3 in 4 adults are worried about the rising cost of living this year, and 24 million people in the UK are actively trying to reduce the amount of energy they are using at home. 16 million people have cut back on food essentials to prepare for an expensive winter, and 9 in 10 adults have reported that their cost of living has risen. The increasing cost of energy seems to be the main driving factor behind all of this, especially since the government has announced that the Energy Price Guarantee will now finish in April 2023.
So, what does this mean for your legal career? Despite increasing costs, this is actually a good time for lawyers to take advantage of career opportunities. Below, we have taken a look at the things to consider if you are looking to explore the legal job market during the cost of living crisis.
- Salary - A lot of people in the legal industry are looking for new opportunities due to financial pressures, and this has led to a rise in salaries across the sector. With the demand for experienced legal professionals and newly qualified solicitors rising, many firms have had to increase their salaries in order to compete. Instead of being limited by strict salaries, a lot of firms are being more flexible. They are willing to pay more for the right person, and many are offering sign on bonuses.
- New Law Areas - Many firms are increasingly open to meeting experienced lawyers with specialist areas of knowledge, especially if they complement the areas of law that they currently work on. This has led to a rise in non-conventional roles and a lot more opportunities for specialist lawyers, such as Professional Support Lawyers. Whereas these tended to be more common in London, many national and regional firms are now also interested. With firms valuing the importance of being efficient, the demand for Professional Support Lawyers is growing. The focus on new areas of law has also led to a lot of legal professionals retraining, in the hope of securing a job in a different sector via transferable skills. This is a good time to explore a different area of law if you are finding yourself somewhat bored in your current role.
- Relocation - The cost of living in London is higher than ever, and this has led to a lot of lawyers relocating to more rural locations in search of a more affordable way of life. With many regional firms raising their salaries, there is a lot to tempt legal professionals away from the city. There are also other benefits of relocating, such as having a better work/life balance and a shorter commute.
- Career Security - A lot of firms are worried about securing work for the future, and having a constant stream of work is something that a lot of people are worried about. To combat this, many law firms are signing contracts with much longer terms. For example, signing a contract to cover the next three years ensures that they have a secure stream of work. Firms are working hard to keep clients to ensure that their revenue doesn’t take a hit. To do this, they need to retain valuable employees, and this could bring with it a number of benefits. It’s likely that a lot of firms will begin to offer ‘cost of living payments’ to employees, as a way to ensure they are able to keep up with rising costs and are not forced to look for work elsewhere.
Though the cost of living crisis is a worrying time, there is no reason as to why the current financial climate needs to impact your legal career. The legal recruitment market will continue to grow and develop, and with this comes a range of career opportunities for those who are looking for something new. If you are thinking about getting a new job - perhaps you are being underpaid or you are not happy with the lack of flexibility you have been given - now is a good time to consider moving.