Trainee Solicitor Survey Ireland 2015

Transcription

1 Trainee Solicitor Survey Ireland 2015

2 H R M R E C R U I T T RA I N E E S O L I C I TO R S U RV E Y I R E- BACKDROP TO SURVEY 44% of law graduates and trainee solicitors surveyed, do not wish to become a partner in a law firm. The last twelve months have borne witness to a sequence of positive developments regarding the Irish economy. Year on year, employment levels are rising and unemployment levels are reducing, in particular amongst legal professionals. Both GDP and GNP continue to improve, while VAT and personal tax returns are generally ahead of expectations. Global ratings agency Fitch upgraded Ireland s credit rating from BBB to A- in August 2014 which was followed in December by Standard and Poor which upgraded Ireland s long term credit rating from A- to A. Once again, Ireland is the fastest growing economy in Europe and is being held up as a model of economic recovery and success. The areas of law and construction are two in which significant employment contraction was suffered as a direct consequence of the downturn. Within the legal sector, 2008 and 2009 were marked by redundancies, salary reductions, business closures and a lack of NQ retention. As recently as 2011, sentiment amongst lawyers in Ireland was still extremely nervous. In previous research conducted by HRM Recruit midway through 2011, redundancies, insurance costs and pressure on fees were the three factors cited by lawyers as having the most transformational impact on the private practice market. The next biggest concern cited by respondents was emigration. In 2014 we commenced a further twelve month piece of research which focused on the views and aspirations of trainee solicitors and law graduates in Ireland. 01

3 The 204 respondents to the survey were drawn from law students and graduates, trainees working in private practice, trainees working inhouse and recently qualified solicitors. R E S P O N D E N TS W E R E Law graduates in Ireland Trainees in-house in Ireland Trainees with a law firm of less than 50 employees in Ireland Trainees with a law firm of employees in Ireland Trainees with a law firm of 300+ employees in Ireland 31% 2% 31% 15% 21% The research focused on three primary factors in order to draw a rounded perspective on career aspiration and expectation: 1) Trainee s preferred area of practice upon qualification; 2) Trainee s views as to the identity of the best law firms in Dublin 3) Trainee s long term career aspirations, in-house or partnership. 02

4 HRM RECRUIT TRAINEE SOLICITOR SURVEY IRELAND % of law graduates and trainee solicitors surveyed stated technology and IP law as their desired area of law to practice. 1. If the decision was entirely your own, what would be your first choice of practice area upon qualification as a solicitor? For 22% of graduates, the answer is technology and IP law. Traditional commercial law disciplines fared poorly (4% would choose funds; 4% would choose corporate; 2% would choose banking; 4% would choose commercial litigation). For in-house trainees, preferences were evenly spread across technology and IP law, aviation finance and commercial litigation. 18% of respondents training in a firm with less than 50 employees wished to qualify into a general practice role with only slightly less(16%) wishing to practice in general civil litigation. Only 4% of respondents wished to qualify into family law and 9% into criminal law. employees, commercial litigation and banking were the most popular choices (both 19%). Interestingly, amongst those who would choose to qualify into banking, the majority would choose a specialist area such as debt capital markets, derivatives or aviation finance over general banking. Only 10% of respondents chose technology and IP law. Amongst trainees working in the largest firms, with 300+ employees, 27% of respondents would choose to qualify into commercial litigation, 17% into technology and IP law and 17% into banking. Only 7% would choose corporate and 3% would chose real estate. Amongst trainees working in firms with

5 For 21% of respondents, one law firm brand in particular stands out as being the top law firm in Ireland. 2. In your opinion, what are the top law firms in Ireland? In recent years, commentators have used a number of different labels; Top 3, Big 4, Top 5 and Big 6, to describe the top tier firms in Ireland. According to respondents to the survey, they view a six firm grouping as being the top tier. These are the brands that respondents say resonate most and 84% named one or several of Big 6 as being the top law firm in Ireland. 1 For 21% of respondents, one law firm brand in particular stands out as being the top law firm in Ireland; this trend is particularly pronounced amongst graduate level respondents. As a comparison, the remaining Big 6 firms receive 17%, 16%, 12%, 11% and 7% brand recognition levels. While the percentages differ somewhat across the respondent categories, broadly speaking, the 6 firms are consistently ranked in exactly the same order. 12% of respondents named one or several of the other large commercial firms in Dublin, Cork, Limerick or Galway as being one of the top law firms in Ireland. 4% of respondents named other firms as being one of the top law firms in Ireland. 1 The Big 6 law firms, listed here in the alphabetical order in which they appear in the Law Directory, are Arthur Cox, William Fry, A&L Goodbody, McCann FitzGerald, Mason Hayes & Curran, Matheson. 04

6 HRM RECRUIT TRAINEE SOLICITOR SURVEY IRELAND 3. Looking into the future, which of the following would you prefer to become; a partner in a law firm or a senior in-house lawyer? Only 56% of those surveyed indicated that they wish to become a partner in a law firm, 40% identify their goal as becoming a senior in house lawyer and 4% wish to pursue an alternative career path. While law firms with 300+ employees can take comfort in the fact that 71% of respondents in this category wish to become a partner, the picture is less rosy for law firms outside this category: 47% of trainees working in law firms with employees wish to become a senior in house lawyer with 53% who wish to become a partner; 38% of trainees working in law firms with less than 50 employees wish to become a senior in-house lawyer, 13% wish to pursue an alternative career while 49% wish to become a partner; 100% of those training in-house wish to pursue a career in-house; 31% of graduates wish to pursue a career in house while 69% wish to become a partner. 05

7 One of the most notable points highlighted by this survey is the number of law graduates who do not wish to become a partner in a law firm. It is also notable that technology and IP law and commercial litigation are by a significant margin the most popular career path choices at present. As different aspects of the Irish economy recover it will be interesting to see the effect this will have, on the attitudes of law graduates and trainees who participate in the next Trainee Ireland Survey. 2 06

8 Contact Us: Bryan Durkan HRM Phone: bryan.durkan@hrmrecruit.com dublin: 47 Fitzwilliam Square, Dublin 2 t: (+353 1) cork: Building 1000, City Gate, Mahon, Cork t: ( ) galway: Unit 15, Galway Technology Park, Parkmore, Galway t: ( )