QUALIFICATION OPPORTUNITIES IN THE NORTH

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1 CapeClarke Ltd Princes Exchange Leeds LS1 4HY QUALIFICATION OPPORTUNITIES IN THE NORTH In early 2013, CapeClarke, the niche legal recruitment consultancy operating across Yorkshire, the North West and London, published a series of blogs aimed at trainee solicitors qualifying into private practice law firms in September What follows is a culmination of the content of those blogs, dealing with a discipline-by-discipline guide as to market conditions and how they will affect you in September 2013 and responses to some frequently asked questions, those which, from our experience of dealing with newly qualified solicitors, have been asked year after year. Of course, should you wish to discuss your qualification options in more detail, please do not hesitate to contact one of our Directors: Terry Cape m: e: terry.cape@capeclarke.com Chris Clarke m: e: chris.clarke@capeclarke.com MARKET CONDITIONS: PRIVATE PRACTICE In this section, we will look at the disciplines trainee solicitors most commonly want to qualify into and we will provide you with, firstly, our assessment of how the current market is in that particular specialism; secondly, what that area is like as a career option; and finally, what impact this will have on your opportunities to qualify as a solicitor in September Employment The Current Market: In contrast to previous years, employment teams (with the odd exception) have reported a downturn in work and therefore utilisation of its solicitors. We are living in a financially turbulent world, which has resulted in mass redundancy programmes, restructuring and a lot of contentious employment work. The typical employment solicitor has been worked very hard in the last 4 years! With a drop in contentious employment work, however, a lot of employment teams have been underutilised particularly in the last 6 months of the financial year. Is this a good career option? While it would be wrong to say any type of law is recession-proof, being an employment solicitor has always been regarded as probably as close as there is. Employment solicitors will generally be in demand in a bad financial climate (as discussed above), but also during good times (working on more transactional work or providing clients with a more advisory service drafting the company s employment handbooks, for instance). The downturn in employment activity is partly aided by the fact that almost every large or medium sized firm recruited quite heavily in employment, meaning there are too many bodies for a pre- effective legal recruitment

2 recession workload. In the past, there has been a shortage of good mid-level employment solicitors on the market this may change in coming years, given the number of solicitors qualifying into this area since September 2013 opportunities: Be warned this next section does not make for happy reading! Ordinarily, we would imagine that most large or medium-sized law firms would create an internal vacancy for a newly qualified employment solicitor. However, given the under-utilisation of existing teams, we suspect this number will drop this year indeed, a couple of firms have been reported as making redundancies in employment. Moreover, this is still the most competitive discipline to qualify as a solicitor into with numerous trainees fighting over one qualification place in the employment department (recently, one national firm had around ten internal trainees from around the country applying for one vacancy in the North!). Therefore, very few employment newly qualified solicitor roles make into the external market and when they do, they are fiercely contested! Commercial Litigation The Current Market: Commercial litigation solicitors are benefiting from a strong, stable market with teams generally quite active. There has not quite been the explosion of litigation that legal professionals believed would happen perhaps due to a lack of money to pursue claims, making litigation an expensive act of principle. That said, commercial litigation solicitors are certainly not under-utilised and there have been a number of high-profile contentious matters this year. This has led to steady growth, or consolidation, at law firms. There have been a few opportunities in the market, but not quite as many as was to be expected. Is this a good career option? We consider commercial litigation to be a very good area to qualify into there has been a real skill shortage of quality litigators and there have been various jobs for lawyers once they have 1 or 2 years PQE under their belt. There are a number of niche litigation firms, particularly Stewarts Law, who operate at the highest level. Due to the growing popularity of trainee solicitors qualifying into commercial litigation, such roles could be more competitive in a few years time, but you will still have a number of options open to you should you wish to move law firms. September 2013 opportunities: Judging last year s opportunities, it is still true to say that a lot of roles will be taken by internal applications. However, we did see a good number of external vacancies appear in the market and we consider that at least a small number of roles will be available again this year. Anyone interested in qualifying into commercial litigation should speak to us about opportunities across the North as we have already been instructed on a number of vacancies for September Professional Negligence The Current Market: The Professional Negligence market is very busy particularly in Manchester, where it is an insurance hub, but also in Leeds where there are a number of firms, such as Robin Simon, DAC Beachcroft and DWF who operate at the highest level. There is no worse time to be a professional open to action being taken against you than a recession just post-recession and the professional negligence solicitor is, hence, a very busy individual. Is this a good career option? Very good career prospects as there is usually a real skill shortage in this area, making the professional negligence solicitor a highly sought-after individual. Some law firms house professional negligence specialists in their commercial litigation teams, but the larger insurance practices or specialist litigation boutiques will generally have a dedicated team.

3 September 2013 opportunities: There should be various NQ vacancies in September 2013 as it is not every trainee solicitor s favourite area to work in indeed, we have already been instructed on a NQ role for September! We anticipate more roles in Manchester, but certain Leeds law firms will also be on the lookout to expand their practices. Corporate The Current Market: The corporate market (along with Commercial Property) was one of the biggest casualties of the recession and it has spent the last 3 years recovering. For years, corporate transactions were not moving beyond due diligence and clients were not viewing deals as being financially viable. Private equity transactions dropped off a cliff! There were some redundancies, 4 day working weeks and unoccupied private equity and M&A specialists. That was then, this is now! The corporate market is still in a period of recovery, but corporate departments across the region have been a much, much busier in the last 2 years, with renewed (or enhanced) confidence in the market or opportunistic businesses seeking to take advantage of the recovering market. Is this a good career option? It may come as a surprise, but corporate is actually a good area to qualify into, particularly if you work at a strong transactional practice during the better times, you will be hugely busy and as a result of trainees not really gearing up to qualify into corporate in recent years, you may find yourself highly sought after! September 2013 opportunities: There will be numerous opportunities this year (and probably for the next couple of years) to qualify into corporate and they will also afford the opportunity to NQs in smaller or mid-tier firms to make the step up to the larger practices. What a difference a couple of years makes - if you were a trainee solicitor 3 or 4 years ago and were hoping to qualify into corporate, you were in for a bit of a shock, with very few departments wanting to expand. We already have a number of opportunities at the NQ level for September qualifiers. Banking The Current Market: The decline of the banking sector over the last three years has been well-documented and for obvious reasons, banking lawyers were amongst the first to be hit by the recession. The past 2 years have seen banks increase their lending, and with law firms having been reduced their numbers over the past few years, banking teams have been very busy. Is this a good career option? The recession has proven that the banking solicitor is vulnerable throughout the bad times, but on the flip-side during a buoyant market (or, indeed, a recovering market), you would be heavily utilised and quite nicely rewarded. In 2 or 3 years time, there could be a real shortage of banking solicitors who qualified around making you a more valuable commodity to expanding practices. September 2013 opportunities: It is still very early to say how many NQ banking solicitor positions there will be internally and externally, but we would anticipate a real interest from certain larger law firms in available highquality trainees looking to move from national or City firms. Projects and PFI The Current Market: The Projects market seemed quite tough throughout 2010 and early 2011, not helped by a much more frugal approach to spending by the public sector than in previous years. However, projects teams in

4 Leeds and Manchester seem to have been busy in the past couple of years and there has certainly been some movement at the mid-level. Is this a good career option? Projects work is the preserve of the top-tier, with one or two notable exceptions, and so come with the large transactional work, top-tier packages. On the other hand, solicitors can carry out a lot of work working on tenders and business development without being able to record chargeable hours. This is another area where there has been a real shortage of solicitors (although some firms have moved, for instance, property solicitors into the team to bolster numbers) and so the ability to move law firms is traditionally a lot easier than other transactional disciplines. September 2013 opportunities: We would expect to see a number of NQ positions arise internally to give support to the hard-working mid-level associate. Externally, the market was quite light a couple of years ago but projects teams seem to be in much more confident mood in 2013, so we hope to see a small number of external NQ solicitor positions. Commercial Property The Current Market: An area which was massively hit in the recession (and also well-documented), there has been slow recovery over the last 3 years and, much like corporate, more streamlined teams are back up to 5-day weeks and are much busier (also due to the declining numbers within teams). As we have seen in Leeds as of late, development work is increasing steadily but surely. Is this a good career option? Perversely, commercial property is now an excellent area to qualify into. So few people have qualified into commercial property over the last 5 years, with the number of people who have left the profession in that same time, you will now find yourself as a 2-4 year PQE commercial property solicitor in big demand. There have been so many opportunities in the past months we have seen many mid-tier (or even small firm) solicitors make the leap into the top-tier, completely transforming their CVs in the process. September 2013 opportunities: After a couple of slow years and with many trainee solicitors not giving a second thought to qualifying into commercial property, there will be a good number of NQ vacancies, particularly across the top and mid-tier firms. Now is the time to qualify as a commercial property solicitor! Commercial Contracts The Current Market: It is surprising to some, but the commercial contracts market is fairly steady. There have been no mass redundancy programmes, but there has also been very little growth. Teams have been continuing with their freestanding work, as well as providing support to the little transactional work their firms have been involved in. We have seen a couple of firms merge their commercial and IP departments, but with little practical effect. Is this a good career option? Generally, a very good career option for the steady nature of the work and market, as outlined above. It is also still the favoured specialism of companies looking to appoint an in-house lawyer to their ranks, although you are not necessarily precluded by qualifying into another area. We have also seen more in-house roles at the junior level recently. September 2013 opportunities: We will be fortunate to see commercial contracts positions not swallowed up by internal applications. That said, there have been 1 or 2 roles each year for the last couple of years, so we will hopefully see more of the same come September.

5 Construction The Current Market: In respect of non-contentious construction work, departments are much busier since the recommencement of many developments and the recovery of the property market. The contentious construction market has been busy for the last few years with the top law firms working on European and, in some cases, international matters, although since the conclusion of the Wembley dispute, many firms are again under-utilised and pitting against each other on the major tenders. There have not been many team reductions, but there has also been very little growth. Is this a good career option? Both areas represent a fairly stable career to move into, although in terms of transactional work, it is driven by the success of the commercial property market. Obviously, at present, that is great news for would-be construction lawyers and we have recently made a number of placements into firms actively looking to expand their construction teams. September 2013 opportunities: If the increasing opportunities which have arisen in the past 12 months are an indicator as to how the NQ market will perform this year, we suspect that there will be a number of vacancies, particularly in non-contentious construction work. Insolvency The Current Market: Insolvency teams are generally busy, particularly those heavily involved in restructuring work. Of course, on the flipside, LPA appointments and Administrations have reduced following the banks adopting a no enforcement policy on customers following the FSA s announcement it is reviewing the sale of certain interest rate hedging products to 'non sophisticated customers'. Is this a good career option? You hear of insolvency generally being busy and, as a safe and steady career option, it is a good discipline to think about. That said, insolvency teams are generally very finely balanced, keeping solicitors busy but not really requiring much growth and requirements generally only arise when someone leaves. September 2013 opportunities: We would hope to see a small number of NQ opportunities reach the external market, but like commercial contracts, insolvency is a popular discipline for trainees qualifying internally. For the purposes of this brief, we have decided not to discuss in detail those areas which are either less popular or where there is a less realistic chance of an external qualification opportunity. Please contact Terry Cape should you require specific information in respect of opportunities in: Intellectual Property, Private Client, Family, Tax, Pensions or Sport. FREQUENTLY ASKED QUESTIONS After years of working with trainees qualifying as solicitors, we have seen various questions asked and certain issues raised time and again. In an attempt to pre-empt the same questions this year, we composed responses to the following: 1. My firm has offered me a position but it is in the wrong discipline. Should I take it anyway? It depends which discipline you want to qualify into. If you want to qualify into Commercial Property, Corporate, Banking or (to a lesser degree) Construction, we think you would generally be capable of obtaining a desired role elsewhere as there will be a number of roles out there.

6 If you are looking at a more competitive or less busy discipline such as employment or commercial contracts, you could be waiting for some time before securing a role externally (if at all!). Unfortunately, at present, outside of the transactional areas above, you cannot bank on that security and our advice would be to accept a role that you have been offered by your firm. Your firm should give you time to decide whether you want to accept the role, so you can hope that the ideal position becomes available in the interim and, failing that, you always have the option of looking for the ideal role even after acceptance. That said, the longer you practise in an area, the harder it will be to move to another firm into a different discipline. 2. Can I qualify into one discipline and change later? At the risk of sounding like a broken record, this was more of an option in a better market, especially a retrain into a discipline with a skill shortage. Whilst it is not impossible, it is tougher now with more available solicitors looking for a new role, particularly at the junior level. That said, corporate and commercial property teams may be open to re-trainers from disciplines such as projects and you should speak to us about any desire to do this. 3. I have a choice of seat changes. What are the best tactics? Try to get seat you want when you can! Some people believe your third seat (in a traditional four seat training contract) is your statement of intent and puts you in the best position, some people believe the fourth seat is where you should to qualify as you are under the noses of decision-makers. Too many people work to these different tactics that they miss out on their desired seat move. 4. Are there any possibilities of moving in-house at this stage? In-house opportunities at NQ level are rare, but come up very occasionally, especially at the moment when all businesses are trying to save some money! Private practice is still the more realistic sector to qualify into. 5. What are the best disciplines for an in-house move at a later date? Commercial contracts is still the discipline favoured by companies seeking to appoint an in-house solicitor, however it is not unheard of for lawyers in construction, corporate and to a lesser extent, employment, property or litigation to move in-house. The key is qualifying into the area where you enjoy the work most, not doing something you do not enjoy because of an idea you may want to work in-house. 6. Can I apply to the same firm in different areas of law? You can, but do not just apply for any seat you have completed on your training contract. Most firms appreciate that trainee solicitors will generally have two or even three disciplines they would like to consider qualifying into, as opposed to a burning desire to focus on one. This is how CapeClarke can assist you in the application process as we can manage that process appropriately because of our relationships with key people in each firm. 7. Can I apply to the same firm in different locations? Again, you can generally apply to the same firm in different locations. Some firms want to see a particular connection to a location, but most of the national firms (with multiple offices) normally just want the best

7 solicitor they can get. The key point to bear in mind is not to make more than one application to the same firm. Each of the national firms have a central recruitment database and it would look unprofessional to make duplicate applications, regardless of whether it is to a different office. Again, this is where CapeClarke can help as we can make key people aware that you can consider a role in numerous locations. 8. How do I control the process of finding a role in September 2013? Start as soon as you can! Roles may not appear for some months, but contact us we can register you, then help get your CV into an order that can be submitted for positions as and when they arise and we can also discuss a more proactive approach to make certain firms aware of your availability. It is all about communication and making sure we co-ordinate your applications to various firms appropriately. 9. What are the chances of a temporary / locum / paralegal role on qualification? Some firms are offering their trainee solicitors the chance to stay with them as paralegals. Very rarely, will firms offer other NQs a paralegal role as they are aware they will leave as soon as they secure a qualified solicitor position. If you have no offers on the table, it is worth taking the paralegal role as it is additional experience working in the law and by the time next year s NQ solicitor roles come around, you will have 12 months more experience than other applicants. That said, if you take a paralegal role, do not halt the search for a qualified solicitor role in the hope your firm will make you a NQ offer. 10. How will it affect my CV if I go travelling? Most firms do not have a negative view on travelling after all, it makes you a well-rounded person and if you can afford to go and have not been offered a NQ solicitor position, take the opportunity of a career break (it may not happen again!). We can always be in contact with you while you are abroad and still make applications on your behalf. 11. When will firms make their decisions about September 2013? It depends on the firm and could be any time from April all the way through to September / October. We would advise that you do not wait and see if your firm offer you a role if they are leaving the decision until very late, so that you do not miss out on good opportunities in the meantime. 12. When should I start looking? Get the ball rolling now! We can make sure that your CV is in the condition that will sell you best to a firm, as well as discussing any options in the market. Even if the NQ market does not move for a short time, at least you will be in a position to apply for interesting roles as and when they arise, rather than having to make hasty amendments to your CV at the last minute! 13. Should I use an agency? No surprise to hear that we would extol the benefits of using a recruitment consultant! What we can offer is tailored advice on your CV and a multitude of contacts across Yorkshire and the North West. We know where the vacancies are as soon as they are offered externally and we can manage the application process so that you are making yourself stand out to the recruiting partners. We will also be able to advise where a targeted approach may be worth making and where your personality and skill-set will be best matched.

8 Terry Cape, Director, March 2013