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Balance Recruitment - Quarterly Market Update
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WELCOME
Welcome to our latest Legal Accounts Quarterly Market Update, covering January to March 2017. 


It initially appeared that 2017 was getting off to a slow start for hiring with a sluggish January, but that soon changed, with our Legal Accounts division receiving an increase in instructions received in both February and March when compared to 2016. We’ve seen demand from law firms of all sizes, with a high level of activity in London and instructions as far afield as Singapore and BVI. 

Pricing has been a hot topic in recent years, but with the majority of newly created roles being filled via internal appointments, the impact on the external jobs market has been limited so far. However we’re now starting to see more frequent instructions coming through as firms continue to develop their existing functions or seek to bring in experienced individuals from competitor firms to help shape and implement pricing strategies. 

The availability of suitably experienced applicants continues to be stretched in areas where firms resources are growing, such as Pricing, but also within eBilling, Finance Systems, Financial Analysis and Partnership Accounting. The lack of entry level, trainee positions in these disciplines over recent years has created a void of experience below senior levels, resulting in steep salary increases for those with a little experience, and an increase in counter offer activity to retain staff. 

Looking ahead to Q2 we’d expect April to be stop-start with the Easter holidays and year-end causing delays to interview processes and decision-making. It’s a busy period for our team nonetheless, as we’ll soon be publishing our 2017 Legal Accounts salary survey. Watch this space for details or get in touch direct if you’d like to make sure you receive a copy. 
 



Areas in highest demand:
Pricing Analysts
Partnership Accountants
Senior Legal Cashiers
Finance Systems Analysts
Finance Systems Managers
Financial Analysts
eBilling Analysts
 



Areas in short supply:
eBilling  Analysts
Finance Systems - all levels
Partnership Accountants
Pricing - all levels


Year on year comparison:
number of vacancy instructions received during Q1 period: < 12%
 



Growth in permanent placements rose to a one year high in February 



Demand for staff rose at the highest month on month rate in 18 months in February 



Availability of candidates to fill job vacancies declined sharply in February 2017



Growth in starting salaries for permanent appointments hit an 11 month high in February 2017
Key highlights from the REC produced ‘Report on Jobs’ survey (March 2017)
 



Successful appointments we have made during the Q1 period include:
Finance Systems Change Manager
Senior Revenue Controller
Management Accountant
Pricing Analyst
Finance Systems Analyst
Assistant Accountant
Financial Controller
Finance Coordinator
eBilling Coordinator
Senior Legal Cashier
+ many more
 

"We’re proud to have been announced as finalists across three different categories in the recruitment industry’s key awards ceremonies recently (see Balance News segment below). Our entries were very much focused on our specialist industry knowledge, our ‘quality over quantity’ approach and proven track record of delivery. On review of the performance of our legal accounts division during the Q1 2017 period, 73% of the candidates we introduced to our clients attended first interview, far exceeding average industry performance. This serves as a great endorsement for the trust our clients have in our recommendations, and also reflects our commitment to saving them time. This also ensures the candidates we represent can have a high expectation of getting in front of the employers they hope to join."

"Whilst there’s long been challenging hiring conditions in the ‘legal accounts’ area, the market is becoming increasingly candidate driven, particularly in the emerging disciplines of pricing and eBilling, but also in niche areas such as finance systems and partnership accounting. Most individuals we talk to are very clued up on what their peers are earning, particularly when counter offers have been used to persuade their close colleagues to stay.  When hiring for these in-demand areas, a competitive package offering is essential, but just as important is a focus on the quality of the ‘candidate experience’ throughout the interview and selection process, with timely feedback, and some real engagement between the applicant and who they’ll be working with if hired."
"With resources stretched in the firms who’re implementing new practice management systems currently, we’ve seen a steady increase in demand for 12 month+ fixed term contract assignments across a variety of core legal finance functions. Whilst many feel a greater sense of security in a permanent employment contract, the fixed term contract market can present a great opportunity to develop your experience and skills in new environments and to increase your earning potential. If you’re hard working and good at what you do, the risk of being unable to find employment in the current market conditions are very low."

Finance Systems Market Analysis

We have recently launched our first annual legal finance systems market survey, the results of which will help compile some detailed analysis on the hiring trends and challenges experienced across the sector.  If you’re responsible for the finance systems team or function within your firm and would like to participate, please get in touch with Richard directly. 

Awards Nominations

Awards season is back again, and we’re thrilled to announce some more success and recognition for Balance Recruitment. Hot on the heels of our Finalist position as Agency of the Year (Micro) in the Recruiter Awards, we have also just been announced as Finalists for two categories in the Global Recruiter Awards - Best Specialist Recruitment Business and Best Permanent Consultant (Richard Hooper). Wish us luck!
 
Copyright © 2017 Balance Recruitment Ltd, All rights reserved.


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