Friday, 24 May 2013

UK Law is still Oversupplied and in Underdemand

While the IMF delivered good(ish) news on the state of the UK economy, things aren't so bright for UK law. Read the piece here by LegalWeek which has said that the UK legal economy continues to face headwinds with further job cuts expected.
'Nearly half of the UK's 50 largest law firms by revenue have announced job cuts over the past year, with the number of roles placed under threat of redundancy since May 2012 fast approaching the 1,500 mark. 
More than 1,300 jobs have been put at risk across 20 top 50 UK firms since the start of the 2012-13 financial year, with around 750 positions cut to date.  
Commenting on the trend Michael Chissick, managing partner of Field Fisher Waterhouse, which has not made any cuts and has no current plans to do so, said: "The worst isn't over. The legal sector continues to be oversupplied and there is insufficient demand in some areas coupled with many firms continuing to struggle with creating the profits they aspire to." 
Syed Nasser, senior recruitment consultant at Fox Rodney, said: "We are continuing to see very tight control on finances by law firms, and, if there isn't enough work, associates will suffer."'

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