Market News

The pensions legal field continues to undergo profound and far reaching change as layer upon layer of legislation alters the terrain and accordingly the roles of those operating within it. One thing is certain, there is no shortage of work for Pensions Lawyers at the moment and this seems set to continue for the foreseeable future. Whilst transactions will always fluctuate in line with corporate activity, traditional scheme advisory work is booming and demand for Pensions Lawyers remains firmly in proportion.

This has had a number of implications for the employment market for Pensions Lawyers. Inevitably the demand has remained high amongst large City firms for orthodox fee earners but this is now a more flexible and geographically more diverse labour market. A once conservative market is now much more willing to hire part time employees for example, both in PSL and fee earning positions. We have even seen instances of firms allowing fee earners to fix their own hours and even ring-fencing their work mix, a luxury previously unthinkable in this traditionally rather inflexible community. London still thrives of course but Leeds, Manchester, Bristol, Birmingham and Scotland now rival it for both workload and demand for new staff. Regional firms in the North East, the South Coast and South West are steadily building their practices and we have seen more start–up practices than ever before, looking to cash in on the Pensions boom but also seeing that it is increasingly important to offer clients this key service to ensure that deals in particular can be satisfactorily completed. Litigation too is enjoying a steady flow of new work and we feel this is likely to be a major growth area going forward.

Salaries have remained competitive in line with demand and some areas such as Pensions PSLs have enjoyed a market uplift as their roles have assumed still greater importance. We have seen a greater willingness for Pensions practices to broaden the responsibilities of their PSLs, fully integrating them into the client focused function and thereby making the work a lot more challenging and interesting. Equity Partnership remains a distant goal for many and seemingly no less attainable than in previous years but it is nonetheless often there for those who are prepared to make the commitment. Happily however, Salaried Partnership is now more freely available than it once was and offers a suitable reward for the best Assistants.

What are the options?

It is still a good time to be a Pensions Lawyer and in general demand outweighs supply. Whether you are a 1 year qualified, a more experienced Assistant or a Partner, there will be opportunities for you in this market. Crucially, it is now more possible than ever to facilitate shifts in workloads and hours for example which may accompany a heavy diet of deals. It is also possible to make moves which genuinely improve partnership prospects, sometimes delivering it immediately or within a few months. It is not just the law firms who are hiring either, in the last year we have completed assignments for Government departments and bodies, consultancies and in house schemes. Legally of course, Age is not the barrier it might previously have been but in practice this is borne out by the fact that we have moved more older Lawyers in the last two years than at any previous time. Flexibility over part time work or moves to PSL appointments is a welcome shift and the range of options away from London is greater than ever before.

For a non committal and completely discreet discussion about current market conditions, contemporary and future prospects or any other aspects concerning the pensions legal recruitment sector, please speak to Andrew Gartside, Director in complete confidence. Please be aware that we never send any CVs without the permission of the candidate concerned:

Lloyd's Avenue House, 6 Lloyd's Avenue, London, EC3N 3ES
Phone: 020 7481 8686, Fax: 020 7480 8660
a.gartside@ipsgroup.co.uk