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A brief presentation for NSW Young Lawyers on the current financial crisis- including Elias Recruitment survey of law firms
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THE FINANCIAL CRISIS & YOU
NSW YOUNG LAWYERS
Presenter - Jason Elias 25 February 2009
Origins of the Financial Crisis
Subprime Crisis
Regulatory Regime
Fall of Blue Chips
Confidence Credit Crunch
Survey participants
Size of Firms
Top Tier
Mid Tier
Mid-Small Firm
Small Firm
60%
7%13%
20%
How has the GFC affected your firm?
PerceptionsSignificant negativeimpact
Slight negative impact
Neutral
Slight positive impact
Significant positiveimpact
19%
6% 6%
69%
How would you describe the current job market?
Destitute Few vacancies Existing employees “Employers’ Market” Quantity or quality Reluctance to move - "last one in, first one out“ Unsuccessful advertising Differences between recruiting in top tier,
mid tier, and smaller firms
Practices most affected
Property Commercial Corporate/M&A Construction/project based Private client litigation Financial Services
Practices least affected
• Insolvency/Work-outs
• OH & S
• Workplace Relations/Employment
• Commercial Litigation/Debt Recovery
• Family
• Wills & Estates/Probate
• Insurance
• Charities
• Strata
• Entertainment
Have you laid off any fee-earners?
Yes
No73%
27%
Practice area of lay-offs
Commercial Corporate Commercial Litigation
Practices likely hiring in next year
• Insurance
• Insolvency
• Dispute Resolution/ Commercial Litigation
• Projects/ Construction
• Environment & Planning
• Employment
• Immigration
• Family Law
• Strata
• Commercial
• Charities
• General Litigation
Affect on the overseas market
Severe decline in opportunities overseas Most serious decline and lay offs in:
UK (especially London) US Middle-East (Dubai) Asia to a lesser extent
“Boomerangs”
Challenges for Young Lawyers in next 12 months
Job security/retaining jobs
Delegation and billable targets
Value of junior lawyers
Flexibility
Skill building
Rotations
Competition
Morale/Sense of humour
Advice to Employed Lawyers
Differentiate Be observant No "it’s not my job“ Be thorough Volunteer Be punctual Training and up-skilling Flexibility Contacts and clients
Advice to Job Seekers
Be patient and positive
Get experience
Consider travelling or volunteering
Be competitive
Think laterally and have back up plans
Remember that great people are highly
employable in any market.
FOR MORE INFORMATION OR A COPY OF THE SLIDES,
EMAIL [email protected]