Law Society figures show growth potential for in-house careers
According to the Society’s number crunchers, as of 31 July 2015, there are now over 5,000 commercial businesses out there taking on practising solicitors, an increase of 4.4% in only twelve months. At the same time, the number of private practice firms is falling (to just over 9,000 in 2015 compared to around 10,000 five years ago, say the stats).
In-house positions have grown steadily in popularity over the last decade: of the 133,367 solicitors in England and Wales with a valid practising certificate, creeping towards a quarter now choose to work in-house compared to only a sixth in 2000.
For aspiring solicitors unfamiliar with the term ‘in-house’, it — in its very basic form — means solicitors who look after the legal needs of one particular company or organisation (and who are directly employed by them). The in-house experience will differ dramatically depending on both the size of the organisation and the industry in which it operates. Received wisdom is that in-house life is generally less pressurised.
The stats build upon a report published by the Law Society earlier this year that argued that in-house lawyers were “transforming the contribution which lawyers make to business”.
Around 60% of in-house jobs are in commerce and industry with the remainder in public sector roles. However, 1% of the roles are with accountancy giants KPMG, EY, PwC and Deloitte. Warning that the Big Four were eyeing up City law firm turf the report revealed that while EY now employs around 1,100 lawyers, fellow accountancy giant KPMG had seen net sales within its legal division grow by over 53% in the last financial year. Law jobs with the accountants are set to grow even further with training contract offerings.
EY confirmed last year that it was going to recruit its first round of wannabe lawyers. Advertising initially for eight trainee positions, candidates are not required to have a 2:1 or even three Bs at A-level; instead they must sit the firm’s academic test. Similarly, KPMG, on the back of buoyant sales, confirmed to Legal Cheek late last year that it was offering training contract positions internally but remained tightlipped on the details.
Law Society chief executive Catherine Dixon, says the increase in non-law firm employers reflects greater recognition of the role of solicitors in running a successful business.
The significant increase in the number of commercial organisations employing practicing solicitors … reflects the central role of general counsel and in-house teams as business advisors who shape organisational risk culture and drive innovation. However, we know that in some areas, such as publicly funded legal advice, recruitment is far more challenging.