Solicitors' firms anticipate a 17% decrease in graduate job vacancies this year, according to the latest survey from the Association of Graduate Recruiters (AGR).
The news comes as a surprise following predictions by the AGR in January that training contract vacancies would increase. A total of 214 AGR members took part in the survey, with the largest proportion of respondents (18%) coming from law firms.
The predicted drop in law firm vacancies, likely the result of the double-dip recession experienced earlier this year, is relatively mild when compared with the anticipated cuts in investment banking vacancies (expected to decrease by 67%) and banking and financial services vacancies, which are predicted to drop by 24%.
Ratio of training contract applications to vacancies still low
Aspiring solicitors should not be discouraged by the drop in law firm vacancies, however: the ratio of applications per vacancy in the law sector is one of the lowest at 45:1 – the average is 73:1. Many City law firms, such as Allen & Overy and Clifford Chance, recruit over 100 graduates every year. Although the sector is highly competitive – with a minimum entry standard of a 2.1 for 76% of firms – it remains rich in opportunities for would-be trainees.
Training contract salaries stay strong
The number of training contracts on offer might fall, but the hefty salaries won’t. Law firms do not predict any change to salary levels in the near future and with an average starting salary of £37,000 across the sector, only investment bankers will earn more than trainee solicitors. Although the average graduate starting salary across all sectors is expected to rise 6%, the typical wage of £26,500 will still be well below the rewards given out by most law firms.
Source: Targetjobs.co.uk, Wednesday 11th July 2012
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