Market Update – What its like for Clients and Candidates – February 2010

The latest BNZ confidence survey results are out.

From a recruitment point of view we experienced a rally in interest to recruit staff in the last quarter of last year, particularly for solicitors.

Those opportunities have flowed through into this year as roles have not been filled. We have noticed that there are not a lot of new solicitor’s positions becoming available as yet and a moderate interest in recruiting legal support staff on an ‘as needs basis’.

There is more activity than this time last year in candidates looking to move. The candidate are coming from a mix - some in jobs, some having returned from overseas, some who left positions at the end of last year because they were not happy in the role and took the risk and others whose work has slowed down. There are a number of opportunities for inhouse lawyers - however, as yet, the demand is nowhere near the level we experienced last year. The demand for temporary and contract candidates is still very slow.

Market rumour is that some firms are waiting for the end of the financial year before making decisions on recruitment, others are predicting that legal will hit another low in the second and third quarter of this year as work in progress is concluded and there is less work coming in. However there are also the stories of some firms who are really busy although more than likely running very lean as well.

In summary we are still experiencing the ups and downs.

From the BNZ – Tony Alexander
“Good morning everyone.

Our first monthly BNZ Confidence Survey for 2010 has found a slight decrease in optimism to a net 37% confidence about the economy over the coming year from 43% in December. The decline is unsurprising considering some of the other recently released indicators showing an easing in the housing market, jump in the unemployment rate, easing in sharemarkets, and general setting in of reality after a huge sign of relief boosted sentiment gauges last year.

The results suggest reasonable growth in the economy this year but reading through the responses shows across sectors there remain many weak patches and high caution regarding cash flow and balance sheet management.”

The results make for interesting reading and help us understand the market that we are in. It is short and brief so go take a look. 

BNZ Confidence Survey February 2010