Graduates and school leavers face jobs crunch

dopester

chewmylegoff wrote: »

the situation is worse at the moment, although i suspect it is actually more difficult for newly qualified solicitors than it is for those looking to get taken on straight from uni, as trainees are much cheaper to employ than associates are, and the law firms will all need associates in a few years time when the economy is getting better.

A close friend of mine is not long into being qualified (a fee-earner) in a department where recessionary times makes for more clients and work coming in for them. Thankfully got his pay boosted from trainee levels just in time, as - like you all know - I'd long warned that many firms can expect pay-freezes.

According to The Times, more partners are feeling the pressure, or the axe, this time around.

The move is a radical departure from the reaction to previous downturns, when the bulk of job losses in big law firms fell on junior solicitors, known as associates. “Partners were deemed to be untouchable in those days,” Dominique Graham, director of Graham Gill, a legal consultancy, said. “This time, it's the partners going first.”

However, there is also an element of expediency to the move. Shedding partners is quicker and easier than shedding associates, Mr Linsell said. As salaried employees, associates are protected by employment laws, while partners, legally classified as owners of the firm, can usually be removed through a vote of the partnership or a designated committee.

The Times.
Hard times spark falling-out of partners in leading law firms
January 6, 2009

Also equity partners... not that I know too much about how it works, but I wouldn't ever like to be in a position where a firm could make a "cash-call" on me, although that pain would be more tolerable if you've been earning half-a-mill a year for some time.

In trying to locate that equity partner story, I happened upon a law article about Ireland (March 22, 2009) and there it is more like you suggest.

Rhodes said his website had been contacted by Irish solicitors whose firms had enforced redundancies and secured 10% pay cuts from staff. Some firms are also said to have had €100,000 “cash calls” on their equity partners, solicitors paid in shares rather than salaries.

Newly-qualified lawyers have been a particular target. “Law students are having offers of training contracts revoked and are finding themselves on the hook for all their fees, and only a fraction of newly qualified lawyers are being retained by their firms,” said Rhodes. “An entire generation of lawyers may now never practice.”

dopester

Around 15 months ago I couldn't help but overhear a telephone call where a new graduate was asking for advice from a friend. Clearly just focused on money alone. Wanting to hit the best pay for the sector in deciding which employer to go with.

After 3 minutes of the conversation clearly rotating about just a few thousands pounds in difference for starting levels of pay.. irritated to breaking-point I had to interrupt and called out to tell them there is a major recession coming, and if they've got sense they'll also consider which employers will be able to ride it out for job security.

When I last checked up, was told the caller had taken a job with the court service on fair pay and is very busy. Whilst still not absolutely safe for job security - it could have been much worse for them.

lostinrates

chewmylegoff wrote: »

there is always an oversupply of law graduates - getting a training contract at a law firm has always been difficult and competitive, as has getting a pupillage as a barrister. loads of wannabe solicitors/barristers spend years as paralegals before realising they're never going to make it. several of the people i did my accountancy training with had spent a few years trying to get a solicitor's training contract and eventually given up and did accountancy instead.

the situation is worse at the moment, although i suspect it is actually more difficult for newly qualified solicitors than it is for those looking to get taken on straight from uni, as trainees are much cheaper to employ than associates are, and the law firms will all need associates in a few years time when the economy is getting better.

don't know anything about architecture although i suspect that it is probably also pretty competitive for graduate jobs even in good times.

Many firms have deffered their trainnees: at a time when trainnes are ready to start paying back their debt. Its also worth pointing out not all trainees have secured a contract in time to have the employer pay their fees: indeed, DH decided and the 11th hour to change direction in area of law and we were lucky we could cover the fees for conversion ourselves. At the time I was really awrae of the oversupply of trainnes, and frankly, the not very high standard of some of them (although I realise that will eb an unpoplar voicing of concern)

But, yes, graduates are suffering, both from lack of trainne ships, and deferred places. Large numbers of trainees are not being retained after training contract (e.g. as posted here the other day 30% at Freshfields, but their are lots of others.

The redundncies have hit at all levels in law I'm afraid. I'm keeing my fingers very firmly crossed for DH's contract end in March, and I'm releaved that he has a back up already in place...but will it still be there in March..I hope we don't need to find out!

PintoPotts

This makes really depressing ready, we can only hope the green shoots of recovery will come soon and we things will get better over the next 12-18 months, but that doesn't help graduates who need to find something now.

My own experience was to e-mail/write to just about every firm in my local area, I just used a find a solicitor website and got the Partners direct e-mail addresses (try http://www.find-solicitor.co.uk and http://www.lawsociety.org.uk/choosingandusing/findasolicitor.law) after a good week or so of e-mails and persistance I managed to get 3 meetings and subsequently a post at a good local law firm.

I just wish everyone luck in their search.

el_gringo_3

Think you lot may have misjudged media degrees somewhat - i'm in one of the biggest University cities, having attended both Universities and worked in various student union/ jobshop type roles and can tell you that media studies students (the ones that actually complete the course) are doing very well in getting related jobs after graduation. I was in a flat above 6 of them in my first year - all have gone into the media world, some with very good jobs. Theres now a massive amount of demand for people in this country with skills in viral media production, photoshop manipulation and the like, all of which they can do.

Funnily enough its people with business, marketing, pr degrees that seem to struggle most - especially now - and of course, the massive numbers of sound tech students. Most of these are involved in the temping cycle.

Ste_C

When have graduates and school leavers ever had it easy when it comes to finding work?

Anyone who thinks they can just finish school or university and walk into their dream job without any hard work is a deluded fool.

Life's tough for everyone and sometimes in order to get to the top of the your dream ladder you have to first spend years on the bottom rungs of ladders which are a million miles away from what you want.