Job Hunting in the City looking up?

barrooo

bendix wrote: »

Arent you contradicting yourself here?

I think the legal sector probably cut too many jobs too, and I know for a fact they are starting to rehire.

No, because once they have rehired to levels efficient for todays market, which are obviously lower than pre-bust, then there will still be an excess of suitable job applicants for fewer positions

bendix

Mmmm .. i see.

A couple of points:

1) Six months after my firm's recent redudancy program (finished last week and with 80 or so people leaving) we are forecasting that we will have MORE employees than we had before it all started. Many city organisations have made redundancies NOT because they need to on purely profit motives but because in the last year they haven't experienced the usual numbers of people leaving of their own accord (due to uncertainties of course). All city organisations - lawyers, accountants, banks etc - bring in numerous people every year to feed the progression chain. We simply had to make room for them.

2) If they were 'suitable job applicants', they wouldnt have been retrenched to begin with ;-)

A lot of organisations have used this to get rid of dead wood and non-performers.

lostinrates

bendix wrote: »

A lot of organisations have used this to get rid of dead wood and non-performers.

One firm's dead wood is another's applicant?;)

For examle, firms with good retention rates of trainees, good for them, but what about those poor trainees at DLA Piper, for examle (35% retention). Is that a normal amount of dead wood? I know a lot of firms have a habit of poor retention post qulification, but still, its not a nice lace to be for those NQs.

I supose one could argue that it could reflect poor selection of trainees? (I can't help being fairly trainnee centric: just for a little while more )

barrooo

Not knowing what firm you work for Bendix, means like politicians, I can't comment on individual cases. However, while a number of redundancies, may have been cutting 'dead wood', the inherant instability at the time, made the cutting of jobs a necessity, even of 'suitable applicants'. Currently the jobs market overall is not looking any better, so if you owned a company would you be willing to commit yourself to a program of mass hiring? (unless you're a baliff, of course)

lostinrates

http://business.timesonline.co.uk/tol/business/law/article6941559.ece?&EMC-Bltn=BAIBH1F

I don't know how much is resonable to cut and paste from the articale so a nutshell

''In a report obtained by The Times, RBS’s legal practices group said that the legal market would need to shrink by another 5 to 10 per cent next year if it was to return to the levels of profitability that existed before the financial crisis began.''

Headline is ''Axe may fall on 5,000 City lawyers''

It is from the 3rd of December.

Generali

lostinrates wrote: »

http://business.timesonline.co.uk/tol/business/law/article6941559.ece?&EMC-Bltn=BAIBH1F

I don't know how much is resonable to cut and paste from the articale so a nutshell

''In a report obtained by The Times, RBS’s legal practices group said that the legal market would need to shrink by another 5 to 10 per cent next year if it was to return to the levels of profitability that existed before the financial crisis began.''

Headline is ''Axe may fall on 5,000 City lawyers''

It is from the 3rd of December.

Mate of mine (banking operations) just moved to Edinburgh. He couldn't even find jobs to apply for in London.