Residential Conveyancing Solicitors and Legal Executives are back in demand and could be heading for the top spot again, according to legal recruitment experts Douglas Scott.
The company’s 2013 Salary and Benefits Benchmarker, which processed over £19m of salary data, revealed that personal injury lawyers were amongst the highest paid in the UK but that could be set to change according to Kathryn Riley, Director at Douglas Scott Legal Recruitment who comments,“Demand for experienced conveyancers is now outstripping supply and at the same time Personal Injury is having to face up to post-Jackson challenges.”
This week the Royal Institute of Chartered Surveyors reported that transactional volumes over the last 3 months reached their highest level since January 2010 and Riley is bullish: “If buyer confidence can be sustained, property lawyers are going to feel a bit of wind in their sales - salaries are going to start nudging up and it might not be long before they are back on top in the private client legal services market.”
Riley’s optimism is echoed by Elliot Nathan, partner at John Charcol Associates, the leading independent mortgage and remortgage advisor. Nathan sees strong signs of recovery in the housing market: “Low interest rates are encouraging people to buy,” he says. “The banks are starting to see property as a reliable investment again, particularly in comparison to badly performing ISAs and pensions. Property has always been a tangible asset and we are thankfully starting to see the tide turning - people are buying again.”
“It really is looking good for property lawyers,” Riley concludes. “Salaries are still a long way off pre-2008 peaks but we have got momentum and more and more firms are giving the green light to investment.”
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