{"id":1685,"date":"2023-07-27T15:12:44","date_gmt":"2023-07-27T03:12:44","guid":{"rendered":"https:\/\/insourcerecruit.com/?p=1685"},"modified":"2023-07-27T15:12:45","modified_gmt":"2023-07-27T03:12:45","slug":"quarter-2-sees-more-considered-hiring-by-top-firms-but-with-increased-departures","status":"publish","type":"post","link":"https:\/\/insource.mynewsite.nz\/quarter-2-sees-more-considered-hiring-by-top-firms-but-with-increased-departures\/","title":{"rendered":"Quarter 2 sees more considered hiring by top firms but with increased departures"},"content":{"rendered":"\n<p>Insource has just completed analysis of the quarter 2 (<strong>Q2<\/strong>) hires and leavers from the Top 6 Australian firms and the Top 7 New Zealand (<strong>NZ<\/strong>) firms. \u00a0Analysing just the top firms in both markets is a good indicator of what the market as a whole is doing. \u00a0Interestingly, Q2 shows a much more considered approach to hiring across both countries when compared to the first quarter of 2023.<\/p>\n\n\n\n<p>Comparing Q2 to quarter 1 (<strong>Q1<\/strong>) of this year (2023), hiring is substantially down for both Australia and NZ top firms while the number of lawyers leaving are up.&nbsp; For NZ top firms, there were more than twice as many leavers in Q2 when compared to Q1 this year &#8211; with over half of those departing in Q2 falling into the 2-6 year PAE bracket. This trend will likely compound existing issues sourcing quality talent at this level.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>&nbsp;<\/strong><\/td><td><strong>Q2 2023 v Q1 2023 Hires<\/strong> (% change)<strong><\/strong><\/td><td><strong>Q2 2023 v Q1 2023 Leavers<\/strong> (% change)<strong><\/strong><\/td><\/tr><tr><td><strong>Australia top firms<\/strong><\/td><td>-39% (decreased)<\/td><td>28% (increased)<\/td><\/tr><tr><td><strong>New Zealand top firms<\/strong><\/td><td>-63% (decreased)<\/td><td>164% (increased)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Anecdotally, this is a trend we\u2019ve heard directly from many of our customers \u2013 that they are not simply filling seats when they become empty.&nbsp; They are carefully considering whether there is a need in those teams.&nbsp; They are taking a long term approach in ensuring they identify and hire the right quality talent for those vacancies.<\/p>\n\n\n\n<p>This trend is further reinforced by comparing Q2 2023 to Q2 2022.\u00a0 This comparison potentially indicates less movement in the market with a reduction in total hires and few lawyers leaving those top firms. <\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>&nbsp;<\/strong><\/td><td><strong>Q2 2023 v Q2 2022 Hires<\/strong> (% change)<\/td><td><strong>Q2 2023 v Q2 2022 Leavers<\/strong> (% change)<strong><\/strong><\/td><\/tr><tr><td><strong>Australia top firms<\/strong><\/td><td>-50% (decreased)<\/td><td>-17% (decreased)<\/td><\/tr><tr><td><strong>New Zealand top firms<\/strong><\/td><td>-63% (decreased)<\/td><td>-27% (decreased)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Since the COVID pandemic, we have seen a lot of \u2018panic\u2019 hires happening with the quality of hires in terms of training and experience being in question.\u00a0 While those two things can be improved once lawyers have joined a top firm (depending on the capacity to train and develop), there is always a higher chance that they won\u2019t be the right fit.\u00a0<\/p>\n\n\n\n<p>This trend shows that firms are starting to consider their hiring more and (hopefully) shows they are taking a longer term approach. &nbsp;<\/p>\n\n\n\n<p>The need to transform your firm\u2019s approach to recruitment continues to be so important in this current market.&nbsp; Firms that aren\u2019t considering recruitment needs until there is a resignation are forced to wait for quality hires to appear on the market (if at all) and are subject to paying high recruiter fees and the volatility of the market. &nbsp;Our recent Insight further expands on <a href=\"https:\/\/insourcerecruit.com/the-power-of-pipelining-why-your-law-firm-needs-a-continual-recruitment-pipeline\/\">The Power of Pipelining: Why your law firm needs a continual recruitment pipeline<\/a>.<\/p>\n\n\n\n<p>Insource empowers firms to take control of their recruitment and provides the tools and methodology to prospect and pipeline a pool of quality talent they can draw on for future hiring needs.&nbsp;<\/p>\n\n\n\n<p>To discuss how Insource can help your firm build its talent pipeline, <a href=\"https:\/\/insourcerecruit.com/contact\/\">contact us<\/a> today to book a demo.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Insource has just completed analysis of the quarter 2 (Q2) hires and leavers from the Top 6 Australian firms and the Top 7 New Zealand (NZ) firms. \u00a0Analysing just the top firms in both markets is a good indicator of what the market as a whole is doing. \u00a0Interestingly, Q2 shows a much more considered [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1686,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18,34],"tags":[32,14,13,31],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - 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