Legal Recruitment from Ten-Percent Legal

Friday, February 15, 2008

Credit Crunch and Training Contracts

"There's been a lot of talk flying around about the credit crunch and its knock on effects. Last time something like this happened NQs had a really tough time of it.

I start my training contract at a medium sized City firm in September, qualifying in 2010, so what does this mean for me? Will it be harder to move around on qualification, or get a job at all? And will it only affect those going into corporate seats, or will my preferred area of private client suffer too?"

Response

It depends really. There have been instances in years gone by where firms have cancelled training contracts before they were due to start thanks to economic downturns, and also occasions when jobs on qualification have been hard to come by. However, on the whole in most fields the downturns shouldnt really affect you - I anticipate redundancies in conveyancing if the market hits a slump, but interest rates are so low that things shouldnt grind to too much of a halt overall...

Wills & Probate and other private client areas do not ever appear to suffer downturns, it tends to be things like commercial property, commercial litigation and residential development and conveyancing that have cycles..

Jonathan Fagan

1 comment:

Training Contracts said...

Most UK firms have not been affected by the global credit crunch, proving how resilient they are to economic storms, according to a new report.

The British Chambers of Commerce said a survey of 250 businesses showed that almost two out of three did not intend to change their expansion plans and had not seen any new problems with raising funds despite recent events.