BS LegaMid-year - Flipbook - Page 6
BARCLAYSIMPSON.COM
6
Looking ahead
LEGAL & COMPANY SECRETARIAL | RECRUITMENT MARKET UPDATE 2024
The in-house legal market has had a tough time in
2024 due to a combination of short-term economic
issues and systemic problems with how legal teams
are viewed within businesses. Sadly, there are no
obvious or quick fixes, and the vast majority of the
teams that we speak to feel under-resourced and
overstretched.
We believe that GCs must loudly make the case
that in-house legal teams can genuinely impact
the bottom line. Many deals and transactions are
executed by in-house legal departments, so it should
be associated more closely with first-line functions.
Lawyers could also benefit from upskilling
themselves in the commercial application of their
advice. It is key to develop good soft skills and
interpersonal relationships, as well as exhibit a
consistent understanding of how legal advice may
affect the company's profitability.
All that said, more deal flow would go a long way
to creating a better market for in-house lawyers
in 2025. There is already evidence that a brighter
commercial environment is on the horizon, with
inflation and interest rates recently dropping, which is
likely to incentivise investment.
Ultimately, we believe the career prospects for inhouse lawyers remain promising despite some longerterm structural challenges affecting the industry.
