THE FINANCIAL CRISIS & YOU

NSW YOUNG LAWYERS

Presenter - Jason Elias 25 February 2009

Origins of the Financial Crisis

Subprime Crisis

Regulatory Regime

Fall of Blue Chips

Confidence Credit Crunch

Survey participants

Size of Firms

Top Tier

Mid Tier

Mid-Small Firm

Small Firm

60%

7%13%

20%

How has the GFC affected your firm?

PerceptionsSignificant negativeimpact

Slight negative impact

Neutral

Slight positive impact

Significant positiveimpact

19%

6% 6%

69%

How would you describe the current job market?

Destitute Few vacancies Existing employees “Employers’ Market” Quantity or quality Reluctance to move - "last one in, first one out“ Unsuccessful advertising Differences between recruiting in top tier,

mid tier, and smaller firms

Practices most affected

Property Commercial Corporate/M&A Construction/project based Private client litigation Financial Services

Practices least affected

• Insolvency/Work-outs

• OH & S

• Workplace Relations/Employment

• Commercial Litigation/Debt Recovery

• Family

• Wills & Estates/Probate

• Insurance

• Charities

• Strata

• Entertainment

Have you laid off any fee-earners?

Yes

No73%

27%

Practice area of lay-offs

Commercial Corporate Commercial Litigation

Practices likely hiring in next year

• Insurance

• Insolvency

• Dispute Resolution/ Commercial Litigation

• Projects/ Construction

• Environment & Planning

• Employment

• Immigration

• Family Law

• Strata

• Commercial

• Charities

• General Litigation

Affect on the overseas market

Severe decline in opportunities overseas Most serious decline and lay offs in:

UK (especially London) US Middle-East (Dubai) Asia to a lesser extent

“Boomerangs”

Challenges for Young Lawyers in next 12 months

Job security/retaining jobs

Delegation and billable targets

Value of junior lawyers

Flexibility

Skill building

Rotations

Competition

Morale/Sense of humour

Advice to Employed Lawyers

Differentiate Be observant No "it’s not my job“ Be thorough Volunteer Be punctual Training and up-skilling Flexibility Contacts and clients

Advice to Job Seekers

Be patient and positive

Get experience

Consider travelling or volunteering

Be competitive

Think laterally and have back up plans

Remember that great people are highly

employable in any market.

FOR MORE INFORMATION OR A COPY OF THE SLIDES,

EMAIL INFO@ELIASRECRUITMENT.COM