As I look over the placements and interviews our London team has made over the last few months, there are clear distinctions between now and previous years. The governing reason for this change is of course that we are in a different economic environment but there are nuances to understand.
Therefore, I thought our network might appreciate a little insight into what we are seeing in the market concerning how firms are running interview processes.
In this article, I'll set out a few of the different situations we are seeing and suggest a few reasons why that might be to give you a better understanding of the mindset of hiring firms/teams.
Example 1:
Some teams are moving people through an interview process in 'normal time'. By that, I mean 2/3 interviews taking place over a couple of weeks with an offer forthcoming at the end. No problem there.
- Reason being?
Here, these hires are business critical, where approval to hire has been sought and granted prior to interviews being arranged, and therefore all runs as it should. They are also more likely to be vacancies in the practice areas which are busy this year such as financial services regulation, competition, disputes and infrastructure PE for example.
Example 2:
In stark contrast, it is fair to say that plenty of firms/teams are moving lawyers through an interview process at a snail's pace, with weeks passing between interviews.
- Reason being?
The reasons for these delays can vary, but in an effort to provide answers, top–tier firms will always want to meet truly exceptional candidates for fear of missing out. However, if they don't have a burning desire to hire, they can afford to string out the interview process to allow them more time to decide what/who they want. Also, with so much volatility in the UK economy, Partners are having to weigh up their need to hire when conditions improve. That's quite tricky, given recent poor data relating to stubborn inflation and rising interest rates. Therefore, delaying interview processes over weeks or even months allows Partners to wait for an improvement.
It is more common to see theseslower process in deal focused roles such M&A, PE, finance etc.
Example 3:
We have had interview processes run smoothly across the first, second and third stages, only for the process to all but stop once it gets to the offer stage or where we would expect final feedback.
- Reason being?
Competition for candidates is less fierce than it has been in previous years. Partners don't have the fear of losing out on candidates if they don't move quickly. They can afford to wait, and if it means they lose out on a particular candidate, then so be it. There will be another when they are ready.
Similarly, when we see the process come to an abrupt halt at the offer stage, this is because firms have run the interviews, chosen who they would potentially offer, but also concluded that they don't need to rush into a hire due to market conditions. So they wait. Again, this may mean the firm loses candidates, but they are doing so, having made the call with ample time to make the right decision for the team.Another factor to consider is the attitude towards making hires into the office at the highest level. If a group of the most profitable teams, which grew considerably in 2021 and 2022, are looking at the year ahead and worrying about the bottom line and whether they are too large and are firmly against growing, then a small team who does need to hire can have their voice drowned out by the bulk of Partners across the office and, as a result, have more hoops to jump through to get approval.
It's interesting to compare what we are experiencing here in London with the New York market. Our New York team are experiencing similar patterns in their interview processes, some moving quickly, some less so, some at a snail's pace and some in a slightly perplexing way where comms drop off towards the end, and much head-scratching ensues.
What does all this mean for a lawyer considering their options in the current market? Ultimately you will be a better candidate and can make better-informed decisions by understanding how current market conditions affect a firm's decision-making. As recruiters, we are responsible for managing lawyers' expectations appropriately and preparing them as best we can for what may happen. It allows the lawyer to approach an interview in the best mindset possible.
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