Industry sectors define in-house lawyers’ fortunes
Up until recently, the in-house market has been relatively sheltered from economic conditions but the last couple of months have signalled a change in fortune for some industries. The industries most affected have been property and construction with some of the major players having announced redundancies in the last couple of months. While there is still a pipeline of work left for the near future, very little new business is coming through and therefore the concern is where the work will be in a year’s time. A number of projects have been put on hold such as the much-heralded ‘Kissing Towers’ development in Leeds. Those companies still left feeling optimistic are either involved in PFI projects or overseas work.
Energy companies are still extremely buoyant
Nevertheless, there are still many sectors where in-house lawyers can afford to remain confident. Energy companies are still extremely buoyant with the major oil companies recently reporting record profits yet again; media is relatively optimistic; tobacco has had a good year and pharmaceuticals are expected to do well in 2009. The defence industry has had its biggest growth in recent years: the UK is now the largest exporter of arms in the world and consequently, the major defence companies have been actively recruiting throughout 2008. The telecoms market is still doing well and the IT temporary market has improved in the last few months as banks begin to recover and look at making software purchases once again.
Another key area for growth we are anticipating is in environmental and climate change law. As the global warming debate hots up, and pressure mounts on heavy industry, trading organisations and energy companies, there will be an increasing demand for lawyers with this expertise. It is very likely that junior lawyers specialising in this area will be kept very busy in years to come.
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