
A New Year, A New Government – What next for the UK employment market?
With the recent change in government, the shift in economic strategy is evident. Join us, as we review the big changes of 2024 and look ahead to 2025.
With the recent change in government, the shift in economic strategy is evident. Join us, as we review the big changes of 2024 and look ahead to 2025.
As we enter this new era of Al & IT transformation, the impact on jobs across all industries is visible. Join us, as we review the big changes of 2024 and look ahead to 2025.
The beginning months of 2024 have shown a decrease in recruitment compared to the post-pandemic boom seen in 2021-2023. Despite a dip in 2020 due to the pandemic, the Australian legal market experienced robust growth over the following years.
The deceleration of tech-centric sectors in London during 2023 mirrors the broader downturn experienced across the UK, with IT vacancies plummeting by 50.5% in the capital compared to 36.3% regionally. Hence the fact that demand for IT professionals has fallen 42.8% compared to the peaks seen in 2022, is a temporary blip.
At a time when the sector has been depressed by the cyclical downturn due to quantitative tightening, this has led to a drop of 34.8% in London and 19.4% regionally. Within law firms, real estate remains the top skill in demand, although its market share has slipped from 22% in 2022 to 18% in 2023. This is partly due to a hefty 37% fall in vacancies in this area in 2023 as the commercial property sector has slowed down.