The legal sector has always been somewhat different to other disciplines within the professional services market. The steady career progression offered by the lockstep system and the 'traditional' attitudes permeating the sector, such as the gentlemen's agreement between the top firms not to poach partners from each other, engendered a culture of loyalty seen in few industries over the last two decades. If the 'job for life' has been alive and kicking anywhere in the UK in recent times, it was in the legal profession. The last year has seen a number of seismic shocks hit the UK legal market. Salaries for assistant solicitors have spiralled and the use of 'golden hellos' has become more commonplace, driven by a shortage of mid-ranking to senior lawyers in the UK market and wage inflation fuelled by the lure of Silicon Valley dotcoms and the entrance of the Big Five accounting firms into the legal sector.
Demand continues to outstrip supply.