Mr Cartwright, who was in Australia conducting seminars for locals interested in working in London, said lawyers with between two and five years experience and finance and IT professionals were in hot demand. Mr Cartwright said the shortage had been driven largely by the IT boom. The labor markets simply can't keep up. There is no brain drain syndrome because the people who left two or three years ago are coming back. It is the exception to emigrate for good.
Most people come home for lifestyle reasons.
Andrew Brodie, manager of overseas services for the Institute of Chartered Accountants in Australia, said young accountants were being actively sought by recruitment firms representing UK companies and operating in Australia. It is difficult to find second to fifth-year accountants, especially where there is such a demand for young professional staff. According to Mahlab Recruitment, a solicitor straight out of university can earn 44per cent more in London than in Australia while a second-year solicitor in London earns 72per cent more than a colleague who stays at home. Australian law firms are facing a nationwide shortage of solicitors with between two and five years experience. Law Institute of Victoria chief executive officer Ian Dunn said the overheated labor market was a wonderful opportunity for lawyers who have practised in a parochial environment to experience life in the important business centres.