Residential Property Jobs are on the Increase
Something has changed. After 5 desolate years employers are now once again recruiting for residential property fee earners. This increase in activity can be seen across the board and encompasses solicitors, legal executives, licensed conveyancers and paralegals.
So what has changed?
Here at BCL Legal we are proud to work with a variety of different businesses undertaking residential property work. All of our clients tell a similar story regarding their success.
Firstly changes by lenders to how they administer their panels has effectively ruled large numbers of smaller conveyancing teams out of the picture. Many smaller firms find themselves unable to act on transactions that involve mortgages from larger lenders and as a result are having to close. The net result is that there is more work left for those that survive and therefore a need for those businesses to recruit.
Secondly the market seems to be polarising between those private practices and ABS’ that specialise in volume work and those that specialise in HNW work.
The ABS conveyancers have clearly corned the market in volume services, offering a fast, cheap and efficient service that puts the desires of the clients and lenders at the heart of the transaction. The scope and size of these businesses means that they can now offer better career progression opportunities and training than most high street firm, as well as good benefits packages and superb administrative support. Further more they prize skills and experience over qualification, allowing skilled legal executives and paralegals to flourish in manager and supervisory roles. Some solicitor’s practices have begun to copy the model and many have, unsurprisingly, found it to be very successful.
Other private practices have decided to prioritize quality over quantity. In this instance the firms work hard to offer an exceptional personal service, meeting clients face to face, going on site visits etc. Generally HNW clients are happy to pay more for such a personal service.
Moving forward it seems like there will continue to be further churn in the as both private practice and ABS’ find their places in the market. Most commentators agree that workload has really increased for a number of years. It will be interesting to see how things change if the housing market does start to improve.
What is clear is that for those candidates still committed to undertaking residential conveyancing work there is greater opportunity now than at anytime over the last few years. Those that are willing to explore new options and embrace new ways of thinking have access to a range of opportunities. This even extends to candidates who have not practised law for a number of years.