Private Practice is a rapidly changing sector, with historic trends of rising remuneration levels and unprecedented growth amongst many of the commercial firms, and yet falling funding levels and increasing squeeze on budgets facing more traditional general practices.
The global recession has hit all law firms hard, and consequently practices are once again valuing diversity in their revenue streams, litigation and insurance are of increased importance, as are private legal services.
The philosophy of the lawyers as individuals has also evolved given the easier access to information on opportunities and packages, and heightened awareness of vulnerable specialisms in light of the credit crunch. Generally there has been a lengthening of the career progression of solicitors, increased lateral movement, and an opening up of what used to be a closed and steady profession to what is now a comparatively transient market.
The global recession has hit all law firms hard, and consequently practices are once again valuing diversity in their revenue streams, litigation and insurance are of increased importance, as are private legal services.
The philosophy of the lawyers as individuals has also evolved given the easier access to information on opportunities and packages, and heightened awareness of vulnerable specialisms in light of the credit crunch. Generally there has been a lengthening of the career progression of solicitors, increased lateral movement, and an opening up of what used to be a closed and steady profession to what is now a comparatively transient market.
