With the release of the 2024 Salary, Benefits and Skills Guide, we’ve compiled everything from specialism insights, market outlooks, in-demand skills and hiring statistics. Below is a sneak peek into the current in-house Legal employment market, as well as what our specialists expect to see in the coming year.
In-house trends
2023 saw a boom in the Energy & Commodities sector, with major organisations strengthening their offerings in renewable and low-carbon energy. This move from traditional oil and gas works to relatively new renewables is anything but easy. Businesses on such a venture are continuously looking to increase their Legal headcount to aid with the transition – we’re seeing solar energy companies in particular seek out experienced Legal professionals.
Artificial Intelligence continues to be a focus point for major organisations across sectors. Businesses incorporating AI to automate data aggregation are keen to avoid ethical scandals and technical mishaps – particularly following several high profile Legal proceedings. As a result, demand for in-house Legal professionals and teams with technical knowledge and a familiarity with AI continues to skyrocket.
In a similar vein, organisations are beginning to shift focus towards data privacy and cyber security, with businesses in the insurance and finance professions particularly hard hit. 2023 saw a surge in cyber-attacks and data breaches, with ransomware posing a significant risk and a challenge to mitigate. In-house teams are typically the first responders, tasked with developing robust and panoptic cybersecurity strategies that go beyond simple risk assessments. Again, in-house teams and professionals with experience in cybersecurity that can offer training and awareness programmes to the wider business will be highly sought after, with no signs of this lessening.
Lastly as other sectors wrestle with tightening regulations, an increasing focus on governance, and brand new regulatory frameworks, General Counsels with a track record in governance will see extreme demand. With new laws and amendments being continually introduced and revamped, compliance is a moving target, so businesses will likely prioritise Legal professionals who can respond on these matters proactively.
In-demand skills
The newness of the above trends demands Legal professionals who are strategic and able to make quick decisions accurately. Technology continues to be a highly sought-after skill – particularly when paired with a familiarity in emerging technologies and the Legal processes underpinning their advancement into various markets – intellectual property lawyers can expect a lot of phone calls this year. As mergers and acquisitions pick up in a post-covid climate, businesses are expanding their Legal teams with M&A experts. Skills in negotiation, stakeholder management and attention to detail are going to be crucial.
Want more details? From exact salary metrics region by region, to detailed data driven commentary on this year’s in-house climate by some of our Legal specialists - we invited 100,000 people across the UK and internationally to complete our survey, enabling us to obtain accurate salary data on 600 roles across 40 different specialisms. Want support with your next career or hiring strategy? Interested to see how in-demand your role is?
For an informed head start on the next step in your Legal career, access the exclusive, free report.
