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Balance summer drinks party! 29-Jul-16Last Thursday the 21st July, we invited clients and candidates from a host of leading UK and International Law Firms to join us in celebrating another successful year at Balance. Now in its 8th year, our guests have come to know what a fantastic summer party we lay on and it gives us the chance to thank our key clients and candidates for their continued business and support. We do also invite along our key suppliers who have played an important part in the development and growth of the Company. The Prosecco started flowing at 6pm at the exclusive venue, Devonshire Terrace, followed by some tasty skewers and burgers. We did a short thank you speech and a generous prize draw giveaway of 3 prizes. One lucky winner from Kemp Little, the leading technology & digital media law firm, won our top prize of £150 Westfield gift voucher – Congratulations! No one else left empty handed though, as we also gave away one of our goody bags with a mobile phone power bank, quality pen and Hotel Chocolat chocolates. We really look forward to our annual summer party and there is a lot of work that goes into ensuring all our guests have a fantastic time. We are all proud to be part of a close knit successful small business, and feel this really shows with events like this, when we get to spend time with all our contacts. We’re already looking forward to next year’s!...
Legal Accounts Salary Survey 2016 23-May-16A huge thank you to all those that took part in our Salary Survey during February and March, we received an overwhelming response this year with just under 1,000 professionals taking part from our network of contacts and ILFM members currently working within accounts teams of Central London Law Firms. The results are in... For the fifth consecutive year we teamed up with the Institute of Legal Finance & Management (ILFM) to produce a comprehensive salary survey for 2016 to provide guidance on average salaries for the various positions that make up a legal finance team, including recently emerging disciplines. We are delighted to present our findings and hope you find this guide extremely useful. DOWNLOAD YOUR COPY NOW and if you would like to discuss any of the information in this survey or other market trends and benchmarking, please feel free to get in touch any time....
We are Finalists! 04-May-16We have some exciting news we would like to share with all our followers, clients and candidates. “Balance is one of four finalists at the Global Recruiter Awards 2016 to be held on the 23rd June for Best Marketing Campaign” The requirement for Recruitment Consultancies to differentiate and to invest time and resources in to marketing initiatives to reach out to passive audiences has never been greater, and we’re thrilled that our efforts have been recognised in this highly competitive category. The Global Recruiter Awards recognise the best of the best in the recruitment industry. A select panel of judges were drawn from the leading edge of today’s recruitment industry to pool their thoughts and consider all the entries before making their final decisions on the shortlist. We were finalists at these awards in 2011 and 2014 and were lucky enough to scoop a win in 2013. Making the shortlist once again and a first for us in this category is something the team are extremely proud of. Good luck to all the finalists, see you in June! ...
Quarterly Market Update and views from the team 03-May-16Welcome to our latest Legal Accounts Quarterly Market Update, covering January to March 2016. The first quarter of 2016 got off to a record start for the team here at Balance Recruitment, with a new company record quarter, indicating both our exceptional recruiting prowess (ahem!), and also reflective of a surge in hiring activity within the Legal Accounts niche during the first quarter of the year, as also evidenced last year. We may now see a slight slowdown in the Q2 period with the possible Brexit looming, followed by a spike in hiring activity if Remain wins the vote. We will soon be publishing our 2016 Legal Accounts Salary Survey. Many thanks to all of you who participated in contributing data for the survey. We’ve already crunched some of the numbers, which show a slight increase in the number of overall participants receiving a pay rise in the 12 months previous, rising from 66% to 67% (broken down here by firm size). Large firm (50+ Partners) = 75% Medium firm (15-49 Partners) = 81% Small firm (1-14 Partners) = 59% Areas in highest demand: Financial/Group Accountants Finance Systems Analysts Revenue Controllers Legal Cashiers Accounts Assistants Areas in short supply: Financial/Group Accountants Finance Systems Analysts Partnership Accountants Legal Billers Year on Year growth in number of vacancy instructions received during Q1 period: 6% increase Key highlights from the APSCo produced ‘Professional Recruitment Trends’ survey (March 2016): Placement and demand for staff continue to outstrip 2015 levels with salaries up +5% overall Demand for Finance staff was the strongest (by discipline) with +13% y/y increase, followed by Marketing at +10% y/y Salaries for accountancy staff saw a +3.4% y/y increase Successful appointments we have made during the Q1 period include: Group Finance Projects Manager Financial Controller UK Accountant Senior Interim Account Finance Manager Partnership Accountant Senior Credit Controller Revenue Controller Accounting Coordinator Finance Systems Analyst Client Cashier Legal Biller + many more “It’s been great to get 2016 off to such a strong start, with each member of our legal accounts team successful managing a wide variety of client requirements across all seniority levels. We have seen further development of our client base outside of London, and are now working with long term clients across a wider range of disciplines with vacancies covering Risk & Compliance, Marketing & BD, Knowledge Management and HR. Q2 may see a dip in activity due to uncertainty over the EU referendum vote, but we hope that will be short term and only marginal. Forgive us for being opportunistic, but this could be a great window of opportunity to take advantage of if you do have requirements to fill!” -Richard Hooper “Whilst we enjoy being kept on our toes, and responding quickly to our clients, we have experienced a few firms who are not making the best use of the time available when ...
What’s it like working for a Law Firm in the UK? 29-Apr-16NEW BALANCE BLOG: The 2nd and 3rd most frequently used words were Interesting (used by 28% of participants) and Rewarding (used by 22%). Highlights from those with espousing positive feedback included: • Engaging, informative, enjoyable, rewarding • Interesting, varied, fast paced • Never the same day • Always something to learn • Best move I made • Busy, fun, engaging, teamwork • Love it – wouldn’t leave And some that made us laugh: • Helping solicitors with maths • I LOVE THE LAW • Are all laywers rude? • F – frustrating, I – incredulous, N – noble, E – enterprising • Get free legal advice • Waiting to retire • Lawyers + VAT = awkward • Life on the edge • Cool And then there were a few that maybe need to consider finding a new employer… • Only for the insane • My god the paperwork • Boring, repetitive and bloody solicitors • Boring but pays bills • We must be mad If you work in a Business Services function in a law firm, or would like to, why not look us up at www.balancerecruitment.com, and feel free to get in touch. By Richard Hooper....
A career in Legal Finance Systems part 2 (HOW!) 18-Mar-16NEW BALANCE BLOG: A career in Legal Finance Systems pt 2 (HOW!) In my last blog I covered the current landscape facing finance systems functions in the legal sector, with a conclusion that now might be a good time to consider a career move in to this field if you are currently considering a change. Here, I’ll cover some advice on how you might be able to make that happen. One thing to highlight is that patience is required. Career planning takes time, and if you’re committed to the end goal of moving in to a finance systems team, you’ll need to bear in mind that it may still be two career moves away at this stage. First of all, let’s look at the current population working within finance systems in the legal sector and their career backgrounds before moving in to this area. I’ve met many, many individuals in this field over the last 12 years, and would suggest the following as crude estimate: 65% from a prior role within a ‘legal accounts’ function. More than half of these (maybe as high as 70%?) from transactional, non-qualified positions such as billing, revenue control, cashiering and increasingly eBilling, the rest from accounting/financial reporting positions, some qualified accountants, some not. 15% from an IT/technical background. The majority of these will have started a career within an IT team, developing strong SQL/report development experience, and over time grown their knowledge of finance through creating financial reports and supporting finance systems colleagues. 10% from software business and financial systems vendors. Typically internal support/development consultants who decide to take a step out in to the client-side market. 5% directly in to finance systems. Whilst not exclusively a new occurrence, this has been rare, but we have seen recent growth in the number of firms hiring at graduate/apprentice level directly in to junior level finance systems roles (would love to see more of this happening!). 5% individuals with finance systems experience of varying levels from outside of the legal sector. Mostly from other professional services industries, but some from outside of partnership, time-billing environments (my money is on this share growing the most over the next 5 years). For this article, I’m just going to focus on the majority - those currently within an accounting position in the legal sector who want to make the move. Firstly, the easiest way for you to make the move is by doing it internally. If you have proven to be a reliable, hardworking individual, your employer should be reluctant to lose you. Use your appraisals to express your interest in getting involved with some finance systems based tasks. Are there any opportunities arising? Are there any projects you could get involved with? Upgrades and implementations often require testing periods – is this something you can get involved in? Could you do some work shadowing if you have completed your current tasks? Get to know your colleagues working in the ...
A career in Legal Finance Systems - part 1 (WHY?) 08-Mar-16NEW BALANCE BLOG: A career in Legal Finance Systems - part 1 (WHY?) Whilst experienced finance systems professionals have long been in short supply in the legal sector, even going back to pre-recession days (showing my age here!), demand has been steadily increasing over recent years, as firms have increased the volume and complexity of reporting and commercial analysis provided from their finance systems and finance teams. Fee earner dashboards, sophisticated business intelligence tools, and increased automation of financial processes have all become far more prevalent as law firms have evolved to remain competitive and profitable in a more competitive business landscape, placing increased demands on existing finance systems teams. This greater demand from finance systems output has already seen many firms reviewing their existing systems and investing eye-watering sums of cash in new practice management systems, with Elite 3E a popular choice, along with Aderant Expert and the emergence of MS Dynamics-based systems in the legal sector. These projects require substantial resources in personnel and technical expertise, with systems teams growing significantly in permanent and interim headcount. The number of professional contractors specialising in finance systems has risen steadily, as individuals switch to more flexible working arrangements that will utilise their knowledge and expertise. New and existing consultancy firms have also enjoyed high levels of demand and growth in headcount to cope with the influx of work. Now, add to this Thomson Reuters recent announcement of the sunset date for Elite Enterprise (the point at which they will no longer support/develop the system), and you have a growing tsunami of large-scale finance systems projects for many years ahead. Many firms are already struggling with their hiring requirements to even maintain headcount in finance systems team and this looks set to intensify. Salaries are increasing rapidly to attract and retain staff with experience in this field, and the upwards trajectory of career earnings is at it’s most dramatic for those making career moves with 1-2 years experience within a finance systems team. So there you have the current landscape and the reason why a career in finance systems may be a sensible option to consider right now. In my next blog I’ll focus on the How. By Richard Hooper....
Are you being paid enough? 19-Feb-16Balance needs your help in completing our Legal Accounts Salary Survey: Legal Accounts Salary Survey Our eagerly anticipated Legal Accounts Salary Survey is back for a fifth year and we need to ask for your assistance to help us compile the most comprehensive salary survey available for those working within the accounts departments of Law Firms across the country. UK Recruitment data showed month on month growth in starting salaries during 2015, but has that trend applied to existing staff across the country? Has your firm kept up to date with the market in your area? Are you being paid too little or too much (lucky you!)? With more London based firms relocating finance teams to lower cost offices around the country, how is this impacting on salaries outside of the South East? Last years survey showed a whopping 66% of respondents had enjoyed a pay increase during the previous 12-month period, an increase from 60% in 2014. Financial bonuses were also on the increase with 46% receiving them in comparison to 44% the previous year. This year, we’ll also be analysing how much these bonuses actually equate to. Key to the success and accuracy of the survey is collating enough data from across the country and we are therefore extremely eager to encourage participation from all regions – a particular mention to Wales and those in Northern England where we’d love to see an increase in response. If you’re taking part, why not encourage your colleagues past and present to get involved too, and if you manage a team, you can also enter salary information for other positions within your firm. The survey is 100% confidential and takes only 1-2 minutes to complete with a simple online questionnaire. As an added incentive, participants in this year’s survey have the option to enter a prize draw to win an iPad mini. To complete the survey, please visit: Legal Accounts Salary Survey The survey will close on 31st March. The results will be published in the May/June issue of the Legal Abacus and on the Balance Recruitment website from May. ...
Balance develop offering 08-Feb-16Balance Recruitment appoints Recruitment Consultant, Oliver Dare, to further develop the firms legal sector Business Services offering with a focus on Marketing & Business Development. Oliver, who joined the business in 2014 in a researcher/headhunter capacity, will focus on Marketing and Business Development appointments within the legal sector, where Balance Recruitment have an existing, well established client base. Trading since 2008, Balance is an independent multi award-winning recruitment search consultancy, with a demonstrable track record of delivery, representing a large number and wide variety of UK and international law firms, with offices in the City of London and Hertford. Oliver joins John Skillern and Richard Hooper in the Business Service and Practice Management division, sitting alongside the long standing ‘Legal Accounts’ division, and delivering a highly proactive, search-based service to clients, mapping target teams and networking across all experience levels. Richard Hooper, Director of Balance Recruitment, commented: “Oli has proven to be highly productive and effective in identifying and engaging with individuals across a range of business services fields, but has shown a natural interest in Marketing & BD disciplines and has been building an excellent network of contacts within this space over the past 18 months. He is already actively supporting our legal clients with opportunities across marketing, BD, CRM and events management, and will help us to widen our deliver to our clients”. ...
Quarterly Market Update and the year ahead. 26-Jan-16Welcome to our latest Legal Accounts Quarterly Market Update, covering October to December 2015. The final quarter of 2015 was an unpredictable period, with slow but steady demand during October and November and then a marked increase in activity from mid-December right through to the Christmas holidays. This upturn has continued into early January and, combined with the annual surge in active jobseekers at the start of a new year, the Q1 period looks set to be a very hectic period. We anticipate 2016 showing a continued slow but steady rise in demand for accounting and finance systems staff in the legal sector, further stretching the supply issues for experienced staff from elsewhere within the sector. Starting salaries are likely to continue to rise at an inflated rate as a result, and we may see more firms actively considering applicants from outside the legal sector. Areas in highest demand: Financial/Group Accountants Management Accountants Finance Systems Analysts Revenue Controllers Areas in short supply Finance Systems Analysts Legal Billers Financial/Group Accountants Partnership Accountants Year on Year growth in number of vacancy instructions received during Q4 period: 37% increase Key highlights from REC/KPMG produced ‘Report on Jobs’ (December ‘15): The rate of growth for permanent salaries awarded was at its slowest in over two years Demand for permanent staff continue to rise at an accelerated rate, faster than demand for interim staff. Key highlights from APSCo ‘Recruitment Trends’ report (December 2015): Permanent placements for 2015 saw a 4% year on year increase (all sectors) Temporary placements for 2015 saw a 9% year on year increase (all sectors) Successful appointments we have made during the Q4 period include: Head of Finance – Asia Systems Accountant Operations & Cashiers Manager Project Financial Controller Senior Accountant UK Accountant Associate Head of Partnership Tax Finance Analyst Revenue Controller Senior Legal Cashier “After a slight lull in demand during October and November, it’s great to be starting 2016 on a surge in demand for finance and finance systems staff, and we’re excited about the year ahead. Our team is very well equipped to deliver at all levels of seniority in this niche space, and we anticipate increased activity at executive management level within our client base, both in London, across the UK and internationally. We’d again like to encourage firms to explore the benefits of using our services on an exclusive or retained basis. Hiring needn’t be a painful, arduous and frustrating process, but it often is when there’s very little commitment between both parties.” Richard Hooper “Over the last few months we’ve seen a notable increase in movement within our US Firm client base, for both permanent and interim appointments. There is still a tendency from these firms to seek out individuals from other US firms, creating churn in this area with salary levels often ...
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