Over the last three months, the Australian dollar has plummeted in value against overseas currencies, having lost 40% of its value against the US$. The new exchange rates mean the bumper salaries offered by overseas firms clamouring for qualified talent look even better than they did before the dollar value crash. However, Aussie legal talent doesn't seem to be rushing towards the exits just yet. According to First Counsel senior recruitment agent Louise Leecy, global financial uncertainty has greatly outweighed an unfavourable exchange rate.
"To be quite honest, people are more concerned about a global recession than seeking greener pastures. The uncertainty means that people are more focused on holding on to their jobs than facing the uncertainty of overseas opportunities," she said.
Leecy says that London - the traditional destination for Australian lawyers seeking higher salaries, a more favourable exchange rate and overseas experience - has become stagnant in recent months.
"Money is always a key motivation for lawyers seeking overseas opportunities. The [Australians] already working in London must be rubbing their hands with glee at the moment," she added.
If you are looking at taking advantage of overseas opportunities, then the Middle East is your best bet, according to Leecy. "Lawyers seeking overseas opportunities at the moment would be best served to direct their attention to the Middle East - in particular, UAE, Oman, Bahrain and Saudi Arabia."
However, Leecy contends that the global slowdown has begun to take its toll on these oil-rich states.
"What you see happing now is that lawyers on secondments are beginning to fill these roles, as opposed to taking on new hires. We are also seeing the market tighten for lawyers with less that two years' post-qualification experience, unless they are exceptional."
The areas of practice still currently in demand for the right candidates are corporate, finance, construction, real estate and energy & resources, said Leecy.
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