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Leaving the rat race: an increase in legal job opportunities outside of London
Many companies, including legal firms, have chosen to relocate at least part of their business out of London. They are choosing to move to places such as Essex, Norfolk, Suffolk and Cambridgeshire, and with larger law firms taking the decision to relocate, it may make other smaller firms think about relocating too.
For individuals with skills that are sought after in the area of corporate and commercial law, they may be able to look forward to a higher rate of pay. And even with a slight reduction in remuneration, a lower cost of living than in the capital means that overall lawyers could well be better off, therefore pushing them further towards the final decision to relocate.
Much of the time, the actual benefit of relocating will depend on the area of law that people wish to work in, and the exact city that they choose to relocate to. It is important to choose a city or region that has demand for the profession that you are working within. This means you would have potential clients and also new employees with the skills needed to make the business thrive. By thinking about the right place to practice each branch of law, it is easier to find the niche in which you can make the most of your skills in the right environment.
There are also cases of companies specialising in the area of commercial property law who are choosing to relocate to areas such as Hertfordshire from abroad. Whereas in the past, companies may have chosen to build their team abroad, the rising costs due to the changing value of the pound means that this is no longer the best course of action.
One thing to think about is the change in pay that comes with relocating. At one end of of the scale, partners in London law firms can earn £400,000 per year, whereas in other parts of the country the pay would be around £90,000. The good news is that the more junior the role, the less significant the pay scale difference becomes. As mentioned, the drop in the cost of living can certainly go some way to making up for it, as can the quality of life.
Whilst firms state that the salary difference is because the money being generated by the company is not as high as it would be in London, when balanced with costs it can still be an effective business strategy to make a move.
Over time, more companies have chosen to base themselves in London for financial reasons – however to some extent there has been a reversal of this in recent years. It seems likely that more companies will follow suit, with the benefits of moving out of the capital rising.
If you are interested in discussing a move out of the City or if you would like to talk about how you could change your work/life balance, contact Law Consultants today.