What’s Next for Edinburgh’s Legal Market?

Edinburgh has a diverse range of law firms from sole practitioners and boutique firms to international heavyweights such as Addleshaw Goddard, Dentons and CMS. While the last 18 months have been uncertain for many, the larger firms have continued to grow since the turn of the year. Although smaller firms slowed down on recruitment towards the end of 2020, there has been a significant increase in 2021, with the Scottish legal market back in full swing.

Changes to the Market

As a result of the coronavirus pandemic there is increased commercial and personal turmoil throughout the country, with the economy drastically impacted and remaining uncertain for the future. This has resulted in an increase in practice areas such as corporate restructuring, insolvency, litigation and family law, while Brexit keeps a steady flow of import, export, employment and general business structure enquiries from many clients.

For this reason, despite the challenges that were faced in the legal market at the beginning of the pandemic, Edinburgh’s law firms have seen their workload increase back to a high level. However, turnover is yet to reach pre-pandemic levels.

Putting Scotland on the Map

Leading challenger law firm Gunnercooke has recently announced its launch in Scotland, with new offices in Edinburgh and Glasgow. The launch comes with a huge recruitment drive for the firm, who hope to attract talented Lawyers across Scotland to join its team.

The firm has already made its first Scottish recruit to Gunnercooke SCO LLP with Real Estate Partner Simon Etchells, who has joined with 30 years’ experience in high value investment and development structures.

London Returners

During the pandemic, many London-based Scottish Lawyers have taken advantage of remote-working and returned home to Scotland. While for some this may be a short-term benefit, it has also accelerated the thinking of many of Edinburgh’s Lawyers who would have been considering a long-term return, prior to the pandemic.

As the market starts to return to a level of normality, many London-based Lawyers will have decisions to make in terms of the renewal of leases on property and potentially having to return to work in the City, although initially we expect this to remain on a more flexible-basis. For some, the timing will be right to consider a permanent return to Edinburgh.

Looking Forward

The main challenge for private practice firms is finding and retaining the best talent from a limited pool of candidates. For this reason, the firms are having to provide ever improving benefits to candidates, such as career development opportunities and access to technology.

Similarly, the pandemic has shown legal professionals that working from home is possible using new technology. Having this ability to work from home is likely to be on the list of criteria for many Lawyers as we move out of the pandemic. For this reason, we have seen a rise in Consultants in the area, in which Lawyers are in charge of their own caseloads and time, using firms facilities at their leisure. We are likely to see an increasing number of Consultants moving forward due to the ability to take home a percentage of billings as well as the flexibility in working.