Law Times

Page 4 December 9, 2013 • Law Times NEWS Optimism for 2014 despite 'bloodbath' for young lawyers But for lawyers fresh becoming busier next out of law school, the path year," says Omland. "Litto Bay Street is akin to "a igation should remain bloodbath," according to strong or grow." a recent report in Ultra A recent Robert Half Vires, a student newspaLegal survey predicted a per at the University of modest salary hike for Toronto Faculty of Law. lawyers in 2014. The According to the report, salary guide suggested the number of Bay Street mid- and senior-level jobs declined for the third lawyers are in higher consecutive year in 2013 demand and can expect with just 351 students to receive pay raises of hired. Last year, 379 stuup to 4.3 per cent. dents found jobs on Bay "Well-networked lawStreet, a decline from 403 yers with 10-plus years of in 2011 and 444 in 2010. experience, extensive cliBut the numbers aren't ent contacts, and strong all bad. Blake Cassels & business development skills are sought by law 'We've been doing really well and the firm has a Graydon LLP, for examfirms of all sizes, while lot of optimism and demand from our client base,' ple, says it's hiring more students in 2014 than it corporate legal depart- says Kari Abrams. did in 2013. Thirty-seven ments are recruiting lawsecond year students are joining the firm next yers with at least five years of experience," acyear, an increase from 29 in 2013, says Kari cording to the salary guide. The survey predicts those with more than Abrams, a lawyer and director of student pro10 years' experience at large law firms, defined grams and junior associates at Blakes. "We've as having 75 or more lawyers, will earn between been doing really well and the firm has a lot of optimism and demand from our client base," $192,500 and $282,000. BY YAMRI TADDESE Law Times W ith the new year just around the corner, there's an air of cautious optimism in the corporate law sector on Bay Street, according to a director with Robert Half Legal. The year past saw litigation business holding strong and a boom for commercial real estate work, says Jeanmarie Omland, a branch director with the legal research and recruitment company. "I would say that litigation has always been very, very strong on Bay Street. We've seen commercial real estate really grow over the last year," she notes, adding that for those who live in Toronto, "it's not hard to see why based on the cranes that are surrounding us." The financial services industry — specifically with respect to compliance and privacy — has also seen "a big uptick," says Omland, noting the growth in this area is likely due to new regulations enacted by governments. Robert Half Legal's clients are looking for lawyers with skills in that area, she points out. "Based on the survey we did for our salary guide, it looks like people are cautiously optimistic with business and corporate law Sure, we could tell you that our client was awarded the largest personal injury judgment in Canadian history and that all our principal partners are past-presidents of the Ontario Trial Lawyers Association. We could also mention that our firm was voted top five in its field in Canada and that we have a five out of five preeminent peer review rating from Martindale-Hubbell. All those achievements and honours don't just happen. They're the result of the way we work and the way we care for our clients. Don't take our word for it... ask around. When you know someone with a personal injury case, call the lawyers that lawyers recommend most. Ask about our competitive referral fees. A Noticeable Difference ™ ™ Proud Member A Noticeable Difference TORONTO I BARRIE I HAMILTON I KITCHENER 1-866-685-3311 I www.mcleishorlando.com TORONTO I BARRIE I HAMILTON I 1-866-685-3311 I www.mcleishorlando.com McLeish_LT_Dec9_13.indd 1 www.lawtimesnews.com 13-12-03 8:37 AM she says. The overall negative numbers for students, however, aren't surprising to Omland, who says firms are looking for seniorlevel lawyers. "People are looking for individuals that can come in and hit the ground running and have an immediate impact on the business," she says, noting firms are being more conservative in hiring first-year associates and articling students. Some practice areas have also had a slower year than others and the lag in mining has been especially prominent. "It has not been a terrific year despite reasonably strong commodity prices," says Sander Grieve, a partner with Bennett Jones LLP who acts for several global mining clients. "There has not been a lot of money looking for investment in the sector, so that has slowed down the capital raising side." But there's still work for lawyers, he notes. "If you happen to have the good fortune of acting for a number of mining companies, as we do, then there's some consistency to it and the companies are looking for opportunities evaluating potential transactions just doing their regular annual business. So that has continued to pay. But for those people who are heavily dependent . . . on the financial market, financing opportunities have been limited." Even so, Grieve believes the tepid year for mining is just a bump in the road. And despite the changes in the mining sector, Bennett Jones hasn't altered its recruitment scheme, he notes, adding the firm continues to hire "the best and brightest." "This is a pause in the super cycle," he says, citing lack of investor confidence in the aftermath of transactions involving significant markdowns. As a result, he's optimistic in light of opportunities that have already become available due to healthier commodity prices. "2013 has been a difficult year for the industry in terms of new sources of capital, but for those people who are fundamentalists in the commodities, there have been tremendous opportunities and we're staring to see some people move on that now." LT

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