Last year, we saw movements in all industries when it came to the ever-evolving Legal recruitment market, especially within the Life Sciences space which, in this environment, is more imperative than ever. Our specialist team at Larson Maddox, who exclusively focus on the Legal Life Sciences market had to adapt, like many others, to a new way of working and ensure we continue to support the Legal advancements that are effective in the market. Efficient and fast delivery into essential open positions and the continued growth of our candidate and client network has been, and remains, our key priority.
At Larson Maddox, we wanted to take this opportunity to share an update on some of the trends that categorize the Life Sciences Legal space due to the impacts of COVID-19 from a candidate and client perspective, and also what we forecast to see in the onset of 2021.
COVID-19 and the Workforce
Concurrently, the biggest workforce adjustment is virtual interviewing and hiring, which has, in effect, become the ‘new norm’. As companies are changing and adapting to the remote work setting, hiring managers are realizing that they still need the same help and headcount that they had prior to the global pandemic, and that they can’t just hit the pause button on hiring now. Because of this, we have also seen a massive upward movement within companies not only hiring remotely, but also allowing current employees to work remotely indefinitely. The impacts of COVID-19 will certainly have most firms questioning whether they are profitable in a remote setting and if they are able to eradicate costs on paying for real estate or multiple offices.
Pharmaceutical | Biotechnology | Medical Device
General trends we expect to see in the industry
Heavier focus on privacy as technology continues to progress
Emphasis on compliance with FDA regulations
A need for more securities/SEC attorneys due to the number of IPOs this year
Extreme upward movement with remote hires and indefinite remote options for employees at the corporate level
What can candidates do to differentiate themselves in this competitive market?
Choose to take on mentoring responsibilities before having direct reports
Cultivate quality relationships with people in your network
Take extra courses and obtain certificates to enhance their knowledge about the space
Have general knowledge of multiple areas to be able to take on other responsibilities when necessary
Highlight and sell ‘soft’ skills
What can clients do to make their teams or businesses stand out vs their competitors?
Improving and making a conscious effort to improve diversity and inclusion in the workplace
Creating more of an online presence on LinkedIn, Twitter, Instagram, and other social media outlets
Offering remote options if possible and flexible working hours
Explaining and showing a clear growth trajectory for current and future hires
Establishing a memorable culture and creating a more collaborative and positive work environment
Life Sciences In-House Compensation Trends
It’s not all doom and gloom; a positive factor we observed this year, from a hiring perspective, is that salary ranges were not largely affected by the global pandemic. There is still a steady climb in compensation for Legal opportunities as most companies continue to compete for mission-critical talent in a candidate-driven market. As ever, we continue to see top-quality attorneys we work alongside juggle multiple offers and negotiate competitive salaries.
Below is a comprehensive chart that breaks down the average base salary ranges for attorneys based on location and years of experience, to ensure visibility on the latest compensation trends we are seeing in the market:
We continue to have specialized senior recruitment consultants that persist to adapt and succeed in their concentrated niches, delivering the most efficient and effective Life Sciences Legal talent on the market to our clients. If you would like to discuss the Legal market further or have any hiring plans that we can help with, please get in touch with the Larson Maddox team today.