Law jobs downturn may last some time, bank says

Jobs may continue to be scarce in the legal world as it has been reported the current economic crisis looks worse than some had previously thought, the Bank for International Settlements (BIS) has said.

Jobs may continue to be scarce in the legal world as it has been reported the current economic crisis looks worse than some had previously thought, the Bank for International Settlements (BIS) has said.

The BIS is a bank for central banks across the globe, which yesterday issued a report suggesting slowing growth, rising inflation and uncertainty across markets could be symptomatic of the fall out from the credit crisis.

The bank did acknowledge, however, that the worst of the credit crisis may have been passed.

Jobs in the legal sector took a blow during the start of the slowdown thanks to a reduction in house buying, which saw a massive drop in the need for solicitors, but there are areas that are reporting extra demand for legal experts.

Unsurprisingly, insolvency and liquidation experts are highly sought after at present, and so there are still some booming jobs markets because of the slump.

Commenting on the likely outcome of the problems ahead, the bank warned of rising interest rates, set at preventing strong inflation: "With inflation a clear and present threat, and with real policy rates in most countries very low by historical standards, a global bias towards monetary tightening would seem appropriate," the bank said in a statement.