A SENIOR LEVEL LEGAL RECRUITER'S VIEW OF THE MARKET; IDENTIFYING TRENDS AND AREAS OF GROWTH WITH INSIGHT INTO THOSE ISSUES WHICH AFFECT THE LEGAL ARENA



In a market which has been depressed for quite some time, signs of the much lauded ‘green shoots of recovery’ are welcomed. In the recent past these have been something of a false dawn; the light at the end of the tunnel has proven to be a train coming the other way.

 

Encouragingly however there appears to be genuine recovery and momentum in the corporate market at the moment. Whereas 6-9 months ago firms would only be looking to strengthen corporate with lateral hires those same practices are now speaking to people with a variety of backgrounds, with followings no longer essential for all openings. Indeed some practices have openings for NQs and those without a vast amount of PQE under their belt, a sign that not only are deals in the offing but that firms now need the resources to put those transactions together.

 

The conclusion? Well, the indications are that the corporate market has recovered to such an extent that some firms have a workload which outstrips capacity, and whilst no-one is likely to turn their nose up at a partner with a large following, the ability to bring a guaranteed book of business is not essential in all cases.

 

We were recently instructed on a retained search for a Head of Corporate, an opportunity which would have been unlikely to require a search approach back in the early days of the credit crunch. Now though consecutive quarters of recovery demonstrate that the market is indeed returning and that high quality candidates are going to be sought after again.

 

It may be too early to proclaim a return to the M&A levels of 2005/2006 but the signs of improvement are there. From a legal recruiter’s viewpoint it is interesting to note those firms who are already recruiting the staff who can maximise their standing within the corporate field when the market returns. These are likely to be the firms which offer a forward-thinking, measured and yet not risk-averse outlook, and similarly are the firms who will have the best people on board when the ‘war for talent’ heats up again.