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LEGAL MARKET COMMENTARY, Q2 2018

• Article by BRUIN Financial

LEGAL MARKET COMMENTARY, Q2 2018

MARKET OVERVIEW

Over H1 of 2018, there was a huge demand in the market with the fast movement of the recently implemented GDPR Regulations. It is well known across the industry that Compliance and Regulation Laws in particular have extended across various sectors, resulting in a resource demand both domestically and on an international scale.

Over Q1 this year we have seen continuous appearance of vacancies and movement of candidates due to increased regulatory pressures of GDPR and general Data Privacy Compliance, being placed upon financial services firms.  This has also led to further scrutiny surrounding Cyber Security Laws and Organisations are taking a more cautious approach to regulating their business in accordance to the new GDPR regulations.

We have also seen an enormous increase in the hiring across the Capital Markets areas in particular the demand for Derivatives and Funds Lawyers/Paralegals. With the uncertainty of the Brexit approach, we have seen significant growth in Funds focused roles, including the requirement of Foreign Qualified and Dual Qualified Lawyers who have the necessary European language skills and are adaptable to the wider European markets.

We have also noted the collaboration of a number of Financial Services Organisations operating a technological communication approach with their European counterparts. Countries that have seen a surge in the re-allocation of Lawyers within Europe are: Germany, Spain, Luxembourg, Switzerland, Denmark, Netherlands, Belgium and Ireland. Here in the UK there has been a huge interest in legal technology in the areas of management of work-flows; discovery and disclosure; and corporate and Tax Law work.

 

ROLE PROFILES

Compliance Lawyers:

Compliance Lawyers are very much in demand, since their particular skill set have naturally been required for roles relating to GDPR and Data Privacy. Many roles have been at the Senior Level of around 6-9 Years PQE Lawyers with a minimum of 2 years specific GDPR work experience.

Funds Lawyers:

This has been in demand on the transactional side at all levels. Organisations have found it helpful to consider applicants at a more junior level in the form of Paralegals who are experienced in Funds requiring over 3 years in house specific Funds experience.

Company Secretaries:

Organisations have discovered the benefit to hiring qualified lawyers with Senior PQE to transition into Company Secretary roles. They are utilising Company Secretaries to carry out the more strategic work, incorporating Legal Practice into the M&A aspect of the role, leading the integration of

corporate acquisitions combined with the Corporate Governance requirements of the role.

 

PREDICTIONS
In the coming few months, it is expected that crucial inbound regulations and changes, namely SMR, GDPR and Brexit will continue to demand focus within Legal Compliance roles. In addition to this market transformation, we will see a huge demand in Dual Qualified lawyers who are adaptable to working various jurisdictions and can utilise language skill sets across Europe in particular.

 

BRUIN NEWS
BRUIN Financial are proud winners of the ‘Recruiter of the Year’ category at the 2018 Women in Finance Awards, which recognises the firm that has championed equal pay and diversity in financial recruitment. BRUIN was particularly commended for leading change in the industry and providing insightful counsel to help their clients achieve fair gender representation at every level.

From a recruitment perspective, BRUIN has recently opened an office in Dublin in partnership with local firm Barden, to provide high quality specialist recruitment services into the Irish financial services sector. For more information on our Irish capability, please contact one of our Consultants.

We are also delighted to have been recognised by the Sunday Times as a Best 100 Small Company to Work For in the UK, and additionally ranked in the list for London.