At the beginning 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; Q1 this year has demonstrated this with the continuous appearance of vacancies that have newly been created and thus have also resulted in the 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.
Although the market has seen an increase in resource in particular areas highlighted, we have also seen a collaboration of a number of Financial Services Organisations utilising this by 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 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 and Company Secretary work.
Dual Qualified Lawyers:
Dual Qualified Lawyers are very much in demand, in particular US Lawyers and French Lawyers who can work the international market. Skill sets in demand have been structured finance, capital markets, and derivatives, funds (UCITS, AIFMDS and SICAVs). Skill sets required are more varied as opposed to specialism in one area. Many clients have requested French, Spanish and German linguistic skills. Many roles have been at the mid level of around 3-8 Years PQE Lawyers.
This 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 or more recently “Fund Officer” roles whereby the demand has been in Luxembourg and the role is dual by nature incorporating both Company Secretary skill sets and Paralegal or Legal document experience.
Organisations have discovered the benefit to hiring qualified lawyers of a 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 or Private Equity aspect of the role, leading the integration of corporate acquisitions combined with the Corporate Governance requirements of the role.
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 and Dual Qualified roles. In addition to this market transformation, we will see a huge demand in International Qualified lawyers who are adaptable to working various jurisdictions and can utilise language skill sets across Europe in particular.