In Q3 across Banking and Asset Management we experienced a flattening in hiring due to the seasonal drop in activity and firms concerns over Brexit. The shift to Europe has continued and firms have continued to recruit staff in Luxembourg, Amsterdam & Frankfurt. Asset Managers have continued to seek staff with UCITS experience both in terms of the Fund Set up and Structuring areas as well as fund distribution.
There has also been a strong demand for Paralegals and support staff, many of which are on Fixed Term Contracts. The Company Secretarial area has also seen steady demand with again many firms looking for candidates to join on Fixed Term Contracts rather than on day rate contracts.
The enforcement of the existing IR 35 regulation has resulted in a number of major banks shifting either cancelling Contractors or having them switch to permanent roles. As a consequence, a number of lawyers are moving away from the Day rate Limited company business model to work on a Fixed Term Contract PAYE basis or permanent contract. This is going to herald a long term shift in the contracting market across a number of areas e.g. ISDA, Commercial Contracts, Reg etc.
Demand remains strong within Asset Management chiefly for Funds lawyers with a UCTIS background. There is also demand for Regulatory Legal Counsel to cover EU regulations and dual qualified lawyers / fluency in French or German is becoming much in demand and we expect to this trend going forwards.
At the end of Q3 there has been an increase in demand for Legal Counsel with experience in Structured Finance and Securitisation and we expect this trend to continue. Demand for Brexit specialist Legal Counsel remains low although there has been some demand for lawyers with ReOrg and General Corporate experience.
Regulatory and payments
There is demand here from Banks for Reg and Payments Legal Counsel.
Commercial Legal Counsel with experience in fund distribution
This is still an area of strong demand across FS and Commerce & Industry and Technology.
We anticipate there will be increased demand for Legal Counsel qualified in Europe, as well as native French / German speaking Legal Counsel across all areas and continued demand for UCITS and Funds specialists within the UK and Dublin/ Luxembourg.
BRUIN is delighted to have won the Deloitte Diversity & Inclusion Award at the TIARA 2019 awards and were commended by the judges for “incorporating D&I initiatives into their recruitment process, the broad range of diversity & inclusion initiatives they are involved with, and the high level of visibility in their market”. BRUIN was also shortlisted for the ‘Specialist Recruitment Company of the Year’ category.
For more information about the market or current opportunities please contact one of our Consultants.