Outlook for 23/24
we have already seen an uptick in the level of activity and transactions due to more confidence in the market, which will eventually create higher demand for expanding in-house legal teams supporting on transactions. Particularly, investment managers who have held back on hiring due to the deal teams being quieter are expected to resume hiring in light of this improvement in the market. As such, we expect banking & finance (particularly more specialist areas such as real estate finance, leveraged finance and fund finance) and corporate lawyers being more in demand. Despite the decline in numbers of vacancies this year in comparison to 2022, we are expecting appetite to hire to increase over the course of Q4 2023 and Q1 2024.
We also see lawyers with regulatory expertise to continue to be in high demand over the next 6 months in light of the financial regulations coming into effect this year which may still stretch team capacity, particularly with banks and fintech organisations. Following periods of hiring freezes, we tend to see an increase in vacancies looking to replace headcount due to attrition over that time period. As such, we envisage an increase in volume of hiring for large banks and financial institutions.
Market Overview London
17
2023
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