Banks Following on from 2022, which was one of the busiest years for recruiting legal talent into banks in recent times, we saw a slowdown in the number of legal vacancies within banks during the first half of 2023. This coupled with the political and economic uncertainty faced towards the end of 2022 and early 2023 meant many large banks had hiring freezes. Organisations looking to hire at the beginning of the year were able to benefit from a more candidate-rich market. A combination of limited competition, as well as a slowdown in hiring from private practice due to a drop off in transaction volume at the beginning of the year, led to many lawyers at top firms seeking a move in-house.
As a result, many banks found that they were able to hire high calibre candidates who in other times would have been harder to attract. Regulatory lawyers have been in particularly high demand. With the introduction of the Consumer Duty as well impending changes to the Payment Services Directive, there has been increasing demand for lawyers within the consumer finance market at all experience levels across the banking sector. It has also been a busy start to the year for lawyers with wholesale regulatory experience, with banks looking to recruit into their private wealth and asset management businesses. “A slowdown in hiring from private practice due to a drop off in transaction volume at the beginning of the year, led to many lawyers at top firms seeking a move in- house”
Market Overview London
7
2023
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