The professional recruitment market as a whole has continued the trend from the back end of last year by growing steadily in terms of absolute job numbers by between 5% and 12% so far this year; a good indicator of market sentiment.
We have also found in Q1 2015 versus the same period last year that firms are committed to hiring when they go to market, not just scoping out the possibilities. As you will see in our market breakdown of the legal sector, firms are now moving quickly to secure talent and are offering competitive packages up front to secure the best people.
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
From PWC, Investing in Poland contains information on macroeconomic conditions and outlook for Poland, as well as key data, analysis and contact details for all 16 of Poland's voivodships and all of its major cities.
2016 Financial Services M&A Predictions: Rising to the challengeDeloitte UK
This year’s Financial Services M&A Predictions report explores the key drivers of M&A activity going forward, specifically market disruption and technology; consolidation and growth; and regulatory change. Looking at recent M&A activity, the report predicts how these trends will impact M&A across the whole spectrum of financial services in 2016.
IMAP partners around the world closed 185 M&A deals worth more than $18 billion during the Q1-Q3 2021 period. The boom in market activity observed in the first half of the year continued in Q3 and indicators suggest that 2021 will close out as one the strongest years for IMAP on record. The strong deal making environment is being sustained by a combination of high buyer demand following the pandemic lockdown pause, cheap
financing, abundant private equity capital, and cash-rich companies pursuing growth opportunities, and business
model changes amid widespread transformative market disruptions. IMAP deals were closed across 15 different sectors in Q3, with Technology, Healthcare, Industrials, and Consumer & Retail the most represented. Of the 185 IMAP deals closed in Q3, 28% were crossed-border.
This is Harrington Starr's latest monthly market commentary, looking back at the last month in the Financial Services Technology Market Space.
This month it also includes an interview with Eddie George, the CEO of NewFinance, one of the largest FinTech monthly meet ups in London.
If you have any questions on this month's commentary then please get in touch at tom.kemp@harringtonstarr.com or give us a call on 0203 002 2850.
The Deloitte M&A Index is a forward-looking indicator that forecasts future global M&A deal volumes and identifies the factors influencing conditions for dealmaking.
From PWC, Investing in Poland contains information on macroeconomic conditions and outlook for Poland, as well as key data, analysis and contact details for all 16 of Poland's voivodships and all of its major cities.
2016 Financial Services M&A Predictions: Rising to the challengeDeloitte UK
This year’s Financial Services M&A Predictions report explores the key drivers of M&A activity going forward, specifically market disruption and technology; consolidation and growth; and regulatory change. Looking at recent M&A activity, the report predicts how these trends will impact M&A across the whole spectrum of financial services in 2016.
IMAP partners around the world closed 185 M&A deals worth more than $18 billion during the Q1-Q3 2021 period. The boom in market activity observed in the first half of the year continued in Q3 and indicators suggest that 2021 will close out as one the strongest years for IMAP on record. The strong deal making environment is being sustained by a combination of high buyer demand following the pandemic lockdown pause, cheap
financing, abundant private equity capital, and cash-rich companies pursuing growth opportunities, and business
model changes amid widespread transformative market disruptions. IMAP deals were closed across 15 different sectors in Q3, with Technology, Healthcare, Industrials, and Consumer & Retail the most represented. Of the 185 IMAP deals closed in Q3, 28% were crossed-border.
This is Harrington Starr's latest monthly market commentary, looking back at the last month in the Financial Services Technology Market Space.
This month it also includes an interview with Eddie George, the CEO of NewFinance, one of the largest FinTech monthly meet ups in London.
If you have any questions on this month's commentary then please get in touch at tom.kemp@harringtonstarr.com or give us a call on 0203 002 2850.
As INFOR enters its sixth year, we wanted to share our outlook going forward and reflect on the success we have enjoyed with our clients in our first five years. We are proud of our unwavering commitment to our clients and our role as Canada’s top-ranked independent advisory investment bank.
GLOBAL FRAUD COMMENTARY 2013
The presence of fraud and corruption in Construction can take many forms; from falsely representing the numbers of hours a contractor works, through to collusion when bidding for contracts or paying bribes to secure a contract. These inevitably increase costs and, in the case of bribes, inflate the contract price.
Sheffield: top for tech
Sheffield has changed almost beyond recognition in the past three decades. If the city is to continue its reinvention the digital and creative sectors will be at the heart of it
This document draws together our views, observations and analysis of the global trends in the insurance M&A market, including influencing factors and macroeconomic variables.
Our analysis covers five primary regions: Western Europe, North America, Asia, Latin America and the Middle East and North Africa. Each section includes a review and remark on deal activity and current trends, in addition to consideration
of future bearings.
This report will give you an insight into how these, and much more local factors, have affected salaries and prospects for the future across all the specialisms Badenoch & Clark supports recruitment in. We’ve highlighted some of the most important trends and findings and there’s a wealth of richer and deeper insight into each of the areas in which we operate across our regional bases.
Find out everything you need to know about Ireland's economy, including the latest mortgage arrears figures, AIB returning to profit for the first time since the crash and which company has revealed it is to sell almost 3% of Bank of Ireland shares.
As INFOR enters its sixth year, we wanted to share our outlook going forward and reflect on the success we have enjoyed with our clients in our first five years. We are proud of our unwavering commitment to our clients and our role as Canada’s top-ranked independent advisory investment bank.
GLOBAL FRAUD COMMENTARY 2013
The presence of fraud and corruption in Construction can take many forms; from falsely representing the numbers of hours a contractor works, through to collusion when bidding for contracts or paying bribes to secure a contract. These inevitably increase costs and, in the case of bribes, inflate the contract price.
Sheffield: top for tech
Sheffield has changed almost beyond recognition in the past three decades. If the city is to continue its reinvention the digital and creative sectors will be at the heart of it
This document draws together our views, observations and analysis of the global trends in the insurance M&A market, including influencing factors and macroeconomic variables.
Our analysis covers five primary regions: Western Europe, North America, Asia, Latin America and the Middle East and North Africa. Each section includes a review and remark on deal activity and current trends, in addition to consideration
of future bearings.
This report will give you an insight into how these, and much more local factors, have affected salaries and prospects for the future across all the specialisms Badenoch & Clark supports recruitment in. We’ve highlighted some of the most important trends and findings and there’s a wealth of richer and deeper insight into each of the areas in which we operate across our regional bases.
Find out everything you need to know about Ireland's economy, including the latest mortgage arrears figures, AIB returning to profit for the first time since the crash and which company has revealed it is to sell almost 3% of Bank of Ireland shares.
A round-up of the latest UK economic news, including a reminder of the key announcements in George Osborne's Budget, inflation falling to 0%, the latest unemployment figures and David Cameron's comments about his re-election.
There has been a 40% increase in demand for HR project leads in the interim space; candidates that have experience working across a number of client groups, and those that specialize in HR restructures and organisational change have been highly sought after.
Welcome to Browne Jacobson’s 2015/16 annual review. It has been another memorable year in which we both met and, in many cases, exceeded expectations.
We were delighted to deliver organic growth for the seventh year in succession, posting a 9% increase in work done to over £64m. The momentum from 2014/15 carried on and the results were in line with our own high expectations. It was particularly pleasing to see each of our five offices achieving growth - a further sign that the major investments we have made in recent years in new office openings, people and infrastructure have really started to bed in and deliver.
Whilst year on year comparisons are significant, it is also critically important to take a step back to truly assess how the firm has performed and developed. In the last five years alone we have opened offices in Exeter and Manchester and moved to new locations in Nottingham and London. Financially we have grown turnover by over 80% since 2011 - and this has been achieved organically through retention and growth of our clients and people, as well as new strategic hires and client wins. This puts into perspective what an incredible journey we have been on and how the business has been transformed.
https://www.brownejacobson.com/
IMAP demonstrated its leadership in the M&A market once more, closing 92 transactions worth over $3 billion in the first half of 2023.
Cautious dealmaking due to global uncertainty, high interest rates, and the unresolved U.S. debt ceiling issue, meant global M&A activity experienced a significant decline of 36% in the second quarter of 2023. However, with the gradual recovery of the stock market, there is hope for restoring CEOs’ confidence in engaging in M&A deals. Furthermore, despite the decline, experts believe the M&A market still holds potential for future growth and resurgence.
The most active sectors in terms of volume were Business Services, Industrials, Technology, and Consumer & Retail,
accounting for 62% of total IMAP deal volume. However, in terms of deal value, the most active sectors were Healthcare, Technology, Consumer & Retail, and Industrials, representing 58% of total deal value. Europe was the most impacted region in terms of deal activity, following market trends.
iDeal Magazine is a quarterly publication which is specially produced and written with business owners in mind.
iDeal Magazine highlights some of the most recent deals BCMS has completed, offering a real insight into the mechanical and emotional processes involved with selling a business.
The publication also incorporates industry news, business updates as well as other business related information.
Sign up here http://www.bcmscorporate.com/business-sale-news-magazine
Here you can find everything you need to know about the UK's financial services sector, including the latest house price, base rate, inflation and unemployment figures.
PwC - Investment and Corporate Insight's for SIA's In This Together SeriesSales Impact Academy
- According to PWC Venture Capital survey 36% of VCs see a 20% price reduction, 30% see a 30% reduction, and a further 30% see >30% price reduction
- Series B investors are more bullish than early-stage investors
- View from corporates is huge financial and operational
distractions which extends sales cycles unless the need is critical
- M&A is happening, cash-rich companies are taking advantage of the 20-30% drop in price. Corporate venture appetite is tied entirely to business performance
- One of the many cashflow management nuggets included "Burn fat, not muscle!" and develop a cash culture
PwC - Investment and Corporate Insight's for SIA's In This Together Series Paul Fifield
- According to PWC Venture Capital survey 36% of VCs see a 20% price reduction, 30% see a 30% reduction, and a further 30% see >30% price reduction
- Series B investors are more bullish than early-stage investors
- View from corporates is huge financial and operational
distractions which extends sales cycles unless the need is critical
- M&A is happening, cash-rich companies are taking advantage of the 20-30% drop in price. Corporate venture appetite is tied entirely to business performance
- One of the many cashflow management nuggets included "Burn fat, not muscle!" and develop a cash culture
2. 06 City practice
04 Introduction
08 In-house, financial services
10 In-house, commerce & industry
12 Regional
14 Locum
Contents
Legal
3. Page 4 0f 16 Market insight | Legal | Badenoch & Clark Market insight | Legal | Badenoch & Clark Page 5 0f 16
The professional recruitment market as a whole has
continued the trend from the back end of last year by
growing steadily in terms of absolute job numbers by
between 5% and 12% so far this year; a good indicator
of market sentiment.
We have also found in Q1 2015 versus the same period
last year that firms are committed to hiring when they
go to market, not just scoping out the possibilities.
As you will see in our market breakdown of the legal
sector, firms are now moving quickly to secure talent
and are offering competitive packages up front to
secure the best people.
From a candidate perspective the real change can
be measured here by the number of ‘passive’ job
seekers who will move for the right role. Over 52% of
our permanent placements this year have been with
passive job seekers, a sure sign of confidence returning
to the market.
There may be some minor slow-downs in hiring
during Easter and probably around election time but
overall the indicators suggest that the recent upturn
in confidence in hiring and moving will continue to
improve through Q2 and beyond.
Guy Emmerson
Operations Director
Introduction
4. Page 6 0f 16 Market insight | Legal | Badenoch & Clark Market insight | Legal | Badenoch & Clark Page 7 0f 16
City practice
45%
of the top 200 un-merged
law firms are considering
a merger.
Market analysis
US firms reported strong results for 2014 in Q1 with
significant increases in turnover: 33 % for Quinn
Emanuel Urquhart & Sullivan; 9.5% for Sidley
Austin and 14.3 % for Latham & Watkins. Latham
also made up two partners in London, reflecting
strong market confidence. Pillsbury Winthrop Shaw
Pittman showed its belief in the London market by
announcing that it plans to double its headcount
during the next year.
The Magic Circle and Silver Circle continue to be
instructed on big-ticket work, Slaughter and May,
Freshfields Bruckhaus Deringer and Linklaters
landed lead advisory roles on a multi-billion-
dollar joint venture and asset swap between
pharmaceutical giants GlaxoSmithKline (GSK) and
Novartis, while Freshfields Bruckhaus Deringer,
Clifford Chance and Norton Rose Fulbright have
secured advisory roles on the proposed high profile
£12.5bn acquisition of EE by BT.
Hiring activity
A number of firms have continued to make opportunistic hires,
notably for private equity partners with portable followings.
Stephen Davis moved from King & Wood Mallesons to Proskauer
Rose in London, and was instructed by his long-standing client
Lion Capital on its sale of outdoor retailer Cotswold. Elsewhere,
Linklaters suffered from several raids at the hands of top-tier US
firms; projects partners Matthew Hagopian and Manzer Ijaz moved
to Milbank Tweed Hadley & Mccloy, while Matthew Elliot left for
Kirkland & Ellis.
Pay rates/ salaries
We have seen firms make use of their merit-based pay structures to
attract candidates, by making offers in the upper end of permissible
scales to attract candidates to move. The other side of the coin is
that associates in the same intake can see their pay rates diverge
significantly after only a few years. Under Freshfields’ “Career
Milestone” system it is possible for a two year PQE associate to
earn £77,500 (even at the top of Career Milestone 1); meanwhile an
associate at the top of Career Milestone 2 could reach £100,000. It
can be very hard for perceived inferior associates to make up a pay
(and internal perception) gap without moving firms.
With more firms opening and expanding existing regional offices,
more of the work from City clients is being handled by regional
lawyers at a lesser pay rate than their City based equivalents.
London based roles are therefore increasingly attractive as the pay
gap widens.
Challenges & outlook
Firms will be increasingly keen to seek out mergers and
grow their international revenue such as the Dentons –
Dacheng “combination”, which has created the largest
legal entity in the world. A survey of UK top 200 firms
by the Byfield Consultancy showed that Managing
Partners of 45% of the firms which have not recently
merged would consider a merger in the next two years.
The increased mobility of partners creates issues
for associates who work with them, especially for
junior associates where partners are either unable or
unwilling to bring their entire team with them. This
means that even associates who are not immediately
looking to move are meeting with us to discuss
“plan b”, to maximise their career prospects and
progression.
In terms of
associate hires, the
busiest areas have
continued to be
real estate, finance,
private equity and
US securities.
Q1 saw transactional activity remain strong off the back of a very strong
2014, which had seen the annual turnover of UK law firms rise by 8.4%.
5. Page 8 0f 16 Market insight | Legal | Badenoch & Clark Market insight | Legal | Badenoch & Clark Page 9 0f 16
In-house, financial services
Market analysis
Having seen a strong positive sentiment return to the UK economy
over the latter part of 2014, 2015 has started with a mixture of
feeling ranging from the EY Item Club predicting that the UK is likely
to suffer a slump in growth (anticipating 2.4%, well below the 3.1%
growth expected) through to the British Chamber of Commerce
suggesting that the UK will exceed its growth expectations.
It is highly likely that the economy will remain subdued as a result
of the looming General Election, speculation about a referendum on
the UK exiting the EU, and the impact of the ongoing crisis on the
Eurozone.
The Organisation for Economic Co-operation and Development is
expecting The Bank of England’s Monetary Policy Committee to raise
interest rates in “mid-2015”. This has created a fear of the impact
that a rise in interest rates will have on individuals and SMEs.
Pay rates / salaries
It continues to be difficult to clearly denote ‘market
rate’ as salaries wildly differ across institutions and
many longer term employees have yet to be aligned
to their more recently hired peers.
As with previous quarters we have seen a slow and
continued rise in base salaries being offered across
the market as organisations look to incentivise
candidates to join their teams and as a response to
the increased base salaries being offered within the
leading City law firms.
On the interim side, rates have remained steady
across the quarter with niche roles continuing to
offer day rates at £850+ but with c5 PQE lawyers
remaining at the £600- 750 level.
Hiring activity
Following a particularly busy end to 2014, we started
2015 with strong market confidence. Both January and
February proved much quieter than we had initially
expected although it transpired to be the ‘calm
before the storm’. March has seen a large number
of new roles arising across the market, within asset
management, investment banking, alternative finance,
the insurance market, general commercial, corporate,
general banking and trade finance, litigation,
commodities, funds and regulatory across a number of
PQE levels.
A large number of the new roles arising have been
signed off as new head-count and this is a trend we
have seen to continue throughout the last 6 months.
Challenges & outlook
We are continuing to see candidates involved in multiple
processes or receiving multiple offers with some organisations
having run recruitment campaigns in a matter of weeks. The ability
to move quickly is often a deciding factor in securing the best
talent.
Badenoch & Clark is fortunate in having a dedicated head-
hunting unit attached to the legal financial services team and
as the general level of activity increases we are seeing that it is
increasingly important to have access to passive job seekers and
utilise this function on contingent, as well as search assignments.
It is highly likely that Quarter 2 will continue to be full of activity,
especially as bonuses will have been banked and many candidates
are seeking new opportunities. This will create teams that are still
often understaffed necessitating replacement hires on top of the
increased ‘new head count’ opportunities.
Many organisations have been taking the opportunity to explore
6 or 12 month Fixed Term Contract hires for newly created
vacancies to give them an opportunity to ‘try before you buy’
although this does significantly reduce the available talent pool.
Badenoch & Clark is fortunate in having
a dedicated head-hunting unit attached
to the legal financial services team
6. Page 10 0f 16 Market insight | Legal | Badenoch & Clark Market insight | Legal | Badenoch & Clark Page 11 0f 16
In-house, commerce & industry
Market analysis
In general, we have seen a positive start to the year for the in-house
market. Whilst at the end of 2014 cost-saving was the agenda for many
businesses, moving into 2015 we are seeing a lot of clients looking to
expand their businesses both on a national and international scale.
Naturally this will impact the workload of in-house legal functions,
which are increasingly having the focus of their roles shift to providing
commercial advice and driving businesses forward.
Within the technology space, the increased application of technology
in financial services has pushed real growth within fintech, with start-
ups continuing to pop up and more established enterprises looking
to expand and capitalise upon the dotcom like boom of the fintech
industry. Technology lawyers with a financial services background are
likely to be in hot demand as this trend continues.
Pay rates / salaries
Recruitment processes throughout Q1
have highlighted that there seems to be
some disparity between candidates’ salary
expectations and clients’ budgets. One
explanation is that many in-house hires are
the first in a number of years, meaning budgets
are being calculated in accordance with
outdated market knowledge. As such we are
having to manage expectations on behalf of our
candidates, and clients are having to increase
their budgets to secure the best candidates.
Hiring activity
Hiring activity has continued to increase as a whole
across our in-house client base. We have also seen a
rise in part-time permanent roles. The majority of new
positions being created are of a strategic, commercial
nature which is proving to be a real selling point for
candidates looking to move out of private practice
and into in-house roles. With the shift in the market
and an increase in jobs meaning candidates can now
afford to be pickier with the roles they apply for.
The construction market has maintained the upward
curve from 2014 and there has been a surprise influx
of demand in the New Year within the oil and gas
industry, particularly with trading businesses.
Challenges & outlook
Across the board we are expecting to see a continuous steady growth in
hiring activity. High caliber candidates will continue to be sought after and
clients are having to move quickly to keep candidates engaged and not
lose them to other businesses that are able to turnaround their recruitment
processes faster.
A further consideration is an increase in counter-offers from current
employers trying to retain good employees. It is important to understand
candidates’ motivations from the beginning of the job search to be able to
foresee any potential issues with counter-offers. Clients need to make sure
any offers they put to candidates will be in-line with their expectations to
ensure they feel valued by their potential employer.
Within the Retail & FMCG industry, a shift in demand for IP and
general commercial lawyers has taken the focus away from
commercial property which we were seeing at the tail-end of 2014.
The increase in permanent requirements
has impacted the interim market.
Far fewer immediately available
candidates are available than in 2014,
particularly at the 2- 6 PQE level.
7. Page 12 0f 16 Market insight | Legal | Badenoch & Clark Market insight | Legal | Badenoch & Clark Page 13 0f 16
Regional
Market analysis
2015 has got off to an outstanding start in the regions with a
large number of firms continuing to expand. Consequently, there
appears to be a lot of movement in the market with candidates
feeling more confident than in previous years to seek new
opportunities. Corporate and Commercial, Construction and
Real Estate all remain very busy areas. It is anticipated that
Residential Property will remain active throughout 2015 with the
changes to SDLT and the pension freedom reforms coming into
effect in early April, at the start of the 2015-16 tax year; this will
provide people with the opportunity to invest to an even greater
degree in real estate. Private client (Wills, Probate, Tax Planning
and Trusts) has also been another area of law where we have
seen continued growth over the last quarter.
Pay rates / salaries
Salaries have continued to rise in both Legal 500 and non- Legal 500
firms, with compensation reaching the highest level for a number
of years. This is to a significant extent down to the fact candidates
are becoming increasingly aware of ‘their worth’ in the market.
Also, retention remains a key issue and therefore firms remain
conscious that salaries must be competitive to avoid losing valuable
employees.
A number of leading Legal 500 firms have carried out salary surveys
this quarter to ensure they are in line with their competitors. We
have also noticed an increase in the number of performance-related
bonus schemes coming into force in non-Legal 500 firms as a tool
to reward performance and avoid employees moving to larger firms
with higher salaries.
Hiring activity
Hiring activity has reflected the market trends mentioned
previously. Real Estate and Residential Property have
been popular areas for recruitment as has Private Client
with most firms looking for lawyers in the 2-5 PQE
bracket. However, there remains a shortage of quality
candidates in these high-demand areas, meaning that
firms are struggling to fill vacancies as quickly as they
would like. Therefore, firms are considering candidates
with more - or less - PQE than their ideal candidate.
Nevertheless, we have seen a notable increase in the
number of candidates looking for new opportunities, as a
result of greater confidence in the stability of the market.
Challenges & outlook
One of the major concerns facing law firms continues to be the skill
shortage in busy areas of law such as Real Estate and Residential
Property. Good candidates are receiving multiple offers and counter
offers, creating forever increasing competition in the market place.
Firms now have little choice but to act promptly when making an
offer, otherwise they risk losing the candidate to a competitor firm
and also in making the offer attractive to ensure candidates are not
counter-offered.
Smaller regional firms are also facing the pressure of national firms
opening regional offices, enabling them to compete with regional
firms on costs. The pressure on economies of scale will encourage
more firms to merge, with Shakespears and SGH Matineau in talks to
create a merged firm with combined revenues of over £75 million.
It is anticipated that Litigation may well take a hit over the coming
months as a result of the controversial rises in court fees which
came into effect in March.
Corporate and Commercial, Construction
and Real Estate all remain very busy areas
A number of
leading Legal
500 firms have
carried out
salary surveys
this quarter
to ensure
they are in
line with their
competitors
8. Page 14 0f 16 Market insight | Legal | Badenoch & Clark Market insight | Legal | Badenoch & Clark Page 15 0f 16
Locum
Market analysis
Throughout Q1 we have continued to see a buoyant
market following the busiest prior six months the
locum market has had in years. Private Client and
Family roles have seen an increase in locum demand
but Property, specifically Residential, remains the
dominant area for locums. Firms are making advance
bookings as they anticipate a very demanding summer
in the Property Market.
Pay rates / salaries
To ensure candidates have full diaries for 2015, they are
working for slightly reduced rates to ensure a strong
pipeline of work. Job flow is still not as busy as summer
2014 when candidates were demanding higher pay rates.
A lot of locums travel for work so accommodation costs
are accounted for in charge rates. However board and
lodgings are cheaper in winter months so rates are still
remaining slightly lowered.
Hiring activity
As the market is busy and firms are expanding, the
trend in hiring for Q1 has been locum cover until firms
find ideal permanent staff replacements. We have
also seen a rise in part-time locum cover as firms are
getting increasingly busy. In a similar trend to Q4
of 2014, firms are looking to make repeat bookings
for locums to ensure periods of high workload are
covered. This enables locums to be more comfortable
in their environment and to also be given more
responsibility within firms. This is positive as it shows
there is a consistency in workload.
Challenges & outlook
There is still a lack of candidates, particularly in Private
Client. The private practice locum market still remains busy
and the outlook for firms using them is increasing. Firms are
more confident in using locums for short term cover and more
responsible roles but they would like references and proven
track records from candidates’ previous firms. Solicitors are also
moving into the locum market due to the frequency of roles and
higher pay rates.
Firms are
making advance
bookings as they
anticipate a
very demanding
summer in the
property market
Private Client and Family roles have seen an up turn in locum
demand but roles in Property, specifically Residential, remains
the dominant area for locums.