London Report

Foreword

The banking and finance sector continues to be a dynamic landscape, presenting both opportunities and challenges for legal professionals. In 2024, significant regulatory shifts and market trends are shaping the demand for legal expertise. The Financial Services and Markets Act (FSMA) 2023 has introduced changes like the proposed abolition of the bonus cap and the revocation of EU laws. Increased regulation in areas like cryptocurrency signals a busy year for banking lawyers.

The insights in this report are invaluable for understanding trends and preparing for the future in legal recruitment within the banking and finance sector.

David Holden
Legal Director
Henderson Scott

What's inside

• Regional trends highlight a shift away from London-centric roles, with significant growth in northern regions, particularly Manchester, where vacancies have surged.
• Corporate and M&A remains the leading recruitment area, with a projected 30% increase in vacancies for 2024. Real Estate Finance has experienced a remarkable 300% year-on-year growth.

• Leading organisations such as Burges Salmon and Goldman Sachs have significantly increased their recruitment activities, setting the pace for others. CMS and Blackstone are also notable for their expanded recruitment efforts in 2024.

Key findings

• 137 vacancies reported in law firms in Q1 alone, this marks the highest quarterly total since Q3 2022.
• 35% rise in annual vacancies compared to the previous year.
• 17.7% increase in legal vacancies from Q4 2023 to Q1 2024.

• 18.7% rise in front-office vacancies.