This summer saw an increase in recruitment activity in the in-house market across the board with financial services proving to be particularly buoyant. Within the sector, Fintech has experienced the highest growth, a trend accelerated by the pandemic due to an increased uptake in digital services.
The UK ranks second only to the US in total capital investment in Fintech which has led to a steady increase in legal hires over the past 12 months. The UK is in a strong position to prosper in the Fintech industry as it offers world-class talent, a forward-thinking approach to regulation and an innovative financial services sector. As a result, we are seeing an increase in demand for in-house legal support which we predict will continue into 2022.
An underlying theme has emerged due to an increase in recruitment activity, competition. Control is currently tilted in the candidate’s favour with a plethora of roles to choose from. 3-6 PQE lawyers are most in demand as companies seek to promote internal employees and back-fill positions with junior-mid lawyers. Whilst base salaries in-house tend to be lower than private practice, stronger benefits packages including bonus’ typically between 15-25% and 10-15% pension contributions, has helped narrow the gap.
It’s a great time for those switching from private practice who don’t see salary as their main consideration and want to benefit from a better work/life balance, more consistent working hours and gain an in depth understanding of the business they support. Flexible working is no longer viewed as an optional benefit with companies adopting home working and flexible working as a way to retain and attract top talent.
If you’re considering switching positions, I recommend being armed with all the information at your disposal. I have used my experience and expertise along with market surveys to compile DMJ Recruitment’s In-house Financial Services Guide for 2021/22. It contains up to date salary band information for the City and regional organisations for the Fintech, Retail Banking, Investment Banking & Investment Managers and Insurance sectors. This guide is designed to equip a legal professional to make an informed employment decision.
If you’re interested in moving roles, click here to download our free guide and ensure you’re in the best position to make a decision. I’m available to offer advice and guidance through a changing market to ensure your job search runs smoothly. Please contact me at email@example.com with your CV or any questions you may have.