"Here at LPA, we always maintain that the market is candidate-driven but it is fair to say that candidates are, in many ways, in a stronger position than they have been for 18 months. The number of private client vacancies for 1-5 year PQE lawyers has increased steadily over the last three months. Having been heavily involved in recruiting lawyers in the private client sector for over three years, I can comment that the private client market as a whole has seen a more consistent demand for lawyers than many other areas of practice", says Philip Jennings of LPA Legal Recruitment "If anything, I have seen a relatively straight line in terms of demand throughout the recession. The smaller to medium sized firms were always looking for good quality candidates; whereas the larger city firms have only recently returned to hiring within private client. The difference is that now there is growth. Despite some losses to private wealth as a result of the financial crisis and resultant turbulence in the markets, there is a continued influx of money from some emerging markets regions which may in some part explain why private client has weathered the storm better than some other areas. The UK is still a hub for many onshore transactions and the perceived opportunity to purchase property, both commercial and residential, at lower prices may also have contributed to the sustained level of activity in the UK. The fact is that lawyers in London and the UK regions are busy. Whilst HNW individuals also need offshore advice, most of the medium to large firms can offer this capability.
With growth comes opportunity for private client lawyers. There is a shortage of quality candidates, so lawyers can really pick the ideal firm, and culture, in which they wish to work in the future. The culture is key because the culture of a firm is arguably never more important than in the private client sector. The management of the private client firms have, over the years, shaped their respective firms' cultures in very distinct ways – ways which go well beyond the obvious distinctions between, say, City and West End. It is individuals who shape culture. So it is very important that candidates get advice on the personalities at the top of firms to ensure that they will fit in and be able to get the best out of their role.
Growth also fuels competition. Some of the larger city firms have recently increased their appetite for a share of private client work, perhaps because they now observe how stable it has been relative to other practices during the recession; but they are more likely to have to catch-up with the medium and smaller firms before achieving the size of department they want. Good departments spun-off to avoid being dragged down by the measures required to stabilize a large full-service firm might well be tempted back to the fold. To add to its appeal, a strong private client department can also be a valuable feeder for corporate or international arbitration work, where a firm's capabilities permit.
Another group vying for the best candidates is represented by the banking and financial services sector. Private wealth banks and trust companies are making their recruiting cries heard very effectively and one of the benefits of working at LPA Legal Recruitment (which has for over fifteen years provided private client lawyers to the leading private banks, trust companies and family offices) is to be able to give candidates the full range of options open to them."
Philip Jennings, LPA Legal Recruitment (October 2010)