In-House Legal UK Market Update: 2024 Trends and Insights (H2)
The start of 2024 has seen a significant improvement in the number of Legal roles within the market compared to the same time in 2023. While Legal positions in Banks and Buy-Side institutions remain scarce, there has been a contrasting growth in hires across Financial Technology companies and Insurance firms.
Regulation and Wordings
At the start of the year, after interviewing many General Counsels within Asset Management, it became evident that industry-wide margin reductions have been affecting profitability and, consequently, the ability to hire. Legal teams within many Buy-Side organisations have remained lean, and even the hiring of Paralegals has been seen as a premium cost. While traditional Financial Services organisations, including Investment Banks, Retail Banks, and Asset Managers have been light in hiring, there has been a continued rise in recruitment across FinTech and Insurance.
Increasing regulation within Payments and FinTech has led to a rise in Regulatory Counsel roles across the sector, and Lawyers seeking to leave Private Practice have found a plethora of opportunities. Moreover, Insurance companies continue to thrive and have been one of the standout industries in terms of profitability in recent years. The demand for Solicitors within these organisations continues to grow, specifically in the areas of wordings and claims.
2024 / 2025
2024 has already seen numerous new roles for Lawyers in the UK and across EMEA. Our clients have reported growth in Legal roles across Europe as businesses seek out tax-efficient locations following the UK Government’s change in tax policy. France and Germany have experienced noticeable growth in the hiring of Lawyers within international organisations.
Additionally, it is anticipated that there will be an uptick in senior roles for General Counsels and Heads of Legal. Many Lawyers at this level are seeking new opportunities, having weathered the challenges of 2020 and the recent economic issues. The markets, in general, feel more settled and consequently Lawyers at this stage in their careers are willing to take calculated risks and change roles. This movement, coupled with an increase in Mergers and Acquisitions (M&A), is likely to result in a shift in leadership at the very top level.
For more information on the UK In-House Legal hiring market or career opportunities, please contact James Franklin.
James Franklin
Managing Director, Head of Legal, EMEA.
T: +44 (0) 7957 418 438
E: jfranklin@thedanosgroup.com
