So is it a good time to make the move?
Any comments, feedback and suggestions would be welcome as we are always looking to improve. We would be glad to help any friends and colleagues that may be interested in making a move and if you are looking to hire someone yourself in the near future we hope you will remember us.
Diversity in the legal profession has been a hot topic, and in comparison to other industries, slow to change. The logistics and structures of large international law firms has been blamed for this in the past but is no longer an acceptable excuse. There is a huge disparity in diversity between in-house legal teams versus private practice and there are several reasons for this. The main one being the long hours culture of private practice. Until this is addressed across the board we can question whether a truly diverse work force can ever be achieved.
As well as tradition, old fashioned stubbornness and ignorance, there are other more nuanced and deep-rooted reasons why diversity in the law is so difficult to achieve. Only when diversity is addressed from the outset, during education and training contracts, can we get balanced teams in law firms and then be able to offer a truly diverse shortlist to our in-house clients. As well as looking at how partners run their firms and treat their staff, we also need to look at how the clients treat external counsel. Will a male client usually give their work to a male partner? Do in-house lawyers’ expectations vary depending on who they instruct? Personal and homelife is still the main reason for women not being at the top of the profession despite women’s networks, mentoring and other incentives being put in place. The tone must change from the top and filter through all departments, including internal and external recruiters. We need to re-think initiatives that may have previously created silos to create gender balanced teams.
As 2 female directors at Fry & Brown, this is a subject close to our hearts. We both worked at large and medium sized businesses before setting up on our own small company and we have both experienced the gender imbalance. As recruiters, we were very much on an even keel with our male counterparts but when it came to career progression it was clear that sacrifices would need to be made, to satisfy our direct reports, peers, bosses and shareholders.
We don’t deny that it can sometimes be difficult to get right and we’d be keen to hear any further suggestions on how we can improve.
May 2020
The in-house legal market has always been competitive. Legal departments, that are relatively small and rarely recruit, often have a huge number of applicants from magic, silver and US law firms to choose from. During the current health crisis there are fewer opportunities but more people looking, from the privacy of their homes.
Throughout our 20 years in recruitment, we have organised many video interviews, usually due to applicants being based in different locations. Often, we help lawyers looking to return to the London market after spending some time in Asia or the Middle East. Sometimes it will be Australian or New Zealand candidates looking to relocate to London. Some of our roles are based on the continent and looking for UK qualified lawyers. Or it could just be another location within the UK.
In the past, many of our clients have decided against interviewing via video conference. Some hiring managers just haven’t felt comfortable using it. They often have enough applicants who are available to attend their offices without needing to extend the search. Often bad past experiences with failing technology put people off. Employers also often assume that the candidate is expecting a relocation package or that there may be visa and sponsorship issues to overcome. And often it takes longer to get relocating employees started.
Historically, video interviews have rarely been successful. Until the lockdown, we had hardly placed anyone via video interview alone, although they are often useful as subsequent interviews. It’s difficult for either party to show personality, meaning that ascertaining a good fit is very difficult. With cultural, personality and team fit being more important than ever in the in-house legal team, how can you possibly make an impression?
What are the obstacles that you should anticipate?
So how can you prepare?
And remember, many of the usual methods of making you stand out from the crowd will still work. We’d be happy to share our interview technique guidance if you would like to get in touch.
April 2020
You’ve been offered a new job – but now your current employer has come in with a counter offer. So should you stay or should you go?
First things first – congratulations! You now have not one but two companies chomping at the bit to have you. Take a moment to give yourself a pat on the back, toast your success or do a celebratory dance. Enjoy those feelings of being flattered, appreciated and valued.
Now take a few more moments to think about what to do next.
We don’t want to burst your bubble, but that counter offer might have everything to do with your current employer and nothing to do with you. Once they’ve factored in the expense hiring a replacement, onboarding and training, your leaving is going to cost your employer dear, so it makes financial sense for them to hold onto you. When a counter offer comes with a nice pay rise, it would be wise to think about who gains most from you accepting it.
It’s usually a matter of salary, and of course if your main reason for seeking a new job was to earn more, then a counter offer that gives you the figure you were looking for seems a good bet. However, there are no guarantees that you’ll end up financially better off in the long run as you could find that your new package is more generous when it comes to bonuses or it could be that you’re subject to a salary freeze down the line. One lawyer who worked in a large American bank stayed and accepted a counter offer with a significantly increased salary only to find their workload significantly increased too. He left within six months.
Often counter offers are not all about the pay. You may have been promised that promotion you were after, or more flexibility to work from home, or that you will have the opportunity to grow a team. But these aren’t always elements that employers can just pull out of the bag, they often take a long time to materialise. If they are going to promote you for instance, they may need to create a job, restructure, or also interview others for the role. More work flexibility may require moving regular meetings and providing equipment and growing a team requires budget and a need. And with all these, employers also need to deal with the risk of upsetting people around you, and this is why so often we hear of these promises not being kept.
Chances are, if you’ve been looking to leave for a while, you have already had these conversations with your boss. And you have to ask yourself, how much do they really value you if you’ve had to go as far as resigning to get them to listen? What does it say about the organisation, its management and culture? And what happens when you need to have these conversations further down the line? Wouldn’t it be nice if they rewarded your contribution and commitment without having to resign?
It’s not always the wrong decision however. Sometimes employers are unaware of how important that request was to you until you resign. Sometimes employees assume that there is a glass ceiling or no chance of a pay rise so they don’t even ask. And sometimes the counter offer is so unexpectedly good that it is worth sticking it out for a year or so more regardless. I worked with one lawyer recently who accepted a counter offer with a significant salary raise and promotion. It was always coming but the frustration of how long it was taking made him think it was never going to happen. He is now very happy, managing a large team on a healthy package.
However, this is rare. And a high percentage of people who take a counter offer are back on the job market within a year. And I was one of them. I was lured into staying with my company with the offer of a promotion which never happened because I required flexible working and the company structure didn’t allow it. I don’t blame my boss. Looking back, I can see that my resignation caused a knee-jerk reaction where I was made a counter offer without it being properly thought through. And in my naivety I grabbed the offer without thinking it through either.
That’s why I always advise candidates in this position to hold fire before accepting a counter offer. Remind yourself of why you were looking to leave in the first place. Take some time to look at what you really want out of your job. Is it all about the salary, or is it career progression, a better relationship with your team, less commuting time, more travel, increased responsibility or just a change? Ask yourself why your current company is suddenly counter offering you now if it’s something you flagged with them months ago. Do you really want to work for a company that only acts when they’re forced into a corner? And now that you’ve got it, is that counter offer really, honestly, all it’s cracked up to be?
March 2020
Whilst 2019 was a great year for many reasons, the financial services recruitment market for lawyers was probably the worst since the 2016 referendum, which can be entirely put down to the uncertainty. The need to hire in-house lawyers was evident, but widespread cost cutting, headcount freezes and unprecedented delays was not kind to potential recruits, resulting in a poor experience for many applicants. And a poor candidate experience from one company is a good hire for their competitor.
What do we mean, bad experience?
What can you do differently?
And why does it matter?
We constantly hear that the biggest setback to company growth and productivity is being able to attract talent. Company performance and long-term business is affected by how you hire. An impressive candidate experience is far less demanding and expensive than the longer-term alternative of consistently replacing employees and attracting new customers.
January 2020
Brexit is keeping us on our toes as much as it is anyone else. For the last 12 months there have been more contract roles than permanent positions, and this is not just because of maternity leaves and sickness cover but is due to companies not being able to commit budget to permanent headcounts. Fewer interim roles are in response to heavy workloads which was previously the case, so we assume that any extra work is being shared out by existing lawyers. It seems that teams working on Brexit are now all in place, or again lawyers are dealing with it as part of their day job. The large UK banks have pretty much stopped hiring altogether and London offices of European banks are mostly hiring for replacement positions. As yet, we haven’t seen the mass exodus from London into Europe that we were expecting although many of you with languages or foreign connections have made it clear to us that you would consider working on the continent. Most of the transfers of lawyers into Europe have been internal and their positions in London are rarely backfilled.
Aside from Brexit, the legal recruitment market in the insurance industry remains busy with a fair amount of movement at the senior end which has opened up some vacancies further down the chain. We have seen a surge in junior in-house roles more generally with the start-ups and fin-techs preferring to hire at this level as they expand their teams. It is good to see some roles coming through with more established fin-techs too, where the budget is realistic with the level and responsibilities of the role.
Regulatory, data privacy, technology, commercial, corporate roles are consistently coming through, together with a fair amount of vacancies in the funds/asset management space. Unfortunately, we are seeing very little for banking and capital markets lawyers.
Salaries – now is not the time to be asking for big salary hikes. With the market still uncertain and cost cutting still rife, salary levels in-house are remaining pretty stable with many employers not offering the top of their original salary brackets. Junior private practice lawyers who have benefited from recent hikes in law firm salaries are finding that these are not matched in-house and there is a more than significant drop to be swallowed.
We hope this is useful. Thank you again for your support and please stay in touch.
Follow our LinkedIn Page https://www.linkedin.com/company/fry-brown/ and connect with us https://www.linkedin.com/in/jane-fry-3b36705/ and https://www.linkedin.com/in/tracy-brown-183171b/ to stay updated.
We would be glad to help any friends and colleagues that may be interested in making a move and if you are looking to hire someone yourself in the near future we hope you will remember us.
September 2019
So do we!
Recently a lawyer who was towards the end of an interview process at a large bank, wanted to enquire about the maternity policy at their potential new employer. As recruiters we are constantly discussing and negotiating benefits, and can are usually provide a full list. But we are not usually informed of the maternity policy upfront, which left Tracy and I questioning… how should this question be raised?
It is a perfectly reasonable question to ask but understandably job seekers are concerned about how it reflects on them. I.e. will the new employer think that they are going to accept the job, become pregnant, and take up to 12 months maternity leave very quickly? It would be nice to think that even if this were to happen, it shouldn’t be an issue. However, there are many practical reasons why it can make things very challenging for employers, particularly small businesses, who have recruitment, salary and maternity leave costs to consider. And for us, it is an easy question to ask at the beginning of the process but much harder at a later stage, as it generally points to one person being particularly keen to receive the information.
The lawyer mentioned above was one of two at final interview stage. She intended to spend at least 3-5 years with her next employer and was hoping to have children towards the end of that time period. She wanted to compare the whole package at two potential employers but didn’t want this question to negatively impact her chances. After agonising over it, we agreed that we would lean on our network in order to get the information. With over 15 years in the industry each, we knew enough people to be able to make a few phone calls to people we know and within 30 minutes had the information she needed.
This is a matter close to my heart as it effectively happened to me. I joined my last employer at 30 years old and had been married for a year. I questioned whether it was a sensible time to be moving but couldn’t stay in a job that wasn’t fulfilling. I made the leap, and was then pleasantly surprised to find out that I was expecting my first child just 6 weeks into my new job. I was delighted, but also very nervous about telling my employer as I had been entrusted to develop a new business line, and I felt as though I was letting them down. I wished that I had asked about the maternity policy beforehand. It turned out that I hadn’t been employed long enough to qualify for the maternity package and was only eligible for the statutory allowance. However, they treated me brilliantly, making it clear that they had hired me for the long term and were expecting great things on my return. They also topped up my statutory pay to put me on a par with longer term employees. They treated me better than I could have possibly expected and in return won considerable loyalty from me. I stayed there for 10 years!
I was very lucky, and also worked for a smaller employer meaning more flexibility was on offer. In most cases when we have asked, HR have not readily had the information to hand, which shows how seldom this gets raised. So our advice would be use your recruiters. If it is on your mind, don’t leave it to the last interview to ask your recruiter to find out, but tell them that this is something you want to know from the outset. And try to use recruiters who have strong networks and can get inside information to you. This doesn’t just apply to maternity policy, but to expected working hours, flexible working, team dynamics, culture and bonuses. Not everyone sees recruiters as helpful, and we understand why, but we will try to make the process easier for you if we can.
If you are one of those people who engage in networking, you will probably have met me and Jane at industry events over the years. We have regularly sponsored and attended various Legal Week, Thomson Reuters, Legal Business, IQPC and Ah! Media conferences as well as The Lawyer and Legal Week Awards ceremonies and The Lawyer Strategy Summit in Europe. Our recent ones include the International Mergers & Acquisitions Conference, The Data, Privacy and Cyber-Resilience Forum, The Insurance Law Forum and The Financial Services Forum.
We love them! As recruiters, we genuinely enjoy getting out there and meeting new people as well as better understanding the issues currently affecting the legal industry. And they can be great for those seeking their next opportunity too.
But conferences aren’t for everyone. A whole day with people you don’t know can be awkward. It is time consuming and not always all relevant. Work can be pulling you back to the laptop or phone and being sat in the one seat all day is uncomfortable! So how can you get more value from these industry events… and possibly even enjoy them?
Speak to colleagues, bosses, sponsors and organisers and learn what the content is and who will be attending – the content needs to be good and relevant to you.
What are you looking to get out of the day? Meeting peers, getting advice from experts, finding out what your competitors are doing, training, discussing topical issues, finding out who is hiring and meeting suppliers are typical reasons
Provide your photo and bio to the organisers and sign up to the app, so that people who want to meet you are able to find you and more likely to follow up with you afterwards.
It is easier to speak to people at the beginning, and the people you speak to at this point can be a point of reference throughout the day. The organisers and sponsors will also be free to introduce you to the people you really want to meet at this point..
Move seats for each session to meet an interesting array of people. Introduce yourself to everyone on your table and to new members as they arrive so that you have more options of who to speak to and develop an enviable network.
Take part in surveys and round tables. Ask questions, argue your point, share your experiences, make yourself memorable.
Talk about the content – how relevant it was for you and what you got out of it. Grab the speakers if you get chance. Don’t talk about the content – discuss the journey in, what’s happening at work, whether you have been before, how it compares to other conferences, the food. Try to stay off your phone/laptop and be approachable. And if you look around you won’t be the only one alone.
Ok, so they are not that popular these days, but it might mean that you get a card back, and the direct line of someone who is really good to know.
Connect with anyone interesting while your conversation is still fresh in their mind. This allows any interesting dialogue to continue and also gives you access to their networks.
At the end of the day you and everyone else can relax, conversation will be more comfortable and flowing and it will be easy to join a group. It is a good time to speak to key people for a de-brief who might have picked up some useful information during the day.
Remember that strong beneficial networks that enhance your career are built over years. Whilst recruiters hold a lot of vacancies, up to 50% of opportunities, especially at the senior end, never hit a recruiter’s desk but go to someone already known. So maybe we’ll see you at the conferences next year?
Not all recruitment agencies are the same – believe us. But with so many options to choose from, it can sometimes feel like a minefield out there. When it comes to recruiting in-house legal professionals for financial services, Fry & Brown are here for you. And here are five reasons why you should think about choosing us…
You need to know you can rely on your recruiter for support and advice, don’t you? You need specialist knowledge from the experts.
Here at Fry & Brown, it’s safe to say that we know our stuff. With over 15 years’ experience each, we’ve become two of the top recruiters in our specialist sector – and we promise to put our knowledge and expertise to work for you.
As a small recruitment team, you can expect a highly personal service. We’ll always have time for you – because we can be as flexible as you need us to be. And that’s certainly not something you get with all recruiters.
You can trust us when we say that we take time to get to know our clients. It really is a win-win, as it means we get to the bottom of your requirements and priorities – and that’s the only way to deliver the results you need. Why would you settle for anything less?
As you’ll know by now, we place legal professionals within financial services – and that’s all we do. We don’t dabble with other professions or industries. This niche has our full attention, enabling us to focus 100% of our time on finding the very best talent. We strongly believe this is exactly what you need to get your next appointment right.
As an added bonus, you won’t need to worry about getting calls saying ‘sorry, your recruiter no longer works here’. We’re committed to our work and to you, so you know we’ll be there when you need us.
Like we said, we have over 30 years’ experience between us. And we’ve worked with both financial services heavyweights and boutique firms over the years. So whatever your niche, we can meet your needs.
It’s only natural that we’ve made connections along the way. But we don’t just keep our established network to ourselves – we put it to work for you, to give you a head start with your search.
With Fry & Brown, it’s not just about getting the job done – we go the extra mile for you. Over the years we’ve focused on developing career-long relationships with people. And whether that means finding your perfect in-house role or helping you hire, we want to be your partner from the word go.
We have your best interests at heart and even if we can’t help you today, we’ll always be on the lookout for opportunities. When we recognise them, you know we’ll be in touch. Why? Because it’s all about finding the best possible fit, whatever it takes.
How can we help you?
If you have any questions or want to find out more about what we can do for you, feel free to contact us.
It is now just over 6 months since we set up Fry & Brown and things certainly haven’t been slow in taking off. We have worked on 38 permanent positions within financial services, and helped many lawyers find the next step in their careers. We have agreed terms to work with 2 of the 5 big retail banks, several international banks and asset managers, 3 big insurers, and many more small or start up financial institutions – which seem to be trending as where many of you want to take your careers. We have found positions for lawyers from 2 to 17 years’ qualified, with some standalone and number 2 positions. Although our focus is placing qualified lawyers into permanent roles, we have even managed to place a paralegal and a temporary lawyer too.
But we are aware we haven’t been able to help everyone as yet, and we want to stay up to date and in touch with those of you who are still looking to find the right next role. We’re determined to provide a better service than our industry is known for and we can only do that by communicating with you. So please spare a moment to send a quick reply to let us know whether have found something, or that you are still looking. Also, any comments and suggestions would be welcome – we are aware we might not be getting everything right straight away.
We have been overwhelmed by the support we have received so far, both in terms of giving Fry & Brown a chance for your next hire, or recommendations of colleagues that we might be able to help.
Please stay in touch!
Tracy and Jane