Against the headwinds of economic turbulence, financial services firms are entering cost containment mode. How to stay agile in an uncertain climate against a backdrop of a recruitment market that remains competitive can be a difficult balancing act, as businesses weigh up the cost of additional headcount against the implications of slowing down hiring. Nonetheless, deals continue to be signed on the dotted line, and as a result demand from businesses for the best in-house legal minds to help drive activity shows no sign of slowing down – rather, in-house legal recruitment is lean up. FS firms are fast looking to bolster their in-house legal capacity to help weather any potential storms ahead.
Leveraging interim legal talent
So, how do you solve the problem of increasing in-house legal capacity balanced with economic agility? FS firms are increasing turning to a nimble solution: bringing in temporary, but talented, legal minds.
Ordinarily, secondees could be a viable solution, but there have been suggestions from senior legal figures at top investment banks that law firms do not have a surplus of associates available. However, at the same, these leaders are identifying a need to expand legal capacity in order to address workloads. Whilst a tricky situation, viable solutions do exist as do talented lawyers. To resolve this Gordian Knot, businesses are utilizing legal contractors, but for a broader range of reasons than previous years.
A cost-effective approach
Traditionally, financial organizations are faced with regulations