Helen Howard Market Insight, Salary Guide
The 2019 Global In-House Report is an overview of hiring trends from a variety of sources, from the local knowledge of experienced consultants to our regional salary guides through to general market sentiment derived from interviews with senior contacts.
Below is an extract from the North America section. The full report contains market insights for Germany, BeNeLux, Italy, the Middle East, Turkey, South Africa, China, Hong Kong, Singapore, the United Kingdom and Australia.
The North American Legal Market
The in-house legal market in 2018 saw an increase in demand across the United States following a relatively restrained 2017. Higher confidence in the economy led to aggressive hiring in certain sectors and practice areas. Some companies used 2018 to shift operations to lower-cost areas but the major metropolitan centres of New York, Boston, Washington D.C, Chicago, Atlanta, Seattle, San Francisco, and Los Angeles remain hubs for legal and compliance hiring.
Big banks saw considerable downsizing amidst fears the bull market would come to a crashing end. There was also a continued focus on moving legal and compliance professionals to lower-cost centres across the U.S.A. Capital Markets, however, has grown steadily over the past few years. Despite the fluctuations of the U.S. equities markets, trade and tariff-related concerns and rising interest rates, there was an increase in legal hires across small to midsize boutique securities and investment firms and broker-dealer businesses.
Compliance recruitment throughout 2019 has been buoyant. However, the era of deregulation brought an end to the high volume hiring of compliance professionals that followed the financial crisis. Areas such as Investments, Private Wealth Management, Consumer Banking & Advisory did see an increase in demand.