The candidate pool for funds associates from one of the top 50 UK or US firms in London is c.350 individuals. This breaks down by post-qualification experience (PQE) as follows:

- 50% are 0-4 PQE

- 25% are 5-7, and

- 25% are 8+ PQE

Competition for funds hires

Hiring in the funds market has been rising over the last three years with each year seeing an increase in the number of associates hired by firms - from the mid-20s in 2016 to over 40 associates in 2018, and it appears that 2019 is on course to be higher. US firms have been the main hiring firms, making 70% of hires; it is worth noting that 40% of hires were made by just 4 US firms.

Profile of candidates hired

To the end of July 2019, there have been just under 40 funds hires this year:

- These have been made by 14 firms, 9 of which are US firms.

- 70% of hires were at the 0-4 PQE level, which makes it the most competitive segment of the market. 25% were at the 5-7 PQE level and only 5% were at the 8+ level.
- Just under 90% of hires at the 0-4 PQE level were made by US firms.  

- Of all the hires made to date in 2019, 30% of those hired have come from overseas (Ireland, Jersey, Germany, South Africa).

- Excluding those individuals that have come from overseas or in-house roles, the remaining individuals hired came from 6 different US firms and 12 different UK International/Global firms.

- Excluding hires from overseas and in-house, there were no obvious moves where an individual was moving to a firm that operated on a lower pay scale. Over 60% moved to firms with higher pay scales. 

The above data is taken from Legal Monitor’s global market mapping platform, constantly updated data on more than 220,000 law firm partners and fee earners working for c.900 leading global law firms. To arrange a demonstration of the platform, please call David Kekwick on 020 3397 3543 or email [email protected].