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Where Is Europe’s IP Market Actually Growing?

European IP Partner hires
European IP Partner hires

The European IP market is moving, but the growth story is not evenly distributed.

Looking at IP partner movements and partner headcount growth across major European cities over the last 12 months gives an interesting picture of where firms are actively building their practices, and where the market is increasingly competitive for senior IP talent.

Two measures are particularly revealing:

  • Lateral partner hiring: where firms are actively recruiting established IP partners.
  • Partner headcount growth: where the overall IP partner population is increasing.

And the two don't necessarily tell exactly the same story.

Lateral Partner Hiring in Europe

IP lateral hires in Europe

London remains in a league of its own for lateral hiring. London recorded 60 IP partner lateral hires between July 2025 and July 2026 - by some distance the largest market in Europe.

The next largest markets were:

  • Munich – 12
  • Düsseldorf – 7
  • Milan – 6
  • Paris – 6
  • Dublin – 5
  • Madrid – 5
  • Manchester – 4

The scale of the London market is striking. Its 60 lateral moves were five times the number recorded in Munich, the next busiest market. However, there is an important distinction here. High lateral activity doesn't necessarily mean the underlying partner population is growing at the same rate. A mature market can have significant movement simply because firms are competing aggressively for existing talent. The headcount growth story looks rather different.

IP Partner Headcount Growth

IP headcount growth in Europe

When we look at IP partner headcount growth rather than movements, a different group of cities emerges.

Among European cities with more than 50 IP partners: Amsterdam leads the table at +9%.

It is followed by:

  • Milan +7%
  • Birmingham +6%
  • Frankfurt +4%
  • Düsseldorf +3%
  • Munich +3%
  • Paris +3%
  • Cambridge +2%
  • Dublin +2%

This suggests that some of the most interesting growth markets aren't necessarily the ones generating the highest absolute number of lateral moves.

Amsterdam is particularly interesting. Amsterdam's +9% IP partner headcount growth puts it at the top of the European growth table. That's a very different signal from simply looking at the number of lateral hires. It suggests firms are not merely trading existing partners between one another - the overall IP partner population is expanding.

Milan is another market worth watching, combining +7% partner headcount growth with six IP lateral hires.

And perhaps most interestingly for the UK, Birmingham recorded +6% growth, putting it ahead of every UK city in the growth table.

So, what does this actually tell us?

For me, there are three clear takeaways.

  1. London remains Europe's dominant IP lateral market.
    With 60 recorded lateral partner moves, there is clearly enormous competition between firms for established IP talent.
  2. Growth is becoming more geographically dispersed.
    Markets such as Amsterdam, Milan and Birmingham are showing meaningful increases in overall IP partner headcount, despite operating on a much smaller absolute scale than London.
  3. Lateral hiring and market growth are not the same thing.
    A city can have a highly active lateral market without necessarily experiencing significant net headcount growth.

Conversely, a market with fewer lateral moves can still be expanding rapidly as firms add capability and build out their teams.

What does this mean for firms?

For firms looking to build IP practices, the data reinforces an increasingly important point:

There isn't one European talent market.

The strategy required to hire an IP partner in London is very different from building a practice in Amsterdam, Milan, Birmingham or Munich.

In London, firms are competing in a deep and highly liquid lateral market. In some of the smaller growth markets, however, the opportunity may be less about simply hiring an established partner and more about building a platform before the market becomes saturated.

For candidates, the implications are equally interesting. The biggest market isn't necessarily the market with the greatest growth opportunity and for firms, the city with the most lateral movement isn't necessarily the city where the next successful IP practice will be built.

The European IP market is becoming more competitive, but it is also becoming more geographically diverse.

The question for firms now is not simply "Where are the IP partners?"

It's: "Where is the IP partner population actually growing, and how do we get ahead of it?"

get in touch

If you need help to hire legal professionals for your firm, or seek your next legal career move, please get in touch with Chris Excell, Head of Legal Recruitment on chrisexcell@srmrecruitment.com or call +44 (0)7946 142731

Source: Pirical Legal Professionals, using publicly available data. Data covers July 2025–July 2026. The lateral hiring table covers European cities with more than three IP partner laterals; the headcount growth table covers cities with more than 50 IP partners.

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The October Hiring Question: Wait for the Budget, or Get Ahead of 2027?

Budget-2026
Budget-2026

October often feels like a decision point for businesses.

We’re into the final quarter, 2027 budgets and headcount plans are beginning to take shape, and this year there is another obvious consideration: the October Budget.

For some businesses, the instinct may be to wait.

Wait for the Budget. Wait for greater certainty. Wait until next year's headcount is signed off. Or simply wait until January, when new budgets and hiring plans often come into effect.

But when it comes to finance recruitment, is waiting always the best strategy?

A cautious market, but hiring hasn't stopped

There is no question that businesses are being considered about hiring.

The Bank of England's latest regional intelligence describes employment intentions as broadly flat, with recruitment difficulties below normal and increased candidate availability. At the same time, businesses are continuing to recruit where they have specific skills gaps or where growth and investment projects require additional capability. Bank of England

That national picture broadly reflects what I'm seeing across the Home Counties. Businesses are still hiring, but the conversations are more considered. Employers are thinking carefully about whether a hire needs to be permanent, whether an interim or FTC solution gives them greater flexibility, and exactly what additional capability that person needs to bring to the finance team. At the same time, there are good candidates in the market, but the strongest people with the right combination of technical, commercial and stakeholder skills still have options.

There may be greater scrutiny around adding headcount, but business-critical recruitment is still happening.

Financial Controllers still need replacing. Finance teams still need additional capability. Maternity covers and fixed-term requirements don't disappear because the economic outlook is uncertain. Transformation projects still need people to deliver them. And businesses preparing for growth in 2027 still need the finance capability to support it.

What has changed is that many hiring decisions are becoming more deliberate.

January doesn't necessarily need to be the starting line

There is a temptation to think: “We'll pick this up in January.”

For some businesses, that will absolutely be the right decision.

But if you already know there is likely to be a hiring requirement in Q1, October and November can be incredibly useful months.

You don't necessarily need to launch a recruitment process immediately. You can use the final quarter to understand what the candidate market currently looks like, whether your salary expectations are realistic, the notice periods you're likely to encounter, how comparable roles are being structured and whether the combination of skills you want is achievable within your budget.

That means January becomes the point at which you execute a plan, rather than the point at which you start working out what the plan is.

And that can save considerable time when the requirement becomes business-critical.

Candidate availability doesn't follow the calendar

Candidate availability doesn't necessarily align neatly with a company's hiring calendar.

Strong finance professionals are having career conversations throughout the year. Some may be considering their next move now. Others may become more active after year-end, while notice periods can mean that a candidate identified in January may not actually join until several months later.

At senior level in particular, recruitment processes can take time.

If you know you are likely to need a Financial Controller, Head of Finance, Finance Director or another key finance hire early next year, there is value in understanding that talent pool before the requirement becomes urgent.

That doesn't mean rushing into an appointment - it means being informed before you need to make one.

The finance skillset is evolving too

There is another reason why early market mapping matters.

The brief for many finance roles is becoming broader.

Technical accounting capability remains fundamental, but businesses increasingly value finance professionals who can operate beyond the numbers; people who can communicate with non-finance stakeholders, interrogate data, improve systems and processes, support transformation and provide commercial insight.

Technology and AI are adding another dimension to that.

KPMG's 2026 Global AI in Finance research found that 38% of organisations are upskilling their existing finance teams, while 28% are hiring for different skillsets. It identifies data fluency — the ability to assess data quality, interpret outputs and communicate findings the business can act upon — as a critical capability for modern finance teams. KPMG

For employers, that increasingly means thinking about the wider capability required from a finance hire rather than technical accounting experience alone.

And the more requirements added to a brief, the narrower the relevant candidate pool can become.

Understanding that before agreeing a job description and salary can prevent valuable time being lost on a search where expectations and market reality don't quite align.

So, should businesses wait for the Budget?

For some hiring decisions, yes.

If headcount genuinely depends upon the economic or fiscal announcements coming later this month, waiting may be entirely sensible.

But waiting for certainty because it feels safer is different from waiting because the decision genuinely depends upon it.

If you already know there is a gap in your finance team, somebody is leaving, a project requires additional resource or growth plans are likely to create a requirement in early 2027, there is very little downside to understanding your options now.

That could mean hiring permanently.

It could mean considering an interim or FTC solution while longer-term plans become clearer.

Or it could simply mean mapping the market now so that you're ready when approval arrives.

Use Q4 to get ahead

My advice to businesses going into the final quarter is fairly simple:

You don't necessarily need to hire now, but if you think you'll need to hire in early 2027, don't wait until January to start thinking about it.

Use October and November to challenge the brief, benchmark the salary, understand candidate availability and decide whether permanent, interim or FTC is likely to give you the best solution.

Then, when you're ready to move, you can move quickly.

Get in touch

After more than 20 years working in recruitment, one thing has remained remarkably consistent: successful searches tend to start with a clear brief, realistic expectations and a business ready to make a decision when the right person appears.

If you're planning your 2027 finance team, reviewing headcount or have a potential hire on the horizon across the Home Counties, I'm always happy to have an early conversation. Whether that's benchmarking a salary, sense-checking a brief, discussing candidate availability or considering whether permanent, FTC or interim is the right solution, I can share what I'm seeing across the local Qualified Finance market.

Equally, if you're a finance professional considering your next move in 2027, I'm always happy to have a confidential conversation about the market and where your experience may fit.

Liz Hawkins
Business Director - Qualified Finance | Permanent | FTC | Interim
lizhawkins@srmrecruitment.com

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The South East Is No Longer Following London — It’s Creating Its Own Finance Leadership Market

Guildford whitepaper download
Guildford whitepaper download

The finance leadership market across Surrey, Berkshire and Hampshire is changing rapidly.

With continued growth across technology, life sciences, advanced manufacturing, infrastructure, professional services and private equity-backed businesses, demand for experienced Finance Directors, CFOs and FP&A leaders remains strong. But the profile of the finance leader organisations need is evolving too.

Finance leadership is becoming more commercial

Technical finance expertise remains fundamental, but today's senior finance leaders are increasingly expected to operate as strategic business partners — working alongside CEOs, investors and leadership teams to support growth, transformation and value creation.

Commercial judgement, data-led decision-making, stakeholder influence and the ability to lead change are becoming just as important as traditional financial control and governance.

For businesses across the Southern Home Counties, this is particularly relevant. Organisations are navigating growth alongside increasing operational complexity, systems modernisation and investor expectations — creating demand for finance leaders who can connect financial performance with wider business strategy.

Transformation and technology are reshaping the function

Finance transformation is now firmly embedded within the senior finance agenda.

ERP implementation, automation, improved data visibility, AI-enabled reporting and more sophisticated forecasting are changing how finance teams operate. As a result, businesses are increasingly looking for leaders who can bridge finance, technology and operational delivery — with transformation experience becoming a genuine differentiator in the hiring market.

FP&A moves from reporting to strategic growth

One of the clearest trends highlighted in the report is the changing role of FP&A.

Businesses are moving away from static annual budgeting towards more continuous planning, scenario modelling and real-time forecasting. Strong FP&A teams are increasingly expected to provide commercial insight, understand operational drivers and communicate data effectively — rather than simply produce reports.

Yet many mid-market businesses continue to operate with relatively lean FP&A teams, creating significant pressure around capacity, data quality, systems and recruitment.

A competitive market for senior finance talent

Demand remains particularly strong for finance professionals with a combination of commercial, transformation and leadership experience. This is contributing to continued salary pressure, with the report highlighting significant demand across technology and SaaS, life sciences, PE-backed businesses, advanced manufacturing, engineering, defence and aerospace.

However, salary is no longer the only factor influencing candidate decisions. Flexible working, reduced commuting, strategic exposure and long-term career scope are increasingly important when senior candidates assess opportunities.

For employers, the challenge is therefore becoming broader: how do you attract and retain finance leaders who can not only manage today's financial requirements, but also help shape tomorrow's growth?

What does this mean for employers?

The Southern Home Counties is now a highly competitive finance leadership market in its own right. Businesses looking to secure the strongest talent will need to think beyond technical capability and consider the wider leadership, transformation and commercial skills their organisation will require.

The full SRM Insights: Southern Home Counties Finance Leadership Market 2026 report explores these trends in greater depth, including salary benchmarks, sector-specific demand, the changing CFO and FP&A landscape, and the key talent challenges facing employers across Surrey, Berkshire and Hampshire.

Download the full whitepaper to explore the 2026 market in detail.

Submit your details to download the whitepaper:

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Why Businesses Across the Home Counties Are Turning to Interim Finance Talent

interim finance talent
interim finance talent

The interim finance market has evolved significantly over recent years. Historically, interim finance professionals were often engaged to cover maternity leave, sickness absence or short-term vacancies. Today, organisations across Hertfordshire, Bedfordshire, Buckinghamshire, Cambridgeshire, Essex and Peterborough are increasingly using interim talent as a strategic solution to support transformation, growth, change and business-critical projects.

As businesses continue to navigate economic uncertainty, rising costs, evolving technology and increasing stakeholder expectations, demand for experienced interim finance professionals remains strong throughout the Home Counties.

Why Businesses Are Hiring Interim Finance Professionals

The reasons for engaging interim finance talent have become far broader than simply covering an absence.

Many of the assignments I support involve:

  • Finance transformation programmes
  • ERP and systems implementations
  • Acquisition integration projects
  • Process improvement initiatives
  • FP&A and reporting enhancements
  • Leadership cover during recruitment processes
  • Preparation for audit, funding or investment events
  • Managing periods of rapid growth, restructuring or organisational change

In many situations, businesses simply cannot afford to wait three to six months for a permanent hire to be identified, onboarded and become fully effective. An experienced interim can often be adding value within days.

The Rise of Project-Based Finance Recruitment

One of the biggest shifts I have seen throughout 2025 and 2026 is the increase in project-driven interim hiring.

Businesses are increasingly engaging experienced Finance Directors, Financial Controllers, FP&A professionals and Finance Transformation specialists on fixed-term contracts or interim assignments to deliver specific outcomes.

Examples include:

  • Improving cash flow and working capital management
  • Building forecasting and planning capability
  • Implementing Power BI reporting solutions
  • Preparing finance functions for acquisition activity
  • Enhancing controls and governance frameworks
  • Supporting finance teams through organisational change
  • Delivering ERP implementations and finance systems upgrades

The emphasis is no longer simply on maintaining finance operations. Organisations want interim professionals who can improve them.

What Clients Are Looking For in Today's Market

Technical capability remains important, but clients are increasingly focused on a candidate's ability to deliver results quickly.

The most sought-after interim finance professionals typically demonstrate:

1.Speed of Impact

Businesses want individuals who can assess a situation quickly, identify priorities and begin delivering value almost immediately.

2.Stakeholder Management

Interims are frequently operating within complex environments and must be able to influence senior stakeholders, challenge appropriately and build credibility quickly.

3.Systems and Data Expertise

The increasing use of Power BI, SAP, Oracle, Dynamics, OneStream and other reporting platforms means strong systems capability is becoming a significant differentiator.

4.Change and Transformation Experience

Many organisations are seeking individuals who have successfully led change programmes previously and can bring proven experience into a new environment.

5.Commercial Awareness

Today's interim market increasingly favours professionals who combine strong technical skills with commercial thinking and the ability to influence decision-making.

The Current Candidate Market

Interestingly, the candidate market has also evolved.

Many experienced finance professionals who may previously have focused exclusively on permanent opportunities are increasingly open to interim and fixed-term contract assignments. For some, this provides greater flexibility and exposure to a wider range of projects. For others, it offers the opportunity to specialise in transformation, systems implementation or business change.

As a result, organisations are often able to access exceptionally strong talent that may not have been available to them several years ago.

Challenges Within the Current Interim Market

While demand remains strong, the market has become increasingly selective.

Businesses are understandably seeking greater certainty around outcomes and return on investment. As a result, hiring managers are often prioritising:

  • Relevant sector experience
  • Proven delivery of similar projects
  • Strong references and track record
  • Systems and transformation expertise
  • Cultural fit alongside technical capability

The most successful interim professionals are therefore those who can clearly articulate not only what they have done, but the measurable impact they have delivered.

Interim vs Permanent: Which Is Right For Your Business?

This is one of the most common questions I receive from clients.

A permanent hire is typically the right solution where long-term stability, succession planning and future leadership development are key objectives.

An interim solution can often be the better option where:

  • There is an urgent requirement
  • Specialist expertise is needed quickly
  • A transformation project requires dedicated resource
  • A permanent recruitment process is likely to take several months
  • Additional leadership capacity is required during a period of change
  • There is uncertainty around future organisational structure

Increasingly, I am seeing organisations utilise both strategies simultaneously, engaging interim talent to provide immediate support whilst conducting a thorough search for a permanent appointment.

The Home Counties Interim Finance Market

Across Hertfordshire, Bedfordshire, Buckinghamshire, Cambridgeshire, Essex and Peterborough, demand remains particularly strong across:

  • Interim Finance Directors
  • Interim Financial Controllers
  • Interim FP&A Professionals
  • Interim Finance Managers
  • Interim Management Accountants
  • Finance Transformation Specialists
  • Project Accountants
  • Systems and Reporting Professionals

Whilst market conditions continue to evolve, organisations that move decisively and engage the right interim talent are often best positioned to navigate periods of change, maintain momentum and achieve their strategic objectives.

How I Can Help

As Business Director at SRM Recruitment, I specialise in interim and fixed-term finance recruitment across the Home Counties, covering Hertfordshire, Bedfordshire, Buckinghamshire, Cambridgeshire, Essex and Peterborough.

I work with businesses ranging from SMEs through to large international organisations, supporting the appointment of Interim Finance Directors, Financial Controllers, Finance Managers, FP&A professionals, Management Accountants and Finance Transformation specialists.

Whether the requirement is to deliver a critical project, provide leadership during a period of change, support a systems implementation or bridge a gap whilst a permanent appointment is secured, I help organisations access experienced finance professionals capable of making an immediate impact.

Having built an extensive network of qualified finance professionals across the region, I understand both the opportunities and challenges within today's interim market and can provide honest advice on availability, market conditions, day rates, fixed-term contract solutions and hiring strategies.

If you would like to discuss the interim finance market, benchmark a requirement or simply gain insight into current market trends across the Home Counties, please feel free to get in touch.

Liz Hawkins
lizhawkins@srmrecruitment.com
+44 (0)7508 956587

Posted on

SRM: The First Decade

celebrating 10 years of SRM
celebrating 10 years of SRM

There is a particular kind of madness that grips people when they decide to leave perfectly good salaries behind and start something from scratch.

It might include a good helping of self-confidence, a light sprinkling of bravado, and a detailed business plan that doesn't survive initial contact with reality. In the case of Andrew Setchell, Stewart Robertson and Rory MacSween, who between them comprise the ‘S’, the ‘R’, and the ‘M’, of SRM - it also entailed the ability to respond rapidly to an unrelenting decade of events, and emerge smiling at the other end.

After 10 years in business, SRM Recruitment has grown from three men and an idea into one of London's most respected specialist recruitment consultancies - placing senior finance, tax, legal and M&A insurance professionals across the UK and internationally, with offices in London, Guildford and Welwyn Garden City, and a team of over 20 specialised professionals.

Easter 2015. Over the top.

The founding story began, as many good ones do, with a question that needed answering. Andrew Setchell had spent four years as an accountant at PWC before moving into recruitment in 1996, eventually running large teams at Michael Page and Robert Walters. By Easter 2015, he was considering the next decade, and wondering ‘why’? Why had the industry where he’d worked for twenty years traded genuine consultancy for the kind of relentless, funnel-driven, phone-bashing culture that made good recruiters miserable and clients feel like they were being processed rather than helped?

"I always wanted to do my own thing, but I'd never do it by myself," Andrew says. "I needed like-minded people." He found two.

Rory MacSween had come to recruitment via a rather more scenic route; the British Army, then Michael Page and Robert Walters, before carving out a niche in the then-nascent world of M&A insurance. Stewart Robertson, a Modern History graduate from Royal Holloway who had also come through the big corporate recruitment machine, had arrived at similar conclusions independently. "We were all having the same conversations," says Rory. "It felt very transactional, like you were turning a wheel. Hard to put your stamp on something."

What gave them the final push? A developing conviction that there was a ‘better way’ - borne of watching floors empty during the financial crisis, observing management endlessly meddling, and noticing the business become, as Andrew puts it, "all about volumes". "The big corporate firms believed the brand was bigger than the person," says Andrew. "But for a medium-sized player, it's far more relationship-driven.” The new way had to be different. More consulting, less funnel. More relationship, less brand.

They handed in their notices in March 2016, collected their bonuses, and launched SRM just as the country was about to vote on Brexit. "We thought: Conservative majority, remain wins, markets go boom, we catch the wave," recalls Stewart, with a rueful laugh. "Yeah."

The First Year: Hard Lessons and Good Hires

The early days had a certain chaotic energy. For a while Stewart worked from his back garden shed. Rory and Andrew sat at a shared WeWork at Fox Court, where the ping pong tables and complimentary evening beer represented either a wonderful startup ecosystem or a terrible productivity environment, depending on the time of day.

The business plan — built partly on the assumption that blue-chip client accounts would follow them from their previous employer — "was out the window within twelve months." More pressingly, litigation arrived in the form of legal letters from past employers, designed, as Andrew notes, "to take up oxygen." It worked, for a while, but was resolved. "It did take a toll," he says. "But it also tempered the risk. You learn a lot about people. And about each other.”

But the wins came. After ten or eleven months of grind, they had back-to-back strong months. The model was working. Rob McKay and Dave Kingston, two early hires who took a genuine leap of faith, are name-checked with real warmth; "they came when we were literally nothing, and remain central figures in the business today.”

The Decade in Brief: Brexit, Covid, and the M&A Freeze

SRM has been tested by just about everything the last decade could throw at it. Brexit, which was timed with spectacular bad luck to coincide with their launch, initially caused a sharp intake of breath before proving broadly manageable. Covid was different.

"Bar one client, all live mandates were cancelled or put on hold indefinitely," says Stewart. "Overnight." That single remaining client — who happened to complete an acquisition at the exact moment lockdown was announced and needed an entire finance function recruited — thankfully kept things ticking over. Then, almost as suddenly as it had stopped, the market came roaring back. 2021 and 2022 were "by far our most successful years." Brexit had thinned the pool of European talent, demand was surging, and SRM leaned hard into genuine consultancy; helping clients navigate everything from sponsorship licences to employment law.

Then came 2023. The M&A market, which had been running hot, cooled sharply as interest rates rose and deal flow dried up. "Summer 2023 was still pretty good," says Andrew. "Then the kids went back in September and it wasn't the same September as the year before."

They navigated it, as they have navigated everything, by staying lean, diversified — and doing what smaller, more agile ‘boutique’ firms can do better than large ones: pivot fast — "it's rare that every part of our business is pulling back at exactly the same time, and that is a strength not a weakness.”

What Makes SRM Different: ‘Relationship Led. Data Driven.’

Ask the founders what sets SRM apart and you get a consistent answer: they recruit experienced people, give them autonomy, and get out of the way. No KPIs. No call-rate targets. No boiler-room atmosphere. Flexible working was already the norm at SRM, before Covid ever arrived. "The least experienced person in our business has seven years of recruitment experience," says Andrew, "we gladly recruit people with grey hair. With no hair…" he adds with a knowing smile.

The approach — which they describe as closer to search than traditional contingent recruitment — is built on a simple observation: the best outcomes come from relationships, not volume. "You just need really good relationships to get the same return without the flannel," says Andrew. "The big firms didn't work that out because they thought the brand was bigger than the person."

The Next Ten Years

"Everything you hear is how quickly AI is going to change our world", says Stewart, sanguine but clear-eyed about the future. The consensus among the founders is that AI will help them work faster, but that the fundamental value of what they do — human judgment, market intelligence, discretion, the ability to sit over lunch and map out someone's career — is not something an algorithm can replicate. "I had lunch with a client last week," says Rory. "We drew up a list of businesses he was interested in. By 5pm I had him an interview at one of them. I can't envisage a world where AI does that. Human interaction can’t be overrated.”

Andrew has a bolder prediction: as AI takes over junior professional work and graduate hiring shrinks at the big firms, newly qualified accountants and lawyers will become rarer and therefore more valuable. "Supply goes down, price goes up.” As for what comes next for SRM itself: growth, yes. New sectors, possibly. Selling? "We've never seriously sat down and discussed it," says Andrew, adding, “we want to create a space for every employee to earn six figures.”

And the most important thing about the next decade? "If we have a business in ten years that still holds the values we set out with," says Rory, "I'd be incredibly proud of that.”

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Joe Bennetts joins SRM’s Finance Recruitment team in Guildford

Joe-Bennetts
Joe-Bennetts

We’re pleased to welcome Joe Bennetts as a Business Director to SRM Recruitment’s Guildford finance recruitment team. Joe tells us a bit about himself, the roles he’ll be working on, and why hiring managers and job seekers like working with him.

Tell us a bit about yourself? 

A proud Devon boy through and through, I’ve been in recruitment since I left university and I realised I was about 2 foot too short to be a rugby player! I had some friends who had gone into recruitment and thought I’d give it a go, and a few years later I’m still giving it a go so I must be doing something right. Outside of work, when I am not chasing 2 kids around, you can find me still pretending I can play rugby (although the body is slowly giving up on me!) playing golf or more recently, following the trend of playing padel.

Tell us about your career to date?

I started in recruitment back in 2011 after finishing university. I didn’t really know what recruitment was to be honest but the idea of building relationships and not being sat behind a desk all day really appealed to me. I joined a large FTSE 250 where I had some amazing training and guidance and went through the ranks pretty quickly. After relocating to the South East back in 2016, I’ve since focused on recruiting finance vacancies across the area. I love the variety of people and businesses I get to work with from P.E carve outs to leading technology companies meaning no two days are the same – it really does fascinate me!

What was it that appealed to you about working for SRM? 

My paths had crossed inadvertently with Stewart Robertson and a few of the other people in the team and I had heard amazing things about them which were only reinforced when I met them for a coffee. Stewart, Andrew and Rory share the same fundamentals as I do which is work hard, deliver a good service and to make the recruitment process as seamless as process for everyone.

Their views and the way they see recruitment really aligned with me and it didn’t take much convincing from them for me to join!

Tell us about your remit at SRM? 

Working closely with Sam, George and David in our Guildford office, my remit is to offer a top quality, honest, relationship driven approach to recruitment in the area, focusing predominantly on the qualified finance space.

What do hiring managers and job seekers like about working with you? 

You’d have to ask them! I do try to be as honest as possible no matter how difficult that conversation can be sometimes though and equally, I won’t promise anything I can’t deliver on.

However, given the length of time I have spent operating in the market, I like to think I can offer a huge amount of market insight, from salaries to competitor analysis. For me, it isn’t about making a quick placement but how I can go about building relationships that prosper for years to come.

What’s your top piece of advice for hiring managers right now? 

Act quickly and partner with SRM! The competition for top tier talent in the market is still as competitive as ever. Have you done your internal due diligence? Has the role been signed off, has the interview process been ironed out, do they need to do a case study, testing etc.? Hiring processes are a two-way street and making it as seamless as possible is going to be a great sales tool if you’re expecting to hire the best talent for your role – especially if they have multiple process on the go.

What’s your top piece of advice for candidates right now? 

Always keep your CV up-to-date and never stop expanding your network – in this market it is always best to be on the front foot. Keep the CV updated as you go and spend some time networking and keeping in touch with people whilst keeping your personal brand up-to-date and relevant. You never know when you going to need it.

get in touch

Need help to hire or find your next finance role in the South East? Contact Joe on joebennetts@srmrecruitment.com or call +44 7879 497044. You can also connect with Joe on LinkedIn here

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What the Northern Home Counties Finance Market Is Telling Us Right Now

Finance handshake
Finance handshake

By Pat Sommerfelt, Senior Consultant

I've been having a lot of conversations with finance hiring managers and candidates recently. Here's what I'm actually seeing in the market right now.

1. Attitude is the new qualification

The days of rejecting a CV because someone hasn't ticked every box are fading fast. I'm seeing more employers open to hiring on potential - backing the right person and developing the gaps. The data backs this up too, with the vast majority of finance employers now saying attitude and willingness to learn outweighs existing technical skills. For PQ candidates’ mid-studies, this is genuinely good news. The market is more open to you than it might feel.

2. Job ads alone aren't working

If you're a hiring manager who has posted a vacancy and is wondering why the quality isn't there, you're not alone. Candidate confidence is low right now. Finance professionals are cautious. The mindset I'm hearing repeatedly is "it has to be the right move, or I'm staying put."

The result? The best people aren't browsing job boards. In the current market, the overwhelming majority of successful placements are coming from direct headhunting and network referral, not inbound applications. If your role has been live for a few weeks without real traction, the talent you want almost certainly hasn't seen it.

3. Hybrid isn't a perk anymore, it's a filter

This one keeps coming up. A strong candidate, a genuinely interesting role, and then the employer mentions four or five days in the office. The conversation stops there. I'm not exaggerating when I say this is one of the most common reasons a process falls apart before it's even started.

The majority of finance professionals say they simply won't consider a role without hybrid working, and a significant chunk would actually take a pay cut to get the flexibility they want. If you're struggling to attract candidates, the working arrangement conversation needs to happen before the job spec is written, not after the first round of interviews.

4. The skills gap is real and it's reshaping what "good" looks like

This is the one that I think will define the next few years of finance hiring. Nearly half of UK organisations are going through some form of finance transformation right now, ERP migrations, automation, analytics.

At the transactional level, roles that used to be pure process are increasingly requiring comfort with systems and data. At the PQ level, the newly qualified who can model, interpret data and act as a genuine business partner are getting multiple offers. Those who haven't developed those skills alongside their studies are finding it tougher. The gap between a good profile and a great one is increasingly a digital one.

So, in summary

What I'm taking from all of this is that the finance recruitment market in 2026 rewards specificity!

Be specific about what you need, honest about what you're offering, and proactive in how you go to market for talent.

Get in touch

If any of this resonates, whether you're a hiring manager trying to work out why a search isn't moving, or a candidate figuring out your next step, I'm always happy to have a straight conversation.

Contact me, Pat Sommerfelt, Senior Consultant, on patsommerfelt@srmrecruitment.com or call 07399 278452.

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Record Profitability Masks Growing Tensions in the London Legal Market

London lawyers
London lawyers

London's legal sector delivered extraordinary financial results through 2025, with law firms posting record revenues and profits that appear to validate the city's continued dominance as a global legal hub. Partners at elite firms have celebrated unprecedented earnings, and the broader UK legal services industry demonstrated remarkable resilience despite economic headwinds. However, underneath all the champagne headlines and billion-pound fee announcements, multiple warning signs suggest the foundations supporting this success may be less stable than they appear.

Unprecedented Financial Performance

In 2025, collective revenues for UK law firms sailed past £52 billion, with elite firms capturing an ever-larger share.

Linklaters posted a record revenue of roughly £2.3 billion with profit per equity partner (PEP) at £2.2 million. Clifford Chance reported 9% revenue growth to £2.4 billion with partnership profit surging 11% to £944 million and PEP at £2.11 million. Ashurst broke through the £1 billion revenue barrier, growing 8% to £1.03 billion with PEP at £1.39 million. A&O Shearman's transatlantic merger created a £2.9 billion global heavyweight.

Mid-market firms continued to thrive. NatWest's 2025 survey showed median fee income growth reaching 12% in 2025, up from 10% in 2024. Across the top 100 firms, 84% reported profit increases, compared to 56% the previous year. Average PEP across top 50 firms rose 6.2%, with the highest-paid Clifford Chance member taking home over £7 million, according to City AM.

What Drove Growth

Transactional work rebounded strongly through 2025, with private equity fuelling London's most valuable mandates. Kirkland & Ellis recorded a landmark year, surpassing $1 trillion in announced M&A deal value globally.

The talent war also saw a dramatic acceleration. London firms hired 668 partners in 2025, a 21% increase from 2024, with US firms continuing to dominating growth. Top newly qualified salaries at US firms now stand at £200,000, which has forced Magic Circle firms to increase their salaries as well to remain competitive. 

Practice areas showed varied performance, according to NatWest’s 2025 survey. Private client teams led growth (34% of respondents), followed by residential property (14%). An optimistic 89% of firms expect fee income to continue to increase further in 2026.

Despite aggressive investments, firms managed to maintain discipline. Overall people costs declined from 65% to 64% of revenue. However, headcount growth expectations tempered for 2026, reflecting persisting economic uncertainties.

Warning Signs Emerge

Despite the impressive headlines, some concerning structural trends emerged. The most significant challenge comes from intensifying US firm competition fundamentally reshaping London's market. US firms including Latham & Watkins, Kirkland & Ellis and Simpson Thacher now generate larger UK revenues than legacy British firms. According to a 2025 Lawyer Magazine article, Kirkland & Ellis is on course to become the largest firm by UK revenue, which would be a watershed moment marking the first time a US firm achieved such dominance in what has traditionally been the preserve of homegrown institutions.

The compensation arms race poses serious sustainability concerns as well. The dynamics create what one senior partner described as an "impossible equation" of raising billing rates faster than costs while trusting realisation will follow. Some leaders have publicly called the pay explosion "not sustainable". Competition for talent is expected to remain intense through 2026, with law firms looking to make accretive hires which shift the dial in their favour, and escalating rainmaker pay continuing in spite of economic uncertainties.

Market consolidation has accelerated dramatically. The wave of legal mega-mergers, which include A&O Shearman, HSF Kramer, and announced combinations like Hogan Lovells with Cadwalader and Ashurst with Perkins Coie, signals that cross-Atlantic scale now matters more than tradition. These mega-combinations serve a relatively narrow market segment, potentially sharpening differentiation for independent UK firms.

However, demand patterns for practices have diverged. According to the Natwest 2025 Survey, while regulatory practices thrived, firms identified litigation (23%), family law (22%), and commercial work (21%) as most underperforming in early 2026. For some practices, regulatory oversight and margin pressure make certain areas structurally harder to operate profitably.

Mounting Client Cost Pressure

Corporate clients are becoming increasingly sophisticated and price-sensitive, expecting transparent pricing, faster turnaround and streamlined communication. Many of these clients have reassessed legal panels and budgets, pushing firms to justify rate increases or face work migrating to lower-cost providers or in-house.

According to the Legal MBA, legal services price inflation reached 6.7% in Q4 2025, significantly hotter than the 2.9% average for all other professional services. However, aggressive rate increases mask underlying problems. While 96% of firms increased hourly rates in 2025, cash flow predictability has become a major concern.

Nearly 90% of firms confirm increased write-offs, with 88% expecting further increases in 2026, which has risen sharply from 49% in last year’s report from BigHand. Write-off escalation also reportedly intensified by nearly 40% year-over-year. Roughly 90% reported increased client discounts and write-downs, with nearly one-third citing discounts of 11-20%.

Potentially the most concerning, the same BigHand report found that aged work-in-progress became the primary cash-flow pressure driver for 50% of firms, up from 32%. This suggests firms complete work but struggle to convert it into cash, whether due to client payment delays, billing disputes, or difficulty justifying full value. Revenue figures may appear healthy, but there's a widening gap between projected profitability and actual cash collected.

"With firm-wide AI integration becoming the rule, clients are pushing for efficiency gains to be passed down as cost savings. Instead, they're seeing another round of rate increases and reconsidering value," notes BigHand's Global Legal. This fundamental tension of investing in efficiency while raising prices creates a credibility problem with sophisticated clients.

The US Firm Threat and Strategic Responses

US firms bring a fundamentally different operating model, which challenges Magic Circle positioning. They generate higher revenue-per-lawyer globally, creating flexibility for higher compensation without proportionately compressing partner distributions. This derives from higher billing rates, leaner staffing pyramids, more selective partner promotion, and aggressive lockstep unwinding concentrating profits among fewer equity partners.

Quinn Emanuel reported London profits of £153.9 million in 2025, reinforcing its status as a financially compelling disputes platform. The firm's profitability demonstrates that specialist positioning with premium pricing can generate extraordinary returns without a full-service platform.

UK elite firms reposition their strategies in response. Freshfields, Clifford Chance, A&O Shearman and Linklaters all reported growth in US revenues, with the US accounting for increasing shares of total turnover. A&O Shearman reported £707 million in US revenues, which is 25% of total turnover. This has increased from 13% pre-merger. This strategic pivot represents a fundamental bet that future profitability requires substantial American revenue.

For UK talent, the challenge is existential. Why pursue Magic Circle partnership at £2 million PEP when US firms' London offices offer comparable compensation with better leverage, higher-profile work, and clearer international mobility paths? The profitability gap between elite and mid-tier players continues widening, and US firms systematically exploit this disparity.

Escalating Costs and Regulatory Pressures

London firms confront rapidly escalating costs threatening to outpace revenue growth. Rising operational costs are driven by salary inflation and investment demands in technology and compliance. Legal firms are facing cost increases that are consistently outpacing general inflation.

Technology investment becomes harder to defer as clients demand firms prove AI delivers measurable value, not just efficiency promises. While over half of the top 50 firms see benefits from AI, there's growing apprehension around price erosion that widespread AI adoption may create. The technology paradox is stark: firms must invest heavily in systems that may ultimately reduce the billable hours they can charge.

The Outlook for 2026 and Beyond

The outlook for London's legal market throughout 2026 presents a complex mixture of opportunity and uncertainty. Industry commentary suggests the UK legal services market is forecast to grow in 2026, with expansion expected across most core practice areas as conditions stabilise. From a recruitment perspective, 2026 is shaping up to be more active and opportunity-rich than recent years, suggesting firms remain confident about future demand.

Yet there are still potential hazards on the horizon. The market enters 2026 "not just active, but structurally evolving," shaped by three forces: continued US firm rise in London, sustained talent competition, and UK firms' strategic pivot toward deeper US exposure. This reflects where firms are placing long-term strategic bets about future profitability and competitive positioning.

Geopolitical pressures, cyber threats, and AI's disruptive potential create a challenging environment dividing firms and increasing the imperative for greater resilience. Economic pressure continues influencing business decision-making and client behaviour.

For firm leaders, strategic imperatives are clear. To drive profitable growth, firms need to distinguish themselves through effective execution rather than simply outspending competitors, with targeted investments in marketing and business development, carefully selected lateral hiring bringing genuine client relationships rather than just credentials, and fundamentally improved pricing strategy and financial controls. Leading firms now directly link partner compensation to working capital and lock-up performance, recognising pricing must be based on demonstrated value and supported with detailed budgeting tools.

The fundamental tension grows increasingly acute: firms invest heavily in technology for efficiency while billing predominantly by the hour, compete in a talent war pushing compensation above sustainable levels, and face sophisticated clients who understand exactly what they're purchasing and are prepared to move work elsewhere if the value equation doesn't make sense. As one industry observer notes with stark clarity, "2026 will be the last year for firms to get away with rate increases as standard practice".

The question facing London's legal market is not whether the city will remain a global legal hub; its advantages in legal system quality, concentration of sophisticated clients, time zone positioning, and accumulated expertise are too deeply embedded to disappear quickly. Rather, the critical question is which firms will successfully navigate the difficult transition from today's high-profit, high-cost equilibrium to whatever market structure emerges when mounting client pressure, technology-driven disruption, and intensifying competitive dynamics finally force fundamental adaptation. Those firms and firm leaders who mistake today's altitude and current profitability for permanent stability may find themselves dangerously unprepared when market conditions inevitably shift.

Get in touch

Gwen Shaw is a legal consultant at SRM – for advice on the market, support to hire, or help in securing your next legal career move, contact Gwen on gwendolynshaw@srmrecruitment.com or call +44 7957 986390.

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What Makes a Finance Role Attractive in 2026 (According to Candidates)

Two businessmen chatting across a table
Two businessmen chatting across a table

The finance job market has shifted again.

In 2026, candidates aren’t just asking “What does the role pay?” - they’re asking “What will this role give me?”

Progress. Stability. Visibility. And leadership they can genuinely learn from.

After hundreds of conversations with finance professionals over the past year, some clear themes continue to emerge. Here’s what candidates really care about when deciding whether to move - or stay put.

1. Finance Leadership You Can Learn From

When finance professionals talk about what keeps them engaged in a role, the conversation often comes back to leadership.

In 2026, candidates are actively seeking roles where they can learn from experienced finance leaders; people who are willing to mentor, share context, and develop capability, not just delegate tasks.

They’re looking for:

  • Exposure to strong financial leadership and decision-making
  • Managers who take an interest in progression, not just performance
  • The opportunity to learn, ask questions, and build confidence over time

Finance leadership that invests in its people is increasingly seen as a key differentiator, and often the reason candidates choose one role over another.

2. Business Stability vs Growth Opportunity: Candidates Want Clarity

Candidates aren’t all chasing the same thing, but they are asking better questions.

Some are prioritising stability: a well-run business, consistent leadership, and realistic workloads.

Others are motivated by growth: transformation projects, system implementations, acquisitions, or scaling environments.

What candidates are less tolerant of in 2026 is misalignment.

Selling a role as “high-growth” when it’s actually under-resourced, or positioning stability as stagnation, quickly erodes trust.

Honesty about where the business truly sits is far more attractive than over-selling ambition.

3. Culture and Visibility Within the Business

Finance professionals no longer want to operate quietly in the background.

Candidates are increasingly asking:

  • Will my work be visible to senior stakeholders?
  • Does finance have a genuine voice in decision-making?
  • Am I contributing beyond reporting and compliance?

Businesses where finance is positioned as a commercial partner — rather than a back-office function — consistently attract stronger, more engaged talent.

Visibility equals impact. And impact matters.

4. Clear Development Pathways (Not Just Promises)

“Plenty of opportunity to develop” is no longer enough.

In 2026, candidates want specifics:

  • What does progression actually look like?
  • What exposure will I gain beyond BAU?
  • How will this role support my longer-term career goals?

This is particularly important for newly qualified and early-career finance professionals, who are thinking in 3–5 year horizons rather than just their next move.

Clear development pathways signal intent, and a genuine commitment to people.

So… is salary still important?

Yes. Absolutely.

Candidates are well-informed and increasingly confident about their market value. Competitive salary remains a baseline expectation - not the sole driver, but a non-negotiable factor.

What’s changed is this: salary opens the conversation. Leadership, culture and development secure commitment.

Final Thought

The most attractive finance roles in 2026 aren’t defined by one single factor.

They sit at the intersection of strong leadership, clarity of purpose, cultural alignment and realistic reward.

Candidates are more discerning than ever; not because they’re being difficult, but because they’re making longer-term career decisions in a market that has taught them to value stability, visibility and development.

What’s clear from candidate conversations is that finance professionals want to feel invested in. They want to work for leaders they can learn from, in businesses that are honest about where they are and where they’re heading. They want roles where finance has a voice, their contribution is recognised, and progression isn’t left to chance.

Salary still plays a critical role, but it no longer compensates for poor leadership, unclear expectations or limited development. The organisations attracting the strongest finance talent in 2026 are those that understand this balance, and reflect it clearly in how they structure roles, brief recruiters, and engage with candidates.

Listening to the candidate's voice isn’t just good practice, it’s becoming a competitive advantage.

A Final Word from SRM

At SRM, we spend a lot of time having honest, behind-the-scenes conversations with finance professionals and hiring leaders. These insights shape how we advise clients on role design, attraction strategies and long-term hiring decisions, not just filling vacancies.

If you’re hiring into your finance team, planning ahead for growth, or simply want a clearer view of the current finance talent market, we’re always happy to share insight and have an open conversation.

Because the best hires start with understanding what candidates really value.

get in touch

Get in touch with me, Liz Hawkins, on liz.hawkins@srmrecruitment.com or call +44 (0)7508 956587 

 

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The BESS Talent Trap: Why Your Solar Team is Struggling to Scale

solar energy
solar energy

The UK energy storage market is no longer a "side bet" for renewable developers. As we move through 2026, it’s a $40 billion global industry, and the UK is its most complex, "merchant-rich" proving ground.

But here is what I’m seeing in the market right now: The talent that built your solar and wind portfolios isn't necessarily the talent that will optimise your BESS assets.

Here is why the entire finance stack might need a rethink.

The CFO – From Yield Manager to "Revenue Engineer”

In solar, the CFO manages a passive asset. It’s weather-dependent and PPA-backed. It’s linear.

BESS is a dynamic trading instrument. Your CFO now needs to be a technical-financial hybrid.

  • The reality: In the UK, they are managing a "Revenue Stack"; balancing the Balancing Mechanism (BM), wholesale arbitrage, and ancillary services.
  • The advice: Stop looking for "Infrastructure CFOs." I’m finding the best success headhunting from Commodity Trading desks - people who are comfortable with sub-hourly volatility and "commercial nimbleness".

The Financial Controller – The Guardian of Multi-Market Complexity

A BESS Controller does more than just close the books. They are the ones navigating the integrity of an electrochemical system that performs thousands of cycles.

  • They aren’t just looking at O&M costs. They have to audit Augmentation CAPEX - the mid-life cost of module replacement (often 15–25% of the original build) that can make or break a project's IRR.
  • The advice: Look for Controllers with Fintech or SaaS backgrounds. They are used to high-volume, platform-based revenue models and "build-operate-transition" environments.

The Analyst – The Engine Room Needs an Upgrade

If your Analyst’s Excel model is "technology agnostic," your forecasts are fiction.

  • The shift:We’ve moved past static P50/P90 models. Today’s BESS Analysts must model Levelised Cost of Storage (LCOS) while factoring in battery physics like Depth of Discharge (DoD) and Round-Trip Efficiency (RTE).
  • The advice: We are prioritising candidates with Python or SQL proficiency. You need people who can bridge the gap between "Digital Twin" operational data and financial performance. Consider profiles from TS teams who may have brokered deals involving BESS assets.

The 2026 Salary Reality Check (London/UK)

The talent crunch is real, while with unemployment on rise, profiles with genuine BESS experience is still very limited. If you want the top 1%, you have to move at market speed.

2026 Salary Table

Recruitment Tip: The best talent is off the market in under 21 days. If your interview process takes six weeks, you’ve already lost.

My Advice – Precision over Growth

You can't solve this by just "adding bodies." You need to solve it with precision hiring, identifying key skillsets rather than focusing on renewable energy experience.

  1. Pivot your sourcing:Look at power trading, infrastructure PE, and advanced manufacturing.
  2. Technical Fluency is non-negotiable:Your finance team must understand battery chemistry and grid physics to protect the P&L.
  3. Data Operationalisation:Ensure your data teams report to finance, not just ops. From meeting many BESS CFOs over the past 12 months it’s clear that being able to manipulate and model quite specific industry data and still understand the fundamentals of finance is key.

Final thought:

This is high growth and competitive market place with a limited pool of profiles with genuine BESS experience, therefore an openness to skillsets and mindsets are key. Looking at other players in the renewable energy space, won’t necessarily deliver the skillsets you need.

I specialise in finding the 1% who actually understand the BESS stack. If you’re building a technical-finance powerhouse, let’s talk.

Tom Harrington - Practice Lead | Energy, Renewables & Infrastructure

e: tomharrington@srmrecruitment.com

m: 07777 156692