It’s encouraging to see Dechert's take on the London market. They are not alone - clients are now pressing the growth button whether searching for strategic laterals or a merger partner.
A lot of us agreed with Andrew and thought "it was the end of the world" when the Brexit referendum result came in. This was followed by a classic grieving process - denial, anger, bargaining, depression and eventually acceptance. London seemed to press the pause button for much of last year but in 2017 we have certainly seen things picking up.
Clients are telling us that they want to "get on with it" and we are seeing this in practice – it’s not just growth for growth’s sake, it’s strategic and well thought through these days – this is coupled with less caution and increasing optimism.
It will take several years before the true impact of Brexit is seen and it’s of course unchartered territory but for today at least there is more positive sentiment around. The Telegraph recently reported that in the banking sector “employers typically go on a recruitment spree in January and this year was no different - the number of new jobs on the market shot up from 4,980 in December to 9,015 last month.”
With highly profitable firms like Dechert taking significant laterals and backing London/the UK, things are certainly looking more encouraging, for now at least...
“We thought it was the end of the world when the Brexit vote came through, but then we went on to having a roaringly busy six months after that,” he explained, remaining upbeat after prime minister Theresa May recently triggered Article 50. He expected the firm’s London office to take over Philadelphia, the firm’s home base, to become the second largest office after New York in 2017.