Public Finance Blog

Law firms are gladly taking back past employees. It’s a new trend that will likely spread to banking.

As I peruse LinkedIn, while I ignore all the non-business content that has somehow snuck into the feed, I have noticed a sizable amount of “Congratulations on rejoining our firm!”  A phenomenon that I affectionately know as “going back home again” is on the rise. But why?  Frankly, I don’t know. This is strictly my conjecture, but it’s just easy for both the candidate and hiring firm to hire a past employee (less red tape, for sure).

Rehiring Past Employees: From Stigma To Trend

This growing situation is definitely causing attention as more and more firms are welcoming back past employees with open arms.  Is it because they made a mistake when they left?  Is it the famous adage, “the grass is not greener on the other side of the fence”?  Or are employees going back to where they were comfortable?  I think it’s all of the above.  When I first started recruiting years ago, it used to be that you never took a counteroffer to stay at your old firm, and it was a stigma on your career path going back once you left.  That is not the case anymore.

The Current Counteroffer Climate

Let’s talk about accepting a counteroffer to remain at your existing firm.  We used to advise that you’d regret accepting their more than generous offer to stay.  However, that’s not the case today.  Candidates who accept a counteroffer are staying well past the average six months we’d expect them to remain at their current firm, compared to our past experiences when they would regret the decision to stay and start their search in earnest again.  Now it’s even more of an issue when firms are welcoming back past employees, and they are even compensating recruiters like myself to bring back those in-demand employees (at least on the legal side, especially tax and bond counsels).  It is mostly because of the silver tsunami effect, the greying of their current talent.

The Reason You Left May Be Why You Return

I am not professing that if you are unhappy in your current position that you should go running back to an old firm; however, it is definitely an option you should consider.  It is no longer frowned upon for past employees as it was years ago.  Firms don’t generally change, but the people in the firms do.  If you did not like the situation at your past firm for one reason or another, it just may be that the reason for your initial leaving is no longer there.  They may have retired or just moved on.  If that’s the case, then reach out to us to help you make that the re-introduction.  It may be awkward admitting you’ve made a mistake, but rest assured, if you left on very good terms, the door may just be open for your return.  As I started this blog, this is now happening with greater frequency to attorneys; yet, as things usually start on the legal side, I can see this will happen with desired bankers as well.

Conclusion

You don’t need a resume to chat with us! If you would like to discuss your options, please reach out for a confidential conversation at 760-477-1284 or email at harlan@hfriedmansearch.com. He can also be reached on LinkedIn. Harlan publishes a blog every Thursday here. Subscribe to our monthly newsletter here, which is a compilation of our weekly blogs, so you never miss one. We have also been mentioned in Forbes this year, click HERE to read more.  

About Harlan Friedman, JD & Founding Member, H. Friedman Search LLC. Harlan is a thirty-year veteran Public Finance Banker turned recruiter who specializes in the placement of all levels Public Finance Bankers, Healthcare Bankers, Municipal Advisors, Compliance Officers, Issuers, and Bond Counsels.