As I mentioned in my previous two blogs, this year is going to be a prolific year for both issuers as well as movement of both bond counsel and public finance professionals. Last year everyone was busy working on existing deals and figuring out how to work within this COVID environment that many people continued in their status quo without necessarily looking beyond their current situation. For example, the amount of bond counsels that moved last year was at an all-time minimum since I started recruiting more than 10 years ago in public finance. As for bankers and municipal advisors, there was movement but most of it was due to consolidation of firms rather than new positions being created. What about 2022? Will there be as many opportunistic situations as previous years?
The Ways Of Opportunistic Situations & Hiring
As the first full week has unfolded, the number of firms looking for both bankers, bond counsel as well as municipal advisors has exceeded my wildest expectations. This is not to say that I chose to represent all the firms that reached out to me as that was not the result. For me to best represent my opportunistic candidates and clients, I must believe there is something unique and different about both the firm and the opportunity. This is paramount when not taking traditional job orders. The firms that I choose to represent all have something special about them where I can identify which candidates are the best fit for which company. This is the beauty of opportunistic situations. As a specialist in public finance, the main question I get from a new potential client is, “How can you represent me when you have all these other companies that you are working closely with?” My best response to this particularly important question is to determine what is different about this opportunity that I may not be representing with other firms (i.e., location, culture, platform, growth potential, etc.).
Firms In Growth Mode Now: Opportunistic Situations For Your 2022
Opportunistic hiring definitely has its pros and cons. However, I have determined in over 10 years of recruiting that this is the best system for my clients (firms I represent under contract) and new candidates. Opportunistic situations allow a company and candidates to work closely due to the relationships that I have built over the years. This system has allowed me to utterly understand both the needs of my clients as well as prospective candidates. In past blogs you have heard me discuss my endeavors in becoming a trusted advisor to both parties. By being that advisor who is respected, I can determine what is the best move that I can recommend for a candidate. Why am I sharing all this info about opportunistic situations with you in the first blog of 2022? The main reason is that all my clients are in a growth mode. This means they are more than willing to open new offices anywhere within the United States where somebody has existing relationships and feels comfortable enough to be moved to a new firm. Also, for the first time I have bond counsel’s firms looking for attorneys who do not necessarily have to have a portable book of business. This would enable three-to-ten-year veterans to be able to be compensated for their knowledge rather than their potential for future originations.
What Major Philosophy Will Continue In 2022
On the public finance side, I have both municipal advisors as well as investment bankers looking to fill key positions within their ranks. Because of COVID, many firms have now decided that they have expanded their recruiting footprint in whom they are looking for rather than saying they must be in their immediate office locale. This is a major shift in philosophy as well as in initiation by the firms. Once again, being able to pick up the phone and bring in business no matter where in the United States is going to be crucial as the ability to meet with issuers directly appears to be impeded once again as we start 2022. As a reference: future blogs obviously will not be talking about opportunistic positions, but more about tactics and other material that is relevant to both potential candidates and our hiring managers. I took the liberty today to share these opportunistic situations as I wanted you to be aware that you do have choices, and you do not necessarily have to relocate or disrupt your current lifestyle. Here is to a great 2022!
Conclusion
If you would like to discuss your options, please reach out for a confidential conversation at 760-477-1284 or email at [email protected]. He can also be reached on LinkedIn. Subscribe to our monthly newsletter here, which is a compilation of our weekly blogs, so you never miss one. You can find our listing in the “supplier and services” section of the Red Book under the title of “executive recruiting”.
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.