“What a great time to be in public finance!” This is probably not a sentence you would expect to hear when looking around our field. Most people would be sharing that the industry is consolidating and that there are fewer opportunities than in the past. Or they will be saying that no one is looking to increase their number of personnel in public finance. They probably would be pointing to the lack of movement as reported in the Bond Buyer. However, my response to those comments would be, “Who are you talking to get this information?” If you are talking to a bulge bracket recruiter or professional banker who works in the bulge bracket world, you would be correct. Also, if you are talking to a recruiter that represents only “white shoe” law firms, again you may be right. But there is another point of view which I am going to share with you. The balance of this blog will address this great time available now for the bond counsel side, municipal advisory front, and more.
Current Status & Looking Ahead
First, as I have mentioned in previous blogs, the regionals are hiring as well as the lesser-known law firms. I know talk is cheap, so I am going to share information about situations that I am aware of that will become known in the next year or so. For example, two law firms will be merging, which is going to cause an immediate need to fill more positions on the bond counsel side. They will have more locations in existence than today since they do not have public finance attorneys in those locations but will be needed once the merger is officially announced.
What Do New Locations Mean?
Another example on the bond counsel side is that firms we are working with are opening new offices. They will have additional opportunities for public finance attorneys to be able to join and not be concerned if they have a presence in that location. Since they now have additional offices in these locations, they become natural places for bond counsels to work. One of the concerns when a firm reaches out to me, and I share that I do opportunistic hiring is about moving candidates to new locations. However, since the firms are expanding their other practice areas and physical locations, this will create new opportunities for public finance legal professionals.
What Demand Looks Like: From The Bond Counsel Side To More
What about something other than the bond counsel side? On the municipal advisory firms front, it’s the same story. Firms that I have been recruiting for have expressed serious desires to increase their staffing in the municipal advisory space. For example, I recently brought on a player coach to a west coast advisory firm, and now they are ready to add to their growing roster. I also know of other opportunities where firms are looking to bolster their MA business in both the Mid-West and the South. If you are an MA with a good clientele, you are in demand.
New Opportunities Arising: Is There More For The Municipal Advisory Front To The Bond Counsel Side And More?
Lastly, there are numerous firms who confidentially have shared they want to enter the field of underwriting of bonds, or they want to re-enter the field after taking a hiatus from the business. Without going into too much confidential detail, the need is there today for these exciting ground floor opportunities throughout the US. If you are a consummate professional in the field of public finance (from the bond counsel side, municipal advisory firm front, and more), it is a great opportunity for exciting new possibilities for a flourishing future in the field of public finance.
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.