As I was sitting at my desk looking over my current clients with their specific needs nationwide, I was absolutely amazed at how many firms were looking to hire. I had a total of 45 potential positions with firms nationwide in both the public finance banking and the bond counsel areas. Also, included were a couple of firms looking for compliance officers as well. One firm was looking for a CCRC expert. To me this was the largest number of open positions at a single time that I have ever had the privilege of filling. There is a boom in public finance, can you feel it?
What Is Behind This Boom In Public Finance?
First and foremost, I believe it is the aging of public finance professionals that is behind this boom in public finance. This is more apparent in the bond counsel world than it is in the public finance world; however, it is still a factor. For some reason recent law graduates are not finding public finance “sexy.” Therefore, they are going to the more exciting visible areas of the law. This means there are not as many new associates entering the area of public finance, which is causing senior members to look at hiring laterals to fill this potential void as the senior bond counsels slowly retire. Recently, I have seen and been part of the hiring for younger senior tax lawyers, specifically to start the transition when the senior 103 lawyers do finally retire.
How Politics Play A Role
A second reason for this boom in public finance has to be the new administration. Leaving politics aside, it is quite apparent that this administration is looking at numerous areas of public finance to help fill the void in both infrastructure and health care related areas. There is even talk, as many of you are quite aware, of the returning in advanced refunding to help local municipalities meet their financing needs. In addition, with the aging and the graying of America, there are new opportunities in the retirement communities’ space as well as health care space. Special districts are now much more in vogue because of the new administration change and policies.
Effects Of COVID-19
Another reason for this boom in public finance is that numerous firms during COVID-19 have exited the industry for one reason or another, which has left a void that needs to be filled. As I have said over the years, there are many firms that are exchanging seats. They are moving from bankers that put down business cards, get into rotations, and just wait for business to the bankers that go out by developing new clients and areas of expertise. This “new” banker (as I refer to them as) is one that can get business without being concerned about whose business card they put down. They have a great deal of confidence that their ideas will solve financing problems for the municipalities as well as special issuers of debt throughout the United States.
Your Future With The Boom In Public Finance
If you are thinking about whether or not this is the time for you to make a change in your career, now is the time. During this boom in public finance, it is time to reach out to us for a confidential conversation to explore all of these opportunistic situations we are aware of. Make 2021 the year that you finally decide you need a change in platform and resources for you to do your business at the highest level.
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.
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 level Public Finance Bankers, Health Care Bankers, Municipal Financial Advisors, Compliance Officers, Issuers, and Bond Counsels.