Bankers and bond counsels want back in! Why? When I start writing most blogs I can understand a trend that I am seeing. I feel a great responsibility to my readers to report these trends as they unfold. The returning of bankers and bond counsels and their desire to pick up opportunities that they left behind (sometimes as long as five years ago) is most interesting, to say the least. I would have thought that these random calls from past professionals I’ve been receiving were just isolated events, yet statistically speaking, they are too random.
Who Are They & Who Are They Not?
Let me elaborate. The calls I am referring to are not calls from junior bankers or bond counsels who tried the business, left, have thought maybe the grass is not greener, and want to return from other opportunities they may have been seeking. They are not calls from individuals who for one reason were reduced in force, tried another occupation, then wanted back in. No! These calls are from senior professionals in the industry of public finance. They are not retirees but rather senior bankers and bond counsels who left the industry on their own and can’t get back in. They are lawyers, who even though they were officially gone, kept up with all the rules and regulations of the changing legal environment as well as their contacts that are wanting back in. Similarly, there are senior bankers who have kept all of their contacts and miss the transactional side of the business.
Missing Out On The Fun
But, why? I can only think that they miss the lifestyle of the public finance banker or bond counsel. These professionals miss the camaraderie of the team. They miss the ability to shape the course of public finance projects. I know they cannot miss the late-night council meetings to get their documents approved… or do they? The industry that we are in is an extremely exciting one; however, most of the time it is mundane, repetitive, and sometimes boring. It’s the results that stimulate the bond counsels and public finance bankers. It’s the pride when you’re driving around a community and you point to projects that you either worked on or funded. I know that feeling as I have experienced it as well.
Is There A Way Back In?
With the silver tsunami, is there a place for these professionals who want to return to their old industry? In some circumstances, I am proud to say yes! Others are regrettably a no. The further out you are from your last transaction, the more difficult it will be to resume your role. However, firms are interviewing the second displaced professionals who want back in. If you find yourself as one of these professionals, my best advice is this: kindle as many past relationships as you can. Find out about what deals you could be bringing to a new firm. Take any position (even if it’s a lower position than when you left) and rebuild your reputation, which will make you more desirable again when you try in earnest to get back. Sometimes just getting back on the peripheral can be enough to start your return path. In other cases, there may be firms that are looking for seasoned professionals who can do the job. Good luck with your desire to return to this great industry of public finance!
Conclusion
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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.