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In a buoyant jobs market, there are now more opportunities than ever before for talented professionals, and the question now lies with, ‘should I stay or should I go? If I go where should I develop my career?’
London is no longer viewed a prerequisite for reaching to the top, with the likes of Birmingham, Bristol, Leeds and Manchester having re-established themselves on the business map, attracting many top professionals.
However despite this shift, CityUk’s London Employment Survey reveals that jobs in the Capital’s financial and related professional services industry reached an all-time high to 729,000 late last year. The 2.2% hike has been largely driven by the strong growth in the professional services sector.
Home to the hustle and bustle of budding professionals, the city is a vibrant hub of culture, trendy bars and high end shopping. But perhaps most significantly, many professionals still envision London as the catalyst behind a blossoming career path.
So what else makes London so appealing to professionals?
‘Growing Jobs Market’:
The London employment market has continued to improve, with demand for specialist occupations and with talent shortages in niche areas, there are clear opportunities for skilled and ambitious professionals in the capital.
The city has a wealth of opportunities in a wide range of industries – in fact London’s job market has nearly 10 times more vacancies than any other UK city, accounting for 80% of national private sector employment growth between 2010 and 2015.
According to City of London, employment in the city is likely to rise by 435,000 by 2025, representing an increase of 10%. In particular, professional services as a whole is predicted to add 7,600 jobs to the city’s economy, equivalent to 20% of new jobs based in London.
‘One of the most talented populations in the world’:
London’s strength in talent reflects the city’s ability to attract talent from elsewhere. Many talented people want to come to London to live and work, and this is not only driven by the economic opportunities that the city offers but also the strong appeal as a place to live.
This comes as no surprise as London has a liberal and open culture that welcomes diversity and culture rich in both architectural and natural beauty. This combination of both economic opportunity, cultural and environmental appeal means that London is a clear winner for many employees who were asked where they would consider moving for work.
London’s strength in talent is also deeply intertwined in the City’s position as the leading global hub for business as the city’s talented people attract businesses and equally London’s businesses attract talented people.
‘London is leading in Legal Excellence’:
Among the gleaming offices serving the financial and associated services industry, more than half the world’s leading law firms have chosen the capital as their headquarters. This means that London has the largest concentration of legal expertise anywhere in the world.
There’s never been a more exciting time to work in London as a City lawyer. The legal services sector is going through plenty of changes, with the arrival of ABS, deregulation brought by the Legal Services Act and even more mergers among mid-market commercial firms all playing a key part in shaking things up in the industry.
Alongside this, international firms in the city continue to practice globally, with City firms unmistakeably recognising the importance of emerging opportunities around the world. This is one of the factors that makes working in the city as a lawyer, so exciting.
The career path of working in London continues to be an on-going appeal for many lawyers. The career is undeniably stimulating, allowing professionals to push themselves to their best ability. Of course this comes with long hours and in some cases a de-prioritisation on social and personal commitments. But the rewards for hard work are highly recognised, with salary and other benefits coming into play. Perhaps one of the biggest thrills is working in a team of collaborative and talented individuals. This provides real value and experience, all helping to lead to a great deal of job satisfaction.
‘London is the financial hub of the world’:
London is home to some of the world’s leading financial and business sectors. The capital has more employees in both financial and professional services than any other UK city and has more offices from highly global service firms in accountancy and finance than anywhere else.
The Accounting and Financial services industry in the UK makes up a significant part of the economy generating nearly 5.5% of the GDP and employing more than 1 million people. The majority of the Accounting and Financial services industry in the UK is located here, and for good reason too. The capital has long been an important trade and financial centre – with its geographical position between New York and Asia, London is uniquely situated to play a key role as a global financial centre.
PwC highlighted how London’s ‘technological readiness’ and its culture of ideas exchange between organisations helps it to stand out. The prominent finance sector and the city’s long association with the biggest names in the industry have also helped to secure London’s place as one of the best cities to be in accounting and finance.
The Interviews:
To provide a real insight into making the move to the London, we interviewed two professionals from both the legal and accountancy sector on their experience of working in the Capital.
A lawyer’s perspective on making the move:
What were your motivations for wanting to relocate to London?
I was finding limitations with my regional firm, particularly with the quality of work I was dealing with. I also wanted a change in work style, and there’s no denying that the best corporate jobs and quality of work is in London – especially for corporate lawyers.
On a greater perspective, I felt that London would offer me a new challenge and the opportunity to stretch my skills to new levels.
Had you considered the pros and cons beforehand?
Yes, extensively. I was quite particular about what I wanted, and I needed to be sure I was making the right decision for my career.
When looking at the pros, the greater career progression and higher salary that I could gain from a City firm were on the top of the list for me. I also have many family and friends who live in and around London, so on both a career and personal level it seemed like the next logical step for me.
The obvious cons were the extra commute and the cost of living. However I was aware of that from the start, so I understood that cutting back on some expenses and getting up that little bit earlier would be worth it for the progression and experience.
How does the type of work that you do as a City Lawyer differ?
I tend to have more client contact and play more of a managing role on deals and disputes. This has allowed me to develop on skills such as looking at the process as whole and understanding what needs to be done and when.
We regularly work on high profile complex projects that tend to be more unusual and interesting than other transactions I’ve done before. The best part of it is everyone feels like they are all in it together and working towards one goal as a team.
What are the challenges of your role as a City Lawyer?
Everyday can be different, so you have to be prepared to drop something you were working on if something else comes up.
The work-life balance is trickier as you usually tend to have stronger periods of intense work with shorter breaks in-between. But this is also part of the appeal, as it’s an opportunity to gain as much experience as possible.
What do you love most about your role as City lawyer?
The work is mentally stimulating and out of my comfort zone. That’s the best part as it can be so rewarding seeing the results of something you have worked hard on.
Also I have been given the opportunity to become more specialist and explore different departments, which is really valuable experience for me.
Do you think more lawyers are now looking to make the move to London or are they now looking to other regional cities to progress their career?
The market is so buoyant at the moment, that the sector is seeing a rise of junior lawyers in particular moving to London whilst they can to get the experience. On the other hand, so many great cities like Manchester, Birmingham and Bristol are now establishing themselves as strong competitors against London’s ‘Legal Hub’.
A Corporate Finance Executive’s perspective on making the move:
What were your motivations for wanting to relocate to London?
I knew that some stage of my career I would want to make the move to London. I felt that the next step was to relocate to the City for a few years to gain some valuable experience before moving back to a regional firm. I was eager to explore a different market, with a higher quality of clients. Alongside this, the London lifestyle really appealed to me.
How does the type of work you do differ working in London?
I work for a Corporate Finance and Private Equity boutique firm. This means we do some of the things that major banks do, but for smaller players both in the UK and Internationally. Personally, this means I get to be involved in a much wider range of activities. This includes investing in companies, setting up venture capital funds for big investors and using our network of contacts to help a client.
What do you find most challenging?
The initial transition from the regions to the city was harder than I thought. The real challenge is managing a much wider range of activities, but I enjoy being able to step outside of my comfort zone. The hours are tough too, for me it’s definitely trying to manage a work-life balance in London.
What do you love most about your role in the City?
Life in the city is pretty stimulating. In the city you feel like you are the centre of things. I get to see up close some of the most successful business people in the world… I can’t tell you how exciting that is.
Do you think more Accountancy and Finance Professionals will consider the move to London?
I’m definitely seeing a shift at the moment of more Accountants relocating away from London for work. However, I think London will always be a key place for many professionals to develop their career. I don’t think the City will ever lose its appeal.
If you’re an ambitious professional, is London the only game player?
It’s no surprise that London is considered one of the best cities in the world. Its ranking as one of the most influential cities by Forbes proves just that. If the London life does appeal to you, there’s plenty of opportunity to build a career in the city.
However, that’s not to say that other UK cities are not becoming true competitive forces in the market. Given the cost of London office space, businesses are now starting to turn their backs on the capital in favour of the regions, with Birmingham, Manchester and Bristol all set to gain. In fact, outside of London, Bristol has more office space taken up by law firms than any other regional centre. What’s more, whilst there may be more opportunities in London, it also means increased competition. A professional could progress into a higher position, quicker in another city.
It’s certainly the case that London is very much suited to the individual and their career. It is undoubtedly greater for particular industries and is naturally the place to work if you’re after a six figure salary – even as an NQ. But that’s not to say that other cities are not now following in its footsteps – if not on salary!
If you’re planning to relocate to London or any other UK regional city, our experienced consultants can help you in your quest for your next role.
To find out more:
Please call: 0370 240 1010
Visit our website: www.adlestropconsulting.com
Get in touch with our experienced consultants:
Legal and BD: Tim Bates
Accountancy and BD: Charles Magill
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