There’s an obvious conclusion to be drawn when you read Lord Turner’s interview in the Financial Times today: the FSA is going to stock up on in-house lawyers.
It’s also going to have to deal with its historically high attrition rate.
FSA staffers have always tended to get poached by banks, as Turner acknowledges. I doubt that means enormous pay packages, so I suspect that the FSA will play the ‘great for your CV’ card.
The financial watchdog is going to be in competition with any number of law firms for regulatory talent. Any lawyer who has dabbled even a little in the field is in a strong position at the moment; even those firms with a hiring freeze wouldn’t turn them away. And even those firms with a strong regulatory financial markets practice are broadening their capability in this area. Clifford Chance, for instance, recruited white-collar crime partner Judith Seddon from Russell Jones & Walker earlier this year.
Still, it’s nice to see that somebody in Canary Wharf is recruiting.