Market Update - Autumn 2025
Market Update - Autumn 2025
Anthony Matthews
14 October 2025
We’re in one of the busiest periods of the year in the Northern Hemisphere. As the night’s draw in and we move into the final quarter of ’25, eyes move towards Christmas and for some firms, the year end. Targets have to be met, deals have to be closed and bonuses for some are eagerly anticipated.
After a stodgy ’25 on the associate hiring side in London, the market is starting to warm up and we are seeing more and more instructions coming in from clients. Although there are choppy economic seas around, firms are continuing to tack with the wind and looking to bring in lateral hires.
In Dublin, the market remains strong as ever for common law qualified associates looking to make the move over, especially in transactional areas.
In New York, despite uncertainty with ever changing visa regulations, a handful of firms are continuing to hire Australian nationals in corporate and finance. Texas and the West Coast remains quiet when it comes to hiring internationally.
Whilst most of recruitment in Hong Kong and Singapore remains focused on locally qualified talent, the market in Dubai and the Middle East is warming up with more and more firms focusing on building out their presence in the region.
London Market Warming Up
Coming out of the UK summer, we’ve seen some previously dormant practice areas gather a bit of steam. In particular, this has been in infrastructure & projects, tax and real estate. Although firms in London are more likely to favour locally qualified talent in real estate & tax, if the demand continues like it has in September, firms may have no option but to start considering common law qualified associates.
Common Law Qualified Lawyers to London
With the market getting busier, we’re also seeing an increase in international recruitment to London. This remains predominantly Australia, New Zealand, Scotland and Ireland but we have also seen movement from Hong Kong and Singapore. If firms are hiring internationally at this stage, it is normally at the 2/3PQE+ mark so 4/5PAE+.
I’m writing this en route to Sydney via Hong Kong on my second trip to The Lucky Country this year. I’ll also be heading across The Ditch to Auckland next week (details below). The appetite from Australians and New Zealanders to make the move to London, Dublin and the US remains strong as ever and activity is starting to build on the law firm side.
With the market being slower, we’ve seen the traditional routes of moving internally between firms dry up meaning that candidates from domestic Australian firms are also having to compete with candidates from the international firms.
If New York becomes a less attractive option, we’d expect this market to become even more congested, especially in corporate. The easiest practice areas to make the move continue to be in those where both US firms and UK firms are busy – leveraged finance, private equity, private funds etc.
Middle East
As with London, we’re seeing more instructions come in from Dubai and Abu Dhabi. Alongside the obvious advantages of guaranteed weather and no income tax, the UAE can offer great exposure to similar work that one would expect in London or New York. Although traditionally, this has been more construction and energy focused, we are seeing more roles arise in areas such as private equity and leveraged finance.
US Visas
We will shortly be publishing an article on visas in the US. With the announcement of the H1-B visa now costing a huge $100,000 the international recruitment market in New York will be adjusting. Although the E-3 Visa hasn’t been too affected now, the US administration has made it more difficult for Australians to renew the visa and we’re constantly monitoring any changes. Fair to say that the Irish pursuit of getting involved in the E-3 Visa will be on the backburner, at least under the current Administration.
London Senior Musical Chairs
Whilst the associate market has been quieter in London over the last year or so, partner and team movement has remained busy, mainly with US firms adding to their capabilities and building out teams.
Two significant developments in the last quarter have been the expansion of Sullivan & Cromwell in London - https://www.nonbillable.co.uk/news/sullivan-cromwell-hires-kirkland-weil-partners-in-city-expansion and Orrick making a rare swoop for Cadwalader’s well-regarded securitisation team - https://www.nonbillable.co.uk/news/orrick-cadwalader-raid-37-lawyers-london-us
As the article explains, Sullivan & Cromwell were left with little option but to expand in London as their main competitors from New York: Paul Weiss, Kirkland & Ellis etc. attract their key clients. Orrick, often seen as more of a West Coast, technology and energy firm, saw the opportunity to grow in what is a very busy and competitive securitisation market. This could also be seen earlier in the year when Lathams poached a number of lawyers from A&O - https://www.nonbillable.co.uk/news/latham-watkins-secures-11-lawyer-structured-finance-team
Where We'll Be
As always, we’re out and about meeting lawyers from a number of jurisdictions who are looking at a London/overseas move. If you are located in any of the following and would like to discuss options, e-mail – anthony.matthews@matthewsandcarter.com to arrange a coffee.
- Thursday 16th & Friday 17th October: Brisbane
- Monday 20th & Tuesday 21st October: Auckland
- Thursday 23rd & Friday 24th October: Melbourne
- Tuesday 2nd & Wednesday 3rd December: Dublin
- Tuesday 10th February: Leeds
- Wednesday 11th February: Manchester
- Wednesday 11th March: Oxford
- Wednesday 18th March: Cambridge
- Monday 20th April: Aberdeen
- Tuesday 21st April: Glasgow
- Wednesday 22nd April: Edinburgh
- Tuesday 26th & Thursday 28th May: Dublin
- Wednesday 27th May: Belfast
We’re in one of the busiest periods of the year in the Northern Hemisphere. As the night’s draw in and we move into the final quarter of ’25, eyes move towards Christmas and for some firms, the year end. Targets have to be met, deals have to be closed and bonuses for some are eagerly anticipated.
After a stodgy ’25 on the associate hiring side in London, the market is starting to warm up and we are seeing more and more instructions coming in from clients. Although there are choppy economic seas around, firms are continuing to tack with the wind and looking to bring in lateral hires.
In Dublin, the market remains strong as ever for common law qualified associates looking to make the move over, especially in transactional areas.
In New York, despite uncertainty with ever changing visa regulations, a handful of firms are continuing to hire Australian nationals in corporate and finance. Texas and the West Coast remains quiet when it comes to hiring internationally.
Whilst most of recruitment in Hong Kong and Singapore remains focused on locally qualified talent, the market in Dubai and the Middle East is warming up with more and more firms focusing on building out their presence in the region.
London Market Warming Up
Coming out of the UK summer, we’ve seen some previously dormant practice areas gather a bit of steam. In particular, this has been in infrastructure & projects, tax and real estate. Although firms in London are more likely to favour locally qualified talent in real estate & tax, if the demand continues like it has in September, firms may have no option but to start considering common law qualified associates.
Common Law Qualified Lawyers to London
With the market getting busier, we’re also seeing an increase in international recruitment to London. This remains predominantly Australia, New Zealand, Scotland and Ireland but we have also seen movement from Hong Kong and Singapore. If firms are hiring internationally at this stage, it is normally at the 2/3PQE+ mark so 4/5PAE+.
I’m writing this en route to Sydney via Hong Kong on my second trip to The Lucky Country this year. I’ll also be heading across The Ditch to Auckland next week (details below). The appetite from Australians and New Zealanders to make the move to London, Dublin and the US remains strong as ever and activity is starting to build on the law firm side.
With the market being slower, we’ve seen the traditional routes of moving internally between firms dry up meaning that candidates from domestic Australian firms are also having to compete with candidates from the international firms.
If New York becomes a less attractive option, we’d expect this market to become even more congested, especially in corporate. The easiest practice areas to make the move continue to be in those where both US firms and UK firms are busy – leveraged finance, private equity, private funds etc.
Middle East
As with London, we’re seeing more instructions come in from Dubai and Abu Dhabi. Alongside the obvious advantages of guaranteed weather and no income tax, the UAE can offer great exposure to similar work that one would expect in London or New York. Although traditionally, this has been more construction and energy focused, we are seeing more roles arise in areas such as private equity and leveraged finance.
US Visas
We will shortly be publishing an article on visas in the US. With the announcement of the H1-B visa now costing a huge $100,000 the international recruitment market in New York will be adjusting. Although the E-3 Visa hasn’t been too affected now, the US administration has made it more difficult for Australians to renew the visa and we’re constantly monitoring any changes. Fair to say that the Irish pursuit of getting involved in the E-3 Visa will be on the backburner, at least under the current Administration.
London Senior Musical Chairs
Whilst the associate market has been quieter in London over the last year or so, partner and team movement has remained busy, mainly with US firms adding to their capabilities and building out teams.
Two significant developments in the last quarter have been the expansion of Sullivan & Cromwell in London - https://www.nonbillable.co.uk/news/sullivan-cromwell-hires-kirkland-weil-partners-in-city-expansion and Orrick making a rare swoop for Cadwalader’s well-regarded securitisation team - https://www.nonbillable.co.uk/news/orrick-cadwalader-raid-37-lawyers-london-us
As the article explains, Sullivan & Cromwell were left with little option but to expand in London as their main competitors from New York: Paul Weiss, Kirkland & Ellis etc. attract their key clients. Orrick, often seen as more of a West Coast, technology and energy firm, saw the opportunity to grow in what is a very busy and competitive securitisation market. This could also be seen earlier in the year when Lathams poached a number of lawyers from A&O - https://www.nonbillable.co.uk/news/latham-watkins-secures-11-lawyer-structured-finance-team
Where We'll Be
As always, we’re out and about meeting lawyers from a number of jurisdictions who are looking at a London/overseas move. If you are located in any of the following and would like to discuss options, e-mail – anthony.matthews@matthewsandcarter.com to arrange a coffee.
- Thursday 16th & Friday 17th October: Brisbane
- Monday 20th & Tuesday 21st October: Auckland
- Thursday 23rd & Friday 24th October: Melbourne
- Tuesday 2nd & Wednesday 3rd December: Dublin
- Tuesday 10th February: Leeds
- Wednesday 11th February: Manchester
- Wednesday 11th March: Oxford
- Wednesday 18th March: Cambridge
- Monday 20th April: Aberdeen
- Tuesday 21st April: Glasgow
- Wednesday 22nd April: Edinburgh
- Tuesday 26th & Thursday 28th May: Dublin
- Wednesday 27th May: Belfast