Private banks looking for lawyers

Barclays' has poached a leading City lawyer to head up its newly created wealth advisory business. Is it a sign that wealth advisors are preparing to plunder the legal community for hires?

Not quite. But Harry Pilkington, managing director of Armstrong International, a headhunting firm specialising in private wealth management says private banks are partial to legal skills: "There is a strong demand for all of the leading private banks to hire a few lawyers."

He says that private banks increasingly need to be able to advise clients in terms of how they will be affected by tax legislation, both locally and internationally. "Tax is the number one specialism."

Christian Sulger Buel, managing director of private banking executive search firm Sulger Buel says banks are specifically asking for lawyers in estate planning, and trusts where legal backgrounds are important.

Recruiters agree that banks are becoming increasingly popular with legal professionals, as they offer greater variety and flexibility, as well as the possibility of more pay.

"There is more demand for people who are senior, with 8 to 10 years experience, and then 25 years experience. There is very little demand for newly qualifieds," Pilkington says.

The Financial Times reports that Jeremy Arnold, joined Barclays from the law firm Withers, where he was partner for 16 years.

Arnold is the latest arrival at Barclays Wealth, which has embarked on an aggressive hiring spree under the leadership of new chief executive, Thomas Kalaris