Leeds Reforms trigger wave of recruitment in legal banking
Job vacancies for banking lawyers are expected to soar, driven by the government’s Leeds Reforms which seek to unlock capital and overhaul the ring-fencing framework.
Labour market analytics from Vacancysoft reveal that Britain’s legal sector is predicting significant growth in banking roles, both in private practice and in-house at major banks.
The report projected a 15.2 per cent year-on-year rise in private practice roles, while in-house demand will surge 46.7 per cent as banks increasingly embed counsel within operational teams.
Barclays will reverse last year’s decline, with law vacancies set to be up nearly 94 per cent year-on-year, from 31 in 2024 to 60 vacancies in 2025.
Over the past two years, there have been between eight and 12 roles available, but in 2025, Visa and Mastercard are projected to see significant growth with 35 vacancies each.
NatWest and Santander are set to resume growth, while HSBC and Lloyds are expected to remain cautious.
These trends underscore how in-house teams are adapting to AI integration, enhanced compliance, and evolving governance standards.
Banking lawyer hiring ‘already picking up’
Law firms are also intensifying their focus on banking, with the report noting steady recruitment growth.
London vacancies are predicted to climb 12.5 per cent year-on-year, but regional offices will see even greater expansion.
And roles in the Midlands will rise nearly 22 per cent, while firms in the South will experience a recovery after years of stagnation.
As noted by Vacancysoft, leading law firms are also at the forefront of this expansion. Birketts leads with a triple-digit percentage increase (rising 143.8 per cent), while Simmons & Simmons is on track to grow banking vacancies by nearly 33 per cent.
James Chaplin, chief executive of Vacancysoft, said: “With the ‘Leeds reforms’ announced this summer, deregulation within financial services is now underway.
“We expect this to drive increased activity across the industry and within the law firms that support it.”
“Recruitment is already picking up, and we believe this positive trend will continue,” he added.
The Chancellor revealed the Leeds Reform in July, which is set to rewire the financial system by cutting red tape and supporting savers to invest.
The government is committed to meaningful reform of the ring-fencing regime, which currently separates banks’ retail and investment banking activities, with the aim of reducing inefficiency and allowing ring-fenced banks to offer a wider range of services.
The Leeds Reforms also confirmed a crackdown on the Financial Services Ombudsman (FOS), with the watchdog to “be returned to its original purpose as a simple, impartial dispute resolution service”.