Banking & Finance Opportunities Review: Q2 2026

Banking & Finance remained one of the London legal market's busiest transactional practice areas during the second quarter of 2026. Recruitment activity continued across the full spectrum of finance disciplines, with firms hiring in acquisition and leveraged finance, real estate finance, project / infrastructure finance, debt capital markets, derivatives and structured finance, together with a smaller number of specialist finance roles, particularly within fund finance.

This review is based on recruitment activity across the The Rackle 80 law firms whose recruitment activity forms the basis of the Rackle Legal Hiring Index. These firms comprise UK international, US and City/regional firms that consistently advertise vacancies through their own career’s pages, allowing recruitment activity to be tracked over time.

The report examines the firms recruiting during the quarter, the vacancies they advertised and how those opportunities evolved between April and June. While the analysis focuses on the advertised market, it provides a valuable indication of recruitment activity across a significant proportion of the London Banking & Finance market.

Executive Summary

• 81 Banking & Finance vacancies were active during Q2.

• 38 firms advertised Banking & Finance opportunities.

• 27 firms opened at least one new Banking & Finance vacancy.

• 37 new roles were advertised during the quarter.

• 33 vacancies closed during Q2.

• 48 vacancies remained open entering Q3.

• Recruitment remained broad across acquisition finance, leveraged finance, structured finance, real assets finance and specialist finance teams.

Recruitment Activity

Across the quarter, 81 Banking & Finance vacancies were active across the firms covered by the Rackle Legal Hiring Index. Twenty-seven firms opened at least one new Banking & Finance vacancy during Q2, resulting in 37 newly advertised opportunities. A further 44 vacancies had already been live at the start of the quarter, demonstrating continued recruitment activity from firms that had begun hiring earlier in the year.

During Q2, 33 vacancies closed, while 48 remained open at the end of June, providing a healthy pipeline of opportunities entering the third quarter.

The combination of new vacancies, filled positions and continuing live opportunities suggests firms continued to recruit consistently throughout the quarter.

Where Firms Were Hiring

Perhaps unsurprisingly, recruitment broadly reflected the underlying composition of London's Banking & Finance market.

The largest proportion of vacancies related to acquisition finance, leveraged finance and general banking, accounting for 30 roles during the quarter.

Demand was equally strong across both Debt Capital Markets, Derivatives and Structured Finance and Real Assets Finance, with each accounting for 23 vacancies. Within the Real Assets category, recruitment was predominantly for real estate finance lawyers, although there were also opportunities within project and infrastructure finance and asset finance.

A further five specialist finance roles were advertised, the majority relating to fund finance.

Overall, the distribution of vacancies broadly mirrors the underlying composition of Banking & Finance partner expertise across the firms covered, suggesting firms continued to recruit in line with the structure of the wider market.

Vacancy Duration

Headline vacancy numbers only tell part of the story. Equally important is understanding how long opportunities remain available.

Of the 48 vacancies carried forward into Q3:

• 30 had been advertised for three months or less.

• 9 had remained live for more than six months.

The relatively high proportion of recently advertised vacancies suggests firms continue to bring new opportunities to market rather than relying on longstanding advertisements. While a small number of vacancies have remained open for an extended period, these appear to represent the exception rather than the norm.

The pattern is also reflected in the vacancies that closed during the quarter. Of the 33 roles that were filled or withdrawn, 16 had been advertised for three months or less, suggesting many firms are successfully filling vacancies within a relatively short timeframe.

Level of Opportunities

Recruitment covered the full spectrum of associate seniority.

As expected, the greatest number of vacancies targeted lawyers with between two and five years' post-qualification experience, although there were also 15 roles aimed at lawyers with more than five years' PQE.

At the more junior end of the market, there were seven vacancies that would have been suitable for newly qualified lawyers, five of which remained open entering Q3.

While Banking & Finance recruitment continues to be weighted towards more experienced associates, the continued availability of NQ opportunities demonstrates that firms remain willing to recruit at entry-associate level where demand exists.

Professional Support Lawyer Recruitment

Professional Support Lawyer recruitment remained relatively limited but continued across several specialist disciplines.

Four PSL vacancies were active during the quarter, covering:

• Fund Finance

• Debt Capital Markets

• Acquisition / Leveraged Finance

• Asset and Project Finance

One of these opportunities was newly advertised during Q2, while three remained open entering Q3.

Which Firms Were Recruiting?

Recruitment activity was spread across a broad range of firms.

Of the 38 firms advertising Banking & Finance opportunities during Q2:

• 21 were UK-headquartered international firms.

• 9 were US firms.

• 8 were City or national firms.

The analysis focuses on firms that advertise vacancies directly through their careers pages. Some firms, particularly a number of US firms with substantial Banking & Finance practices, do not advertise their roles on their career pages  and therefore cannot be analysed using longitudinal vacancy data. Consequently, this report should be viewed as an analysis of the advertised Banking & Finance market, rather than the entirety of Banking & Finance recruitment in London.

The Rackle View

Looking beyond the headline vacancy numbers, Q2 presented a picture of a Banking & Finance market that remained healthy and well-balanced.

Recruitment was spread across the full spectrum of finance disciplines, with acquisition and leveraged finance, structured finance and real assets finance all generating substantial levels of activity. Importantly, hiring was also broad in terms of participation, with 27 firms opening new Banking & Finance vacancies during the quarter, indicating that demand was not confined to a small number of firms.

Vacancy duration provides further encouragement. Most opportunities entering Q3 had only recently been advertised, while almost half of the vacancies that closed during the quarter had done so within three months. Taken together, these indicators suggest firms continue to recruit actively and are generally able to fill vacancies within reasonable timescales.

Although opportunities for newly qualified lawyers remain relatively limited compared with more experienced associates, firms continued to advertise NQ-level positions throughout the quarter.

Overall, the advertised Banking & Finance market remained healthy throughout Q2. Recruitment was broad-based across finance disciplines, opportunities continued to emerge across multiple firm types, and the data suggests firms entered the second half of the year with continued confidence in the market.

Visit the Rackle Homepage for more information on the Rackle Legal Hiring Index