Well we’re well and truly into summer season. We’re doing our best to cover for colleagues, in some cases gentling battling with colleagues over air-con and, in June, this was all done on three minutes sleep a night as our homes turned into ovens. It seems like a repeat of this is on for this week – eek!

We love it secretly, working is a privilege in my view. Many enjoy retirement, but I’m yet to meet an older person who wouldn’t give up there leisurely mornings to do it all again and be twenty years younger. If you’re golf is as bad as mine, your pension would need to be massive to pay for all the lost balls. Summer is definitely more of a “thing” than it used to be in my view, with more people taking longer off. However, the vast majority of firms keep things moving. We’re busy, which means clients are clearly navigating summer well, and I think many are aware that they don’t operate in a vacuum - any slowdown or reduction in client experience, is an opportunity for others.

In terms of trends we’re seeing, asset management is a mixed bag. Dubai is now as much a competitor for talent as a firm in the square mile. As one astute contact of mine pointed out, even if people aren’t actually going to leave the UK, they’re talking about it, and that means they probably aren’t committing more capital to the UK. The regions are far more buoyant than London in terms of hiring. The FT reported that according to Savills, the average of homes in Central London has fallen 22.4% in nominal terms since the 2014 peak! It’s all looking a bit grim for London, but I’d never bet against it or the UK (as the Lionesses so brilliantly proved, it isn’t over until it’s over). Senior roles seem thin on the ground. We really do need a good shot in the arm of confidence and perhaps a bit of a shake-up. We have it pretty good in the UK overall, working conditions for most are good, yet we seem to spend a lot of time looking inwards and talking ourselves down. This isn’t lost on overseas journalists and next thing you know the UK seems like a basket case, when in reality it isn’t.

If you’re struggling to find a role, summer is a great time to catch up with your network. The amount of people I’ve met over the years who have told me they didn’t realise how important their old network was until they were out of work is astonishing. It’s not a chore either. The amount of fun times, laughs, and friendships made, which are all down to work is massively underestimated.

There are pockets of financial services which remain very busy, and of course we are all aware that there’s a lot of consolidation/M&A taking place in the sector. This can thrust upon people a whole new range of issues and many firms are faced with sudden resignations, and resignations of people they never thought would resign. Losing good people is never a good thing, but losing a good revenue generator can be a source of real panic for firms. In no way below am I offering legal advice. Employers should always take professional legal advice when reviewing contracts or considering the implications of a departure. However, I wanted to share thoughts based on what I’ve learnt over the years on this subject.

The first thing is, don’t panic! People move on all the time and businesses survive. They are leaving the firm, it’s most likely not personal, and so don’t take it personally. However, a well-written contract is the first layer of protection. These should include fair and enforceable clauses covering non-solicitation, non-dealing, and non-compete restrictions. There is a widespread belief that these are hard to enforce in the UK. In reality, courts do uphold them when they are reasonable and specific. These clauses do not prevent people from working again. They simply aim to stop unfair competition for a limited period of time. In our view, contracts should be reviewed regularly and certainly well before any issues arise.

Good contracts buy time. A typical period of six months can give the firm space to build client relationships and reinforce the value of its brand. During this time, communications matter. Clients need to understand that service does not stop when one person leaves. Most good client experiences are a team effort. Webinars, newsletters, office visits, and team introductions all help make this point tangible.

One risk is that the client sees their point of contact as the business. In some firms, this has happened by accident. No malicious intent, just a habit of doing things the same way for too long. It is important to step back and ask whether the firm is visible enough to the client. If not, this is the time to change it.

Many leavers believe that resigning will result in immediate success and clients will follow. In our experience, most people underestimate how long it takes to move clients and generate revenue. They overestimate how many clients will follow. The data is clear. Even in industries where client movement is more common, the conversion rate is lower than expected.

As mentioned, if someone does decide to leave, it is important to remain calm. Other team members will take note of how you respond. Do not be negative about the person. Be factual, be professional, and ensure clients are contacted promptly and reassured. Internal meetings should focus on continuity and team resilience. Remind everyone that no single person is the business.

Exit interviews matter. Some resignations will of course be purely for personal reasons. Others may point to issues in the business. These are often solvable if caught early.

Lastly, it is important to see departures in context. They happen in every industry. Most firms are stronger for the reset. They bring in new skills, develop existing talent, and re-express their values. It’s not the end of anything, but often the start of something more stable and better aligned.

If you are navigating change or preparing to review your hiring plans, we would be pleased to talk confidentially.