Q3 2024 Legal & Compliance Market Update
As the summer heat subsided, so did the typical slowdown of the legal and compliance hiring market. Yet, while Q3 began with the traditional lull, September has seen a significant uptick in recruitment activity across the GCC.
The Slow Summer That Wasn’t So Slow After All
While summer months are historically quieter, we noticed that the need for temporary hires remained robust throughout the period. Businesses across a range of sectors turned to temporary recruitment solutions to address major project demands and fill gaps in teams where permanent headcount wasn’t being approved. These positions were primarily interim roles, allowing firms the flexibility to scale without committing to full-time hires. It is also a good opportunity for businesses to explore whether that hire could be considered long-term, with new budgets coming in a few months.
Dubai Picks Up, Matching Abu Dhabi’s Momentum
In line with this year's trend, Dubai has come back strong, matching the energy and pace we’ve seen in Abu Dhabi. A key driver behind Dubai’s resurgence is the renewed hiring activity from multinational companies, which are once again expanding their regional operations. These businesses are particularly interested in professionals who can navigate complexity and contribute to long-term strategic projects, positioning Dubai as a hub for legal talent with advanced expertise across multiple sectors.
Saudi Arabia: Busy But Slowed by Saudization
Saudi Arabia continues to be a hub of recruitment activity, but Saudization—the initiative aimed at increasing the number of Saudi nationals in the workforce—has slowed hiring for non-nationals and is stretching budgets for businesses. This has created additional hurdles for foreign talent in securing roles, particularly in industries that were previously more open to expat hiring. Expat salaries are also being impacted, meaning the overall takehome of expats is no longer higher than other nations in the region. However, despite these challenges, the demand for legal and compliance professionals remains healthy, especially in sectors tied to the kingdom’s Vision 2030.
Industry Trends: Logistics, Healthcare, FMCG, Financial Services, and Crypto
A number of industries have been driving this surge in recruitment. Logistics, healthcare, FMCG, financial services, and crypto have stood out as the busiest, with a strong demand for legal and compliance expertise in these areas. Crypto, in particular, has seen an influx of regulatory developments, which is pushing firms to hire professionals with both legal and compliance backgrounds to keep pace with evolving requirements.
Looking Ahead: Q4 Set to Be Extremely Busy
All signs point to a very active Q4. We anticipate that interim hiring will continue to be the dominant trend, driven by the need for agile, experienced professionals who can hit the ground running. Additionally, we expect to see a rise in mid-level hires, particularly in the 10-12PQE range. These hires are becoming increasingly attractive as businesses look for experienced legal professionals who can deliver results without the added cost of senior-level compensation packages.
As we close out Q3, it’s clear that the market is gaining momentum, and Q4 promises to be one of the busiest periods we’ve seen in recent years.