Glasgow's Livingston James roars back after 'subdued' year

The resurgence follows a challenging year which saw net fee income at the company drop by 3.5%. The group, which comprises executive search firm Livingston James and finance recruitment specialist Rutherford Cross, said the fall in income mirrored wider industry trends, driven by global economic and political volatility.

Chief executive Jamie Livingston, who founded the business with Andy Rogerson in 2010, said: “The recruitment sector is often the first to slow in a downturn and the first to rebound. What we’re seeing now is a clear resurgence in hiring activity. The uncertainty of 2024 is beginning to ease, and many businesses are performing far better than the rhetoric around the economy would suggest.

“Notwithstanding the unsettling impact of US tariffs, businesses still seem to be pressing on with hiring key talent – perhaps in recognition of the fact that, in volatile conditions, having the right people in your leadership team is more important than ever.”

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Livingston James Group moved into employee ownership in February 2023, which came after Mr Livingston bought out Mr Rogerson in 2019.

The firm noted that a key driver of growth in the opening quarter had been a “sharp” rise in demand for “fractional” executives – senior leaders pursuing part-time roles across multiple businesses – after re-evaluating their work-life balance. It recorded a 300% year-on-year increase in placements of fractional chief financial officers, chief marketing officers, and human resources leaders over the period.

Mr Livingston noted: “C-suite executives, especially those over 50, have reassessed their work-life balance. Many no longer want the demands of a full-time role but still wish to contribute at a strategic level. This creates a huge opportunity for businesses that may not require – or be able to afford – a full-time CFO, but can bring in that expertise one or two days a week at a fraction of the cost.”

The firm said it has seen rising activity across private equity-backed companies, family-owned businesses, and the public sector, as pent-up demand from last year begins to flow through the system. Companies are taking a more pragmatic approach to uncertainty, it said, recognising that delaying leadership investment carries its own risks.

Mulling the outlook for the remainder of the year, Mr Livingston said he expects recruitment activity to remain strong throughout the first half, before stabilising into a “steadier rhythm” later in the year.

He said: “There’s a lot of money sitting on the sidelines that needs to be invested. While we’re not in a period of absolute certainty, conditions are undoubtedly stronger than they were a year ago. That’s driving renewed confidence.

“Businesses, leaders, and employees have become significantly better at navigating uncertainty. That pragmatism will be key as we move forward.”

Meanwhile, Livingston James flagged that UK firms “remain committed to inclusive hiring”, despite some companies in the US stepping back from diversity, equity and inclusion commitments in response to criticism of such policies by President Trump.

Mr Livingston said: “Our clients are still demanding diverse shortlists and working to build inclusive workplaces. This isn’t just a passing trend – it’s a core part of long-term business strategy.”