One of Scotland’s executive recruitment firms, Livingston James Group, has reported its best-ever Q1 performance as organisations reignite hiring plans paused during a subdued 2024.
Net fee income (NFI) rose by 21% in Q1 2025 compared to the same period last year, marking the strongest start to the year in the firm’s 15-year history. Headquartered in Glasgow and Edinburgh, Livingston James Group comprises executive search firm Livingston James and finance recruitment specialist Rutherford Cross.
The bounce-back follows a challenging 2024 for the sector, in which the Group’s NFI dipped by 3.5% – mirroring wider industry trends amid global economic and political volatility. Nevertheless, Livingston James finished the year in a position of strength, with executive search revenues alone up 22% year-on-year, laying the foundation for a record-breaking start to 2025.
Jamie Livingston, CEO of Livingston James Group, 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.”
A key driver of growth has been the sharp rise in demand for fractional executives – senior leaders working part-time across multiple businesses. In Q1 2025 alone, Livingston James recorded a 300% year-on-year increase in placements of fractional CFOs, CMOs, and HR leaders.
Livingston said: “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 has also 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, recognising that delaying leadership investment carries its own risks.
Livingston believes recruitment activity will remain strong through the first half of 2025, with the market likely to stabilise 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.”
Technology continues to reshape how businesses hire and how search firms operate. Livingston James – Scotland’s first employee-owned executive search business – has leveraged AI and digital platforms to expand its global reach and accelerate delivery.
He added: “The normalisation of video calls has been a game-changer. We’ve been working with clients worldwide, including those with multi-billion-pound turnovers, and the ability to collaborate remotely has allowed us to move at pace. Pre-pandemic, this simply wasn’t the norm.
“AI is augmenting how businesses hire, but we’re not seeing significant job losses as a result. Instead, companies are looking at how it can streamline hiring and improve candidate selection.”
While some US-based companies are stepping back from diversity, equity, and inclusion (DEI) efforts, Livingston James reports that UK employers remain committed to inclusive hiring.
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,”
Looking ahead, Livingston expects a continued uptick in private equity deployment, as investors seek opportunities in a more stable economic environment. With demand rising across sectors and leadership models evolving, Livingston James Group is well-positioned to support organisations in finding the talent they need to thrive.
For more information on Livingston James Group, visit www.livingstonjames.com.
