We are seeing more confidence come back into parts of the market, but it is not broad, indiscriminate hiring.

The stronger mandates still tend to have one thing in common:
clarity.

Firms are moving when they can clearly answer questions like:
• Why this hire now?
• What capability is actually missing?
• What does success need to look like in 12–24 months?

That is especially true across mid-market M&A, private equity and special situations teams.

The intent to hire is there, but the bar is high.

For candidates, that means selective opportunities can still be very strong opportunities.

For clients, it means a sharper brief, better alignment internally and a more realistic process matter more than ever.

The market feels more active than it did a few months ago.
It also feels more demanding.
Both things can be true at once.

At Circle Square, we are working closely with firms across investment banking, private equity and special situations to help define mandates properly and secure high-calibre talent in a competitive market.

If you are planning strategic hires or looking for a new role in 2026, now is the time to start the conversation.