Exploring the Life Science Industry
Hello everyone,
Yesterday, I shared that my current agent has encouraged me to establish a new desk focused on the Life Science sector.
I’m reaching out to see if anyone with experience recruiting in this field can provide insights on industry fees, billing potential, and similar details.
Currently, I’m contemplating whether to remain on my Healthcare desk, where I’ve completed six deals totaling just over £40K, averaging around £6,666 per deal (which is about the norm for our office).
My intuition tells me that the Life Science sector may offer greater long-term potential due to its depth, as opposed to the more transactional nature of healthcare recruiting that I’m experiencing now. I’m genuinely interested in this field and aspire to become an “industry expert” in Life Sciences rather than healthcare.
That said, I’m aware of the risks involved in leaving my growing desk for a new venture that might take 12-18 months before I see consistent billing and commissions.
At the moment, I’ve noticed that very few colleagues in our office are billing over £150K annually in Life Sciences, while my goal is to bill at least £250K a year and continue to grow from there.
Any insights into the Life Science industry, tips on successfully establishing a new desk, and realistic expectations for billing timelines would be immensely helpful.
Thanks in advance! 🙂
RCadmin
Hi there!
It’s great to see your enthusiasm for exploring the Life Sciences sector! Transitioning to a new desk can be a tough decision, especially when you have a successful setup in healthcare. Here are some insights that might help you weigh your options:
Market Potential: The Life Sciences industry often has larger deal sizes compared to healthcare. Depending on your niche (pharmaceuticals, biotechnology, medical devices, etc.), average placements can range significantly. It’s common to see deal sizes exceeding £10K, especially for senior roles, and many firms are willing to pay a premium for top talent.
Fees & Commissions: Commission structures in LS can vary, but it’s not unusual for recruiters to earn fees between 20% to 30%, sometimes higher depending on the level of the position and exclusivity of the clients. Some firms also engage in retainer agreements, providing a more stable income stream.
Long-term Growth: As you mentioned, LS requires deeper knowledge and expertise, which can position you as an industry leader over time. This expertise not only aids in closing deals but also allows for better client relationships and repeat business, leading to increased billing potential.
Time Frame: Building a successful desk in a new area does take time—typically 12-18 months is a reasonable estimate to start seeing consistent billings. However, tapping into your existing network and leveraging any transferable skills can expedite this process.
Adapting Strategies: Consider how to market yourself as an expert in LS. Engage in continuous learning (courses, conferences, networking events) and share insights with your network to build credibility. Your passion for the field will show, attracting both clients and candidates.
Office Dynamics: If you have the opportunity to carve out your niche in a growing area like LS while others are focusing solely on healthcare, this could place you ahead in the long run. Keeping an eye on market trends and adjusting your approach accordingly will be vital.
Ultimately, weigh the security and growth of your current desk against the potential for higher earnings and personal fulfillment in LS. If you feel confident about your ability to establish your desk and are passionate about the sector, it might be worth taking the leap.
Best of luck with your decision! You’ve got this! 🙂