While investment bankers have had their salaries raised in 2009, the same cannot be said of recruiters; their salaries have been trimmed.

Firms such as Sheffield Haworth, Heidrick & Struggles and Marshall Warburton are all rumoured to have moderated salaries to a greater or lesser extent this year (although this is unconfirmed by any of those listed), with some firms even switching to commission only.

Now that banks have started hiring again, the new arrangements have their advantages.

In most firms, commission is only paid to consultants who have billed above a particular threshold- usually three times base salary. “It can work to your advantage if your salary is reduced,” says Simon Hughes of High View Search, a headhunter which hunts executive search consultants. “You go into commission sooner.”

On top of this, Hughes says, “Just about every recruitment firm we’re talking to is hiring.”

Last week, Robert Walters, which has cut 25% of its staff since June 2008, said it’s ready to take consultants on again in certain sectors. Michael Page has said it won’t be cutting any more jobs, and Hays appears to be paying its directors an additional 20% this year.

If hiring continues at the current pace, Hughes predicts headhunter pay will start rising against next year as candidates are bid up.

Ed Bathgate, another headhunter of headhunters says things aren’t that good yet though. “There’s a sense of relief that things didn’t turn out much worse. Essentially 2008 and 2009 have been nine month years for financial services recruitment.”