The vocabulary of retained executive search — defined.

Retained executive search

A search model in which the firm is paid across the stages of a mandate rather than on hire. Standard structure: one-third at kickoff, one-third at shortlist, one-third on offer acceptance. Aligns incentives around quality of shortlist. See our fee explainer.

Contingent recruitment

A recruitment model paid only on hire. Suitable for high-volume active-market roles, not for confidential senior mandates.

On/off-limits agreement

A firm’s undertaking not to approach candidates from a defined set of client organisations (typically for a defined period after the mandate). Off-limits at the fund level, in our Sponsor Coverage practice, means no candidate is approached from any portfolio company in the sponsor’s fund.

Sponsor Coverage

An executive search practice model where the firm serves a private equity or venture sponsor as an ongoing relationship, running parallel searches across the sponsor’s portfolio and respecting off-limits at fund level. Distinct from one-off portfolio-company mandates.

Shortlist

The final small group of candidates (typically three to five) presented to a client with the firm’s written assessment of each candidate against the brief. Presented after longlist review and initial assessment.

Longlist

The intermediate list of candidates identified during market mapping, typically fifteen to thirty names, discussed with the client before assessment begins in earnest.

Market map

A structured view of the candidate universe for a specific mandate — who exists, where they are, and how they fit against the brief. The first substantive deliverable of a retained mandate.

Replacement guarantee

A commitment by a search firm to replace an appointee, without further fee, if they leave the role within a defined period. Market standard is 90 to 180 days; Target Search offers 180 days.

SMCR (Senior Managers and Certification Regime)

The UK financial services regulatory framework that assigns individual accountability to senior managers of regulated firms. Relevant to CFO, CEO, CRO and increasingly CISO appointments.

DORA (Digital Operational Resilience Act)

EU regulation applying to financial services entities and their critical third-party providers, with material implications for UK-headquartered entities operating in the EU. Increasingly shapes CISO and CIO briefs.

UK Corporate Governance Code

The UK principles-and-provisions framework for boards of premium listed companies, published by the Financial Reporting Council. Sets independence tests for Non-Executive Directors and the composition principles boards follow.

FTSE Women Leaders Review

The successor to the Hampton-Alexander Review, setting voluntary targets for female representation on FTSE 350 boards and executive committees. A baseline expectation on every UK board search shortlist.

Parker Review

The UK review of ethnic diversity on FTSE boards, setting the “one by 2024” target for ethnic minority representation on FTSE 100 and FTSE 250 boards. Now table stakes on board search shortlists.

E-E-A-T

Experience, Expertise, Authoritativeness and Trust — the criteria Google and increasingly AI answer engines use to assess content credibility. In executive search, this means named partners with bios and credentials, published case studies and insights.

Family office archetype

The governance model an office actually operates under, as distinct from the org chart. Three broad archetypes: principal-led, governance-led, enterprise-adjacent. See our insight on this framework.

UHNW (ultra-high-net-worth)

The industry term for individuals or families with material investable assets, typically defined as $30m+ investable. Family offices exist to serve UHNW principals.

Single family office

A private office serving one principal or family. Structures range from a small principal-led team to a hundred-plus person operation with an investment team, an operating team, a legal and tax function and a household leadership layer.

Multi-family office

A private office serving multiple unrelated principal families. Institutional in feel, with a shared investment and operations team; principals pay for access to the platform.

Chief of Staff (family office)

The senior operator who sits alongside the principal, coordinating between the family office, adjacent platforms, philanthropy and household. See the role page.