Hiring of top corporate development executives started strong in 2008, says Guilian. Valuations were at unprecedented lows and corporations with cash on hand staffed up their deal teams to take advantage of the buyer's market. Through August, Gulian completed 14 searches for senior M&A executives. He did 11 in all of 2007. 

But as the deal market died and the broader economy stalled, so too did hiring. Guilian completed just two additional searches for top dealmakers through the remainder of 2008. He's got two searches in the works but doesn't anticipate much hiring in corporate development going forward. Of the few corporations that will staff up, they will most often hire people from other corporations rather than from the ranks of unemployed. 

"There's such a level of uncertainty in terms of acquisitions, and if you're not doing acquisition you don't need a large staff," says Gulian. "If the company is in an entrenchment headset, then the corporate development organization is going to be facing that as well."

The M&A market, followed by the hiring market, will come back once the "psychological funk" lifts, probably in the second half of 2009, says Gulian. "Will it come roaring back with a vengeance? Probably not. But it will come roaring back. - Suzanne Stevens