Job uncertainty - look now or wait until made redundant?

Looking for some advice as follows...

The industry is IT, J2EE software development in particular.

My company has just had a round of redundancies with no notice and with immediate effect for the individuals concerned. My direct manager was made redundant and other developers but not on my team. There was a reorganisation with another manager/director has taken on added responsibility for my group.

Realistically I would say the likelihood of my being made redundant in the next 3 months is probably 60/40, dependant on a number of factors mainly not in my control. Mainly this is related to whether my employer stops providing a particular service, which is possible as the other side of the business is now more profitable, a tender that is due out in the near future and how 'billable' I am. I'm being realistic on how much control I have on these items.

Basically the question is should I go looking for a new job now, or wait until I'm made redundant? Or test the waters as they say...

Coincidentally I got a call the other day from a 'recruitment consultant', I was 'recommended' to his company, he has a job in mind, but he won't/can't say by whom, so sounds slightly suspect. I am in 2 minds whether to send him my CV as I'd rather be in control and do things on my own terms i.e. decide who I send CV to etc.

If there wasn't the threat of redundancy I wouldn't be thinking of changing jobs as I am happy where I am for the most part, so maybe that's my answer?

I know of large numbers of J2EE developers being let go recently by an American financial giant in the Dublin area. The market is saturated right now. I was asked by someone in the company to look at their cv. They were in the same position as you. I told them they were mad to contemplate moving at the moment given that they would get about one year's salary as redundancy. If you've been in the company a long time and the redundancy is generous then I wouldn't move for now.

I agree with gearoid, stick around for the redundancy.

In the meantime, while you have a job, prepare for the tap on the shoulder e.g.
Get your personal finances in order. You need a cash fund in place.
Skill up - if you have any down time at work, research latest trends, get certified etc.
Build your contacts. Your next job may be through who you know already. Use LinkedIn or similar networking sites.
Have a think about what you really want, don't just be passive in accepting speculative calls from agencies. Have a plan. If you like your job, can you find ways to add value?

If your job is safe, none of the above will do you any harm anyway.
If you are p45ed, you will be able to control your reaction to it a bit more.

Best of luck.