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Salary GuideLEGAL EXPERTISE
2020
www.idexconsulting.com
IDEX Consulting Ltd @IDEXConsulting IDEXConsulting
BirminghamThe Colmore Building, 20 Colmore Circus Queensway, Birmingham B4 6ATt 0333 700 4339
London10 Lower Thames Street London, EC3R 6AFt 0333 800 4339
Manchester76 King Street, Manchester M2 4NHt 0333 700 4339
Glasgow7 Buchanan Street, Glasgow, G1 3HLt 0333 700 4339
2020 Salary Guide - Legal Expertise Welcome - Page 3
Welcome to the IDEX Consulting Legal Expertise Salary Guide, now in its fifth year and updated for 2020. It is designed to assist legal professionals in securing their next career move, and to support our valued clients in their business growth plans. Drawn from our specialist legal team’s extensive knowledge, the 2020 Legal Salary Guide contains key insight and information relevant for legal professionals at all levels, across London City and Middle Eastern markets.2019 has been an interesting year within the legal market, despite uncertainty over Brexit, signs of weakness in global economies, international trade tensions, and geopolitical risk, the majority of firms have still reported revenue and profit growth (albeit at slower rates than we saw in 2018). Although the political and economic uncertainty has caused many firms to be more cautious in their outlook and planning for 2020, with many firms seeing Brexit as integral to whether or not they will hit their predicted financial performance.As we look into 2020, we are seeing that the “digital revolution” continues to disrupt professional services,
forcing many traditionally conservative organisations to evolve. These law firms need to adapt in order to survive and thrive, investing in technology and transforming their workforces to drive productivity and innovation. Cyber risks, Brexit, retention of talent and the speed of technological advancements are considered to be the threats that most concern law firms, all contributing to a number of firms feeling pressure on their profits and looking at acquisitions, mergers with non-UK based law firms and international growth to bolster their bottom line. Global firms are responding to the ever-increasing pressure on UK fee income and profits by focussing their growth efforts on the international market - a strategy which is paying dividends.A key challenge facing many employers is the availability of talent, the lack of top-quality individuals continues to drive increased packages, with flexible working environments and benefits becoming a key differentiator. Employers continue to underestimate the appeal of offering a positive work-life balance to prospective employees, and the value this can have as a tactic in competing for talent. Living and working in the Middle East continues to be an exciting prospect for many, offering a unique lifestyle change and an interesting and fast paced experience. The GCC is a market that is continuously progressing and thriving, leading to key firms across the region continuing to increase their partnership hires as they expand into new areas, leading to new and exciting prospects for individuals seeking a new challenge. I hope you find this guide helpful, however if you do have any questions or require further insight, please do not hesitate to contact me.Jonathan Turner Executive Director M 07805 674 925 E [email protected]
ContentsIntroduction ............................................ 3London Private Practice .................... 4 - 5London Commerce & Industry ......... 6 - 9Middle East ................................... 10 - 11CEO Commentary ................................ 12 Other sectors ........................................ 13
Page 2 - Contents
2020 Salary Guide - Legal Expertise Private Practice - Page 5
Law firms of all sizes are continuing to hire associates who can hit the ground running at three to six years’ experience, whilst also looking to increase lateral partner hires who have an extensive client following.”
“Private Practice
Page 4 - Private Practice
YEARS POST QUALIFIED SALARY PER ANNUM GBP
Average profit per equity partner (PEP) continues to grow and has reached record highs across all bandings, but this is generally due to movement (or management) of partner headcount.”
“US Firm (New York)
7 years PQE - Partner £250,000+
6 years PQE £145,000 - £220,000
5years PQE £128,000 - £170,000
4 years PQE £120,000 - £156,000
3 years PQE £116,000 - £140,000
2 years PQE £110,000 - £126,000
1 year PQE £98,000 - £115,000
Newly-qualified £92,000 - £110,000
US Firm (Mid-Atlantic)
7 years PQE - Partner £150,000+
6 years PQE £125,000 - £160,000
5 years PQE £105,000 - £140,000
4 years PQE £97,000 - £120,000
3 years PQE £89,000 - £115,000
2 years PQE £80,000 - £110,000
1 year PQE £73,000 - £95,000
Newly-qualified £65,000 - £85,000
Magic Circle
7 years PQE - Partner £225,000+
6 years PQE £160,000 - £225,000
5 years PQE £130,000 - £170,000
4 years PQE £120,000 - £135,000
3 years PQE £115,000 - £120,000
2 years PQE £104,000 - £110,000
1 year PQE £92,000 - £105,000
Newly-qualified £81,000 - £100,000
2020 Salary Guide - Legal Expertise Private Practice - Page 7
YEARS POST QUALIFIED SALARY PER ANNUM GBP
Regulatory reform, increased use of technology and more flexible ownership models are beginning to create a more diverse and competitive market.”
“
Page 6 - Private Practice
Recruitment has seen continued growth across the board, however the senior lawyers in London have the most choice when it comes to searching for a new role. Opportunities at the senior end have increased year on year, with a particular focus on junior partner hires across the City. Firms looking to bolster their teams have had the financial ability and market stability to make these hires, which have proved very lucrative for the lawyers and the firms themselves.”
“
West End Firm
7 years PQE - Partner £90,000+
6 years PQE £64,000 - £95,000
5 years PQE £60,000 - £80,000
4 years PQE £55,000 - £77,000
3 years PQE £50,000 - £70,000
2 years PQE £45,000 - £65,000
1 year PQE £42,000 - £60,000
Newly-qualified £38,000 - £55,000
London City Firm
7 years PQE - Partner £120,000+
6 years PQE £95,000 - £125,000
5years PQE £90,000 - £115,000
4 years PQE £75,000 - £105,000
3 years PQE £70,000 - £102,000
2 years PQE £67,000 - £90,000
1 year PQE £60,000 - £85,000
Newly-qualified £52,000 - £65,000
2020 Salary Guide - Legal Expertise London - Commerce & Industry - Page 9
London - Commerce & Industry
Page 8 - London - Commerce & Industry
YEARS POST QUALIFIED SALARY PER ANNUM GBP
Investment Banking / Management
General Counsel £140,000+
7 - 8 years PQE £95,000 - £135,000
4 - 6 years PQE £85,000 - £120,000
1 - 3 years PQE £70,000 - £100,000
Newly-qualified £60,000 - £70,000
Retail Banking & Insurance
General Counsel £130,000+
7 - 8 years PQE £80,000 - £125,000
4 - 6 years PQE £60,000 - £90,000
1 - 3 years PQE £50,000 - £70,000
Newly-qualified £45,000 - £55,000
IT / Telecoms / Pharma / Business Services
General Counsel £115,000+
7 - 8 years PQE £85,000 - £115,000
4 - 6 years PQE £65,000 - £90,000
1 - 3 years PQE £45,000 - £75,000
Newly-qualified £42,000 - £55,000
Media / FMCG / Leisure
General Counsel £125,000+
7 - 8 years PQE £80,000 - £120,000
4 - 6 years PQE £55,000 - £85,000
1 - 3 years PQE £45,000 - £60,000
Newly-qualified £45,000 - £50,000
We are seeing a gradual trend of increasing female representation at partner level”
“
2020 Salary Guide - Legal Expertise Middle East - Page 11
Middle East
Page 10 - Middle East
YEARS POST QUALIFIED SALARY PER MONTH AED
Middle East - Regional Practice
Partner 65,000 - 90,000
7 years PQE - 10 years PQE 55,000 - 70,000
6 years PQE 44,000 - 55,000
5 years PQE 38,000 - 45,000
4 years PQE 34,000 - 41,000
3 years PQE 28,000 - 35,000
2 years PQE 25,000 - 32,000
1 year PQE 20,000 - 25,000
Middle East - International Practice
Partner 85,000+
7 years PQE - 10 years PQE 65,000 - 95,000
6 years PQE 55,000 - 70,000
5 years PQE 45,000 - 60,000
4 years PQE 40,000 - 52,000
3 years PQE 37,000 - 48,000
2 years PQE 35,000 - 42,000
1 year PQE 30,000 - 38,000
Middle East - In-house
General Counsel 150,000+
Chief Legal Officer 105,000 - 175,000+
Regional Legal Counsel 80,000 - 105,000
Legal Manager 65,000 - 95,000
7 - 8 years PQE 65,000 - 85,000
4 - 6 years PQE 50,000 - 70,000
1 - 3 years PQE 30,000 - 55,000
As we look into 2020, we can see the salary figures steadily increasing, with the main areas of growth remaining Finance, disputes, corporate and construction. 50% of firms are expecting to grow in the coming year and this provides a great opportunity for experienced legal professionals to take advantage of the lifestyle, flexibility and opportunities available in the UAE. A number of partner hires over the last 18 months have led the way for Associate, Senior Associate, and NQ hires across the Middle East; and with a substantial amount of Partner hires and new firms opening up in the region, this doesn’t show a sign of slowing.”
“
International offices, for the second year running, are the biggest contributors to growth.”
“
2020 Salary Guide - Legal Expertise Other Sectors Guides - Page 13Page 12 - CEO Commentary
Financial Services - Employee Benefits
Salary GuideFINANCIAL SERVICES - EMPLOYEE BENEFITS
2020
General Insurance - Insurance Broking
Salary GuideINSURANCE BROKING
2020
Financial Services - Wealth Management
Salary GuideFINANCIAL SERVICES - WEALTH MANAGEMENT
2020
General Insurance - Insurance Company & MGA
Salary GuideINSURANCE COMPANY & MGA
2020
Financial Services - Risk & Compliance
Salary GuideFINANCIAL SERVICES - RISK & COMPLIANCE
2020
2019 was a political drama of continuing economic instability, however, even during this period of low confidence, the expert advice and innovative recruitment techniques offered by IDEX resulted in an increasing number of clients using our solutions, ensuring that they were maximising their investment into talent, by in hiring the right individuals to deliver future growth plans. I feel that 2020 will be the year that the war changes – its now not the “War for Talent”, but actually more of a battle of which businesses can augment technology with humans most effectively – perhaps its now the “Battle of Talent vs Tech”?Technology is having an ever-increasing effect on the professions we serve, business leaders need to be investing, not just in the tech itself, but in a forward-thinking mindset. It is universally accepted that the way we transact business is changing and only businesses that seek to change with the times will be able to attract the right talent and thrive in the future.As we look into 2020, the REC has reported that UK businesses are showing ambitious plans for recruitment, with many predicting 24% growth in their permanent workforce and 10% for temporary/contract workers. IDEX have seen a large increase in demand from our
clients for interim expertise, we expect this to be one of our key growth areas in 2020.An interesting fact from a study we conducted last year, is that only 5% of jobs are filled from direct applications to adverts. This shows that individuals, now more than ever, value the advice of an independent neutral party when considering moving company. From the same study we saw for the first time that Culture ranked higher than Salary as the key focus when moving company.As you will see in the guide, salaries are increasing, but they are now being combined with almost revolutionary changes to wider employee benefits, as businesses seek to provide a more flexible working environment for employees and shorter working weeks – driving higher productivity, increased retention and attracting the best individuals.It’s great to hear the optimism shown by the markets for the coming year, I just hope that we all get better at understanding the need to broaden our demographic reach when attracting and selecting talent. At a number of the seminars I presented at over the last couple of years, it is surprising to see the lack of social diversity and also the attitude (akin to the environmental threats) that change can be left to the next generation. IDEX’s culture is based around delivering an exceptional Client and Candidate experience, allowing us to work as “Trusted Advisors”… something we believe a Recruitment Consultant should be. There to provide advice and guidance all the time, not just when you’re looking for a job or recruiting talent. We would love to hear your feedback on IDEX, please contact me directly with any positive comments or constructive feedback.
Matt Green Cert CII, FIRP Chief Executive Officer M 07974 859 860 E [email protected]