2019 salary guide - legal, financial services & insurance jobs€¦ · fiercely for the best...
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Salary GuideLEGAL EXPERTISE
2019
2019 Salary Guide - Legal Expertise Welcome - Page 3
Now in its fourth year, the IDEX Legal Expertise Salary Guide has been developed to assist legal professionals across the London and Middle East in securing their next career move, and to support our valued clients in their business growth plans. Drawing upon IDEX Consulting’s specialist legal team’s extensive knowledge, the 2019 Legal Salary Guide contains key insight and information relevant for legal professionals at all levels across London City and Middle Eastern markets.2018 has been an extremely busy year within the London legal market, with significant growth resulting in a record number of opportunities for both experienced associates and partners who are looking for their next move within the City. To take advantage of this growth, international, magic circle and city firms are all increasing recruitment levels, with a number of them moving towards more technical and niche areas of practice such as Litigation, Commercial, FS and Technology Despite market uncertainty due to BREXIT and other changes, the majority of employers’ business outlook remains stable, with 95%
expecting business activity to increase or stay the same in the year ahead. The key challenge facing many employers is the availability of talent, the lack of top-quality individuals is causing employers to compete fiercely for the best people – allowing skilled legal professionals to negotiate increased packages with increased flexibility – many of these individuals are now in a position to have multiple offers when considering a move, further exacerbating the “war for talent”.The Middle East has also seen positive growth over 2018, with the overall hiring outlook in the UAE continuing this trend into 2019 – with close to 50% of law firms looking to increase their headcount and 45% looking to maintain headcount.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
2019 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.”
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The top talent in the legal market know they are in demand and as such have high expectations when negotiating their next job move.”
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Private Practice
Page 4 - Private Practice
YEARS POST QUALIFIED SALARY PER ANNUM GBP
Magic Circle
7years PQE - Partner £190,000+
6years PQE £140,000 - £170,000
5years PQE £120,000 - £145,000
4 years PQE £112,000 - £125,000
3 years PQE £100,000 - £115,000
2 years PQE £90,000 - £105,000
1 yr PQE £75,000 - £92,000
Newly-qualified £44,000 - £49,000
US Firm (New York)
7years PQE - Partner £200,000+
6years PQE £145,000 - £190,000
5years PQE £130,000 - £175,000
4 years PQE £122,000 - £154,000
3 years PQE £116,000 - £140,000
2 years PQE £110,000 - £126,000
1 yr PQE £98,000 - £115,000
Newly-qualified £94,000 - £110,000
US Firm (Mid-Atlantic)
7years PQE - Partner £140,000+
6years PQE £125,000 - £157,000
5years PQE £109,000 - £140,000
4 years PQE £97,000 - £120,000
3 years PQE £91,000 - £112,000
2 years PQE £80,000 - £110,000
1 yr PQE £73,000 - £98,000
Newly-qualified £67,000 - £92,000
2019 Salary Guide - Legal Expertise Private Practice - Page 7
YEARS POST QUALIFIED SALARY PER ANNUM GBP
London City Firm
7years PQE - Partner £115,000 +
6years PQE £95,000 - £127,000
5years PQE £88,000 - £115,000
4 years PQE £77,000 - £108,000
3 years PQE £72,000 - £105,000
2 years PQE £67,000 - £97,000
1 yr PQE £60,000 - £85,000
Newly-qualified £50,000 - £65,000
West End Firm
7years PQE - Partner £85,000+
6years PQE £64,000 - £87,000
5years PQE £57,000 - £80,000
4 years PQE £55,000 - £77,000
3 years PQE £49,000 - £71,000
2 years PQE £45,000 - £66,000
1 yr PQE £42,000 - £60,000
Newly-qualified £38,000 - £55,000
Regulatory reform, increased use of technology and more flexible ownership models are beginning to create a more diverse and competitive market.”
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Page 6 - Private Practice
2019 Salary Guide - Legal Expertise London - Commerce & Industry - Page 9
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.”
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Senior professionals in key growth areas, such as Construction, Property and Engineering has seen these individuals gaining significant salary increases, as demand continues to outstrip supply.”
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London - Commerce & Industry
Page 8 - London - Commerce & Industry
YEARS POST QUALIFIED SALARY PER ANNUM GBP
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
Construction / Energy / Engineering
General Counsel £120,000+
7 - 8 years PQE £85,000 - £120,000
4 -6 years PQE £65,000 - £90,000
1 - 3 years PQE £55,000 - £80,000
Newly-qualified £45,000 - £55,000
Media / FMCG / Leisure
General Counsel £90,000+
7 - 8 years PQE £70,000 - £95,000
4 -6 years PQE £55,000 - £85,000
1 - 3 years PQE £45,000 - £60,000
Newly-qualified £45,000 - £50,000
2019 Salary Guide - Legal Expertise London - Commerce & Industry - Page 11
UK firms are increasingly looking to more innovative remuneration packages to attract and retain the best talent. With non-financial benefits such as flexible working options prized most by senior lawyers.”
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Page 10 - London - Commerce & Industry
Declining candidates who don’t meet every single requirement of the job could see employers miss out on top talent”
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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 £90,000 - £130,000 +
7 - 8 years PQE £80,000 - £110,000
4 -6 years PQE £60,000 - £90,000
1 - 3 years PQE £50,000 - £70,000
Newly-qualified £45,000 - £55,000
2019 Salary Guide - Legal Expertise Middle East - Page 13
Firms are becoming more open in terms of flexible hours and work-life balance, in order to attract and retain the best individuals.”
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Middle East
Page 12 - Middle East
YEARS POST QUALIFIED SALARY PER ANNUM AED
Middle East - Regional Practice
Partner 65,000 - 90,000
7years 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 yr PQE 20,000 - 25,000
Middle East - International Practice
Partner 95,000 +
7years 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 yr PQE 30,000 - 38,000
Middle East - In-house
General Counsel 160,000+
Chief Legal Officer 155,000 - 250,000+
Regional Legal Counsel 110,000 - 165,000
Legal Manager 101,000 - 145,000
7 - 8 years PQE 90,000 - 130,000
4 - 6 years PQE 80,000 - 108,000
1 - 3 years PQE 62,000 - 85,000
As we look into 2019, we can see the salary figures steadily increasing, with the main areas of growth remaining insurance, 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.”
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2019 Salary Guide - Legal Expertise Other Sectors Guides - Page 15Page 14 - CEO Commentary
Financial Services - Employee Benefits
2019
Salary GuideFINANCIAL SERVICES - EMPLOYEE BENEFITS
General Insurance - Insurance Broking
2019
Salary GuideINSURANCE BROKING
Financial Services - Wealth Management
2019
Salary GuideFINANCIAL SERVICES - WEALTH MANAGEMENT
General Insurance - Insurance Company & MGA
2019
Salary GuideINSURANCE COMPANY & MGA
Financial Services - Risk & Compliance
2019
Salary GuideFINANCIAL SERVICES - RISK & COMPLIANCE
2018 has seen significant growth across all our practice areas, as the UK economic outlook continues to improve. Despite uncertainty about Brexit, 95% of employers are expecting business activity to increase and three quarters expecting to hire during 2019.Talent attraction remains the key challenge for business leaders, with 92% experiencing skills shortages over the last 12 months. Highlighted by the fact the UK employment market saw 56% fewer active candidates in 2018 versus 2017, while the number of businesses recruiting has increased by over 25% in the same time. This increased competition will put further pressure on the “war for talent” with the trend of increasing salaries set to continue over 2019, driven by the limited availability of, and strong competition for, experienced talent across all sectors of the market. Our own research has suggested that although salary is still a key factor in choosing a new employer, work / life balance and working with colleagues
who inspire them, are now vitally important. Leading employers are now adapting their packages to provide more flexible working practices to attract the best individuals – with the increase in productivity beginning to become apparent as employees are more motivated, engaged and less likely to leave.Technology is continuing to revolutionise the Recruitment process, with new tech tools appearing on a daily basis. Efficiencies can be found at the attraction stage of the recruitment cycle, however for the mid-to-senior appointments, now synonymous with IDEX, we still need human interaction to successfully bring two parties together and I don’t see this changing. In fact, exclusively using one recruiter, whether looking for work or sourcing talent for your business, is now proven to deliver the strongest results. Many of our clients retain IDEX on a quarterly basis to create medium-term talent nurturing solutions, in order to secure the very best individuals to drive their businesses forward. Individuals have now realised the danger of registering with multiple recruitment firms, as many still unscrupulously send CV’s and personal data to possible employers without the individuals permission.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]
BirminghamThe Colmore Building, 20 Colmore Circus Queensway, Birmingham B4 6ATt 0333 700 4339
LondonSt Clements House, 27-28 Clements Lane London EC4N 7AEt 0333 800 4339
Manchester76 King Street, Manchester M2 4NHt 0333 700 4339
www.idexconsulting.com
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