Last week we launched the pilot edition of our new pay survey for salaried lawyers in law firms in England. We’re aiming to provide ‘real salary’ pay data for national and significant regionally based firms across major law centres; the Midlands, Bristol, Yorkshire and London. The survey provides market salary data shown by years of PQE (Post Qualification Experience), functional area and specialism. It will become a valuable piece of insight into the market for firms looking to recruit, or at annual pay review. I thought it would be worth sharing some of the highlights with you:

• Location, location, location. We know that salaries in London are higher than in the rest of the UK, but we found that the London market for experienced lawyers pays over 40% more than the national average. On the other hand, there was little to separate pay levels across the North West, Yorkshire and Midlands regions.
• Specialisms. We found that law professionals working in Finance and Commercial law were among the top earners across the range of specialisms. At the other end of the scale, Private Client and Public law were areas that paid the least.
• War for talent. Firms reported that there is fierce competition out there for the best lawyers, and firms also have to compete with companies who have in house legal teams, often offering better benefits and bonuses for working fewer hours.
• Higher turnover = higher pay. We found a trend where firms with a high turnover were tending to pay above the median.

Thank you to the law firms that have taken part in this survey. We’re looking to grow the survey next year and by adding more firms to the list, the data becomes more wide ranging and robust. If you’re responsible for managing pay in a law firm, and would be interested in finding out more about participating, please get in touch with me: david.rees@innecto.com | 020 3457 0894

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