2018 salary guide - idex consulting · 2017-12-15 · 2018 salary guide - legal expertise welcome -...
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Salary GuideLEGAL EXPERTISE
2018
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
www.idexconsulting.com
IDEX Consulting Ltd @IDEXConsulting IDEXConsulting
2018 Salary Guide - Legal Expertise Welcome - Page 3
Now in its third year, the IDEX Legal Expertise Salary Guide has been developed to assist legal professionals across London and the 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 2018 Legal Salary Guide contains key insight and information relevant for legal professionals at all levels across London City and Middle Eastern markets, both for private practice and in-house.2017 has seen continued growth with the London legal market, providing multiple opportunities for both newly qualified and experienced Lawyers who are looking for their next move within the City. Talented individuals have a plethora of
options open to them and moving between firms has become easier than ever as firms look to take advantage of market conditions. We have seen international, magic circle and city firms all increasing recruitment levels, with several moving towards more technical and niche areas of practice. Many firms are dealing with complex regulatory work around the ongoing Brexit negotiations and market changes.During 2017 the Middle Eastern recruitment market has maintained its position as an attractive location for international Lawyers, with many top firms offering excellent incentives, remuneration packages and innovative career opportunities. Living and working in the Middle East continues to be an exciting prospect for many, offering a unique lifestyle change and an interesting, fast paced experience. The Middle East continues to draw leading global firms into the region, with many offering a full service and working within the following areas; Finance, Real Estate, Corporate and Litigation across the region with offices in the United Arab Emirates of Dubai, Abu Dhabi, and also across Qatar, Bahrain, Kuwait, Oman and Saudi Arabia.I hope you find this guide helpful, and if you do have any questions or require further insight, please do not hesitate to contact myself, or one of the members of the team.
Jonathan Turner Director of Legal – Middle East & UK M 07805 674 925 E [email protected]
ContentsIntroduction ............................................ 3London Private Practice .................... 4 - 7London Commerce & Industry ........ 8 - 11Middle East .................................... 12 - 13CEO Commentary ................................ 14 Other sectors ........................................ 15
Page 2 - Contents
2018 Salary Guide - Legal Expertise Private Practice - Page 5
Associate hires have continued to rise this year, with a particular upward trend within the Corporate/Commercial and the Insurance sectors. We have also seen litigation rise this year, both in the general commercial space, as well as more specialist areas in fraud, construction and finance.”
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2017 has seen an increase of over 30% in the number of Legal vacancies registered, as firms seek to take advantage of favourable market conditions and prepare for 2018.”
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Private Practice
Page 4 - Private Practice
YEARS POST QUALIFED SALARY P.A. GBP 16/17 SALARY P.A. GBP 17/18
Magic Circle
7yrs’ PQE - Partner - £139,000+
6yrs’ PQE - £127,000 - £146,000
5yrs’ PQE - £118,000 - £134,000
4 yrs’ PQE - £112,000 - £121,000
3 yrs’ PQE - £107,000 - £115,000
2 yrs’ PQE - £98,500 - £110,000
1 yr PQE - £87,000 - £95,475
Newly-qualified - £78,000 - £85,000
London City Firm
7yrs’ PQE - Partner £105,000 + £122,000+
6yrs’ PQE £95,000 - £127,000 £98,000 - £134,000
5yrs’ PQE £88,000 - £115,000 £89,000 - £126,000
4 yrs’ PQE £77,000 - £108,000 £79,000 - £119,000
3 yrs’ PQE £72,000 - £105,000 £73,000 - £112,000
2 yrs’ PQE £67,000 - £97,000 £67,000 - £89,000
1 yr PQE £64,000 - £92,000 £65,000 - £93,000
Newly-qualified £60,000 - £78,000 £59,000 - £81,000
West End Firm
7yrs’ PQE - Partner £69,000+ £75,000+
6yrs’ PQE £64,000 - £87,000 £69,000 - £90,000
5yrs’ PQE £57,000 - £80,000 £65,000 - £83,000
4 yrs’ PQE £55,000 - £77,000 £61,500 - £80,000
3 yrs’ PQE £49,000 - £71,000 £56,000 - £77,000
2 yrs’ PQE £45,000 - £66,000 £52,000 - £69,000
1 yr PQE £42,000 - 60,000 £46,000 - £ 62,000
Newly-qualified £38,000 - £55,000 £42,000 - £55,000
2018 Salary Guide - Legal Expertise Private Practice - Page 7
YEARS POST QUALIFED SALARY P.A. GBP 16/17 SALARY P.A. GBP 17/18
US Firm (New York)
7yrs’ PQE - Partner £177,000 + £180,000+
6yrs’ PQE £145,000 - £190,000 £150,000 - £206,000
5yrs’ PQE £130,000 - £175,000 £130,000 - £198,000
4 yrs’ PQE £122,000 - £154,000 £124,000 - £178,000
3 yrs’ PQE £116,000 - £140,000 £117,000 - £164,000
2 yrs’ PQE £110,000 - £126,000 £120,000 - £157,000
1 yr PQE £98,000 - £115,000 £100,000 - £146,000
Newly-qualified £94,000 - £110,000 £95,000 - £140,000
US Firm (Mid-Atlantic)
7yrs’ PQE - Partner £140,000+ £142,000+
6yrs’ PQE £125,000 - £157,000 £125,000 - £160,000
5yrs’ PQE £109,000 - £140,000 £111,000 - £142,000
4 yrs’ PQE £97,000 - £120,000 £98,000 - £128,000
3 yrs’ PQE £91,000 - £112,000 £93,000 - £116,000
2 yrs’ PQE £80,000 - £110,000 £83,000 - £112,000
1 yr PQE £73,000 - £98,000 £75,000 - £99,000
Newly-qualified £67,000 - £92,000 £69,000 - £94,000
In comparison to last year, a more stable market has created steady growth within a number of firms in the City. The largest growth being seen at the top-level, with US and Magic Circle firms increasing their salaries for Junior Lawyers.”
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Page 6 - Private Practice
2018 Salary Guide - Legal Expertise London - Commerce & Industry - Page 9
Recruitment has seen continued growth across the board, however the senior Lawyers in London have had 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 lucrative for both 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 QUALIFED SALARY P.A. GBP 16/17 SALARY P.A. GBP 17/18
IT/ Telecoms/ Pharma/ Business Services
General Counsel £115,000+ £125,000+
7 - 8 yrs’ PQE £85,000 - £115,000 £97,000 - £154,000
4 -6 yrs’ PQE £65,000 - £90,000 £78,000 - 102,000
1 - 3 yrs’ PQE £45,000 - £75,000 £52,000 - £78,000
Newly-qualified £42,000 - £55,000 £46,000 - £59,540
Construction/Energy/Engineering
General Counsel £120,000+ £133,900 - £202,000
7 - 8 yrs’ PQE £85,000 - £120,000 £95,000 - £160,000
4 -6 yrs’ PQE £65,000 - £90,000 £72,000 - £103,750
1 - 3 yrs’ PQE £55,000 - £80,000 £56,000 - £73,500
Newly-qualified £45,000 - £55,000 £47,000 - £46,000
Media/FMCG/Leisure
General Counsel £90,000+ £114,500 - £185,000
7 - 8 yrs’ PQE £70,000 - £95,000 £85,000 - £ 140,000
4 -6 yrs’ PQE £55,000 - £85,000 £67,000 - £94,000
1 - 3 yrs’ PQE £45,000 - £60,000 £45,000 - £75,000
Newly-qualified £45,000 - £50,000 £46,000 - £51,000
2018 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
There have been a number of different sectors experiencing growth this year, including insurance businesses and regulatory institutions looking to bolster their legal teams as reforms come into play. The commerce and FMCG markets remain a viable option for legal practitioners; with particular increases in needs for Lawyers in the Pharmaceuticals, Data Protection and Intellectual Property space as GDPR and ePrivacy.”
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YEARS POST QUALIFED SALARY P.A. GBP 16/17 SALARY P.A. GBP 17/18
Investment Banking/ Management
General Counsel £140,000+ £156,000 - £260,000+
7 - 8 yrs’ PQE £95,000 - £135,000 £101,500 - £165,000
4 -6 yrs’ PQE £85,000 - £120,000 £85,000 - £140,000
1 - 3 yrs’ PQE £70,000 - £100,000 £72,000 - £95,600
Newly-qualified £60,000 - £70,000 £56,000 - £67,000
Retail Banking & Insurance
General Counsel £90,000 - £130,000+ £115,000 - £200,000+
7 - 8 yrs’ PQE £80,000 - £110,000 £107,000 - £176,000
4 -6 yrs’ PQE £60,000 - £90,000 £72,000 - £120,000
1 - 3 yrs’ PQE £50,000 - £70,000 £49,000 - £94,000
Newly-qualified £45,000 - £55,000 £44,000 - £64,000
2018 Salary Guide - Legal Expertise Middle East - Page 13
The majority of the candidates that we have placed in the Middle East this year have cited impressive salary, great client contact, and being part of a smaller high quality team as the main reasons that make the move to the Middle East a continually attractive option.”
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Middle East
Page 12 - Middle East
YEARS POST QUALIFED SALARY P/M AED 17/18
Middle East - Regional Practice
Partner AED 65,000 - AED 90,000
7yrs’ PQE - 10 yrs’ PQE AED 55,000- AED 70,000
6 yrs’ PQE AED 44,000 - AED 55,000
5 yrs’ PQE AED 38,000 - AED 45,000
4 yrs’ PQE AED 34,000 - AED 41,000
3 yrs’ PQE AED 28,000 - AED 35,000
2 yrs’ PQE AED 25,000 - AED 32,000
1 yr PQE AED 20,000 - AED 25,000
Middle East - International Practice
Partner AED 95,000 +
7yrs’ PQE - 10 yrs’ PQE AED 65,000 - AED 95,000
6 yrs’ PQE AED 55,000 - AED 70,000
5 yrs’ PQE AED 45,000 - AED 60,000
4 yrs’ PQE AED 40,000 - AED 52,000
3 yrs’ PQE AED 37,000 - AED 48,000
2 yrs’ PQE AED 35,000 - AED 42,000
1 yr PQE AED 30,000 - AED 38,000
Middle East - In-house
General Counsel AED 160,000+
Chief Legal Officer AED 155,000 - AED 250,000 +
Regional Legal Counsel AED 110,000 - AED 165,000
Legal Manager AED 101,000 - AED 145,000
7 - 8 yrs’ PQE AED 90,000 - AED 130,000
4 - 6 yrs’ PQE AED 80,000 - AED 108,000
1 - 3 yrs’ PQE AED 62,000 - AED 85,000
As we move into 2018, we can see the salary figures steadily increasing, with the main areas of growth being insurance, disputes, corporate and construction. 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.
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2018 Salary Guide - Legal Expertise Other Sectors Guides - Page 15
Financial Services Expertise GuideIDEX Consulting’s annual Salary Guide for Financial Services professionals has returned for 2018. Drawing upon the expertise of our specialist Financial Services team, this guide will assist individuals with their next career move and businesses with their growth plans. Our guide will provide valuable insight into the market across the UK.
Insurance Expertise GuideIDEX Consulting are proud to present the annual UK Salary Guide for Insurance professionals. The guide provides information and insight spanning the UK Regions, London City and Lloyd’s General Insurance markets. Our team of specialist Consultants have created the guide to assist our valued clients in driving competitive advantage through talent acquisition and retention over the coming year and to support individuals within the UK Insurance sector who are looking to take the next step forward in their career.
Page 14 - CEO Commentary
Salary GuideFINANCIAL SERVICES EXPERTISE
2018
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
www.idexconsulting.com
IDEX Consulting Ltd @IDEXConsulting IDEXConsulting
Salary GuideINSURANCE EXPERTISE
2018
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
www.idexconsulting.com
IDEX Consulting Ltd @IDEXConsulting IDEXConsulting
Throughout 2017, IDEX have experienced significant growth across all of our practice areas, with 2018 poised to raise the bar further still. The next 12 months will see both Global and Regional businesses confronted with fast-paced change as advances in technology such as AI, Chatbot’s and Google Jobs all begin to make their presence felt in a constantly evolving workspace. How long will it be before Amazon’s Alexa is able to deliver job updates, in real time?The UK recruitment market is continuing to see dramatic growth, despite ongoing uncertainty about Brexit, with 8 out of 10 companies expect to see their revenue increase over 2018, and 23% expecting it to increase by over 25%. The UK employment landscape continues to be dominated by one key factor, with 71% of firms
believing that their greatest challenge will come from overcoming the shortage of talent. To resolve this, business leaders are turning to increasingly innovative ways of attracting and retaining the best people, including remuneration, flexible working environments and a better work/life balance. This attitude, combined with the free availability of data has led to a much more transparent working environment. Websites like Glassdoor and Google have given potential employees the tools to review customer feedback and past / current employee reviews of their employer – meaning that a real focus on employer brand needs to happen, especially as we are now experiencing candidates refusing interviews on the strength poor experience reviews, rather than market “hearsay”. Embracing these changes is a vital part of IDEX’s key objective for 2018, to deliver an exceptional Client and Candidate experience. We aim to work as “Trusted Advisors”- we believe that your Recruitment Consultant should be there for you all the time, not just when you’re looking for a job or recruiting talent. A good Recruiter is a partner for life.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]