Introduction
Our research has been conducted by a variety of means including telephone interviews with law firms and registered candidates as well as general market knowledge. Please note that we are always pleased to assist with any bespoke research required.
Overview
You will see from the tables above, minimum, average and maximum salaries have been detailed. The brackets are often wide within each level due to a number of factors which influence and affect salaries.
Shortage of quality individuals on the market at any one time
There is still a shortage of high calibre candidates with experience of certain specialist areas. This has the knock on effect of increased salaries in particular specialisms as a result of a reduced supply and increased demand. Examples of sectors still likely to attract a premium are: Banking, Construction, PFI/PPP, Pensions and Corporate Finance.
A Following/Capacity to develop business through existing contacts
If you can offer a potential new employer extra business then it follows that you are going to be more valuable than someone who cannot offer the same. As a very basic yard stick you will be expected to bill fees which are a multiplier of between 3 and 5 times your basic salary, depending on the area of law you specialise in and the type of firm you work at.
Exceptional billing performance
If you consistently exceed billing and hourly targets whilst remaining a team player and well rounded lawyer you will reap the rewards. Within the personal injury sector, fee earners are often paid a basic salary and also a bonus or commission. This can be calculated based on various formulae but usually on a percentage of billed fees over a target figure based on a multiplier of the employee's annual salary. This can be extremely lucrative for ambitious lawyers.
Benefits/Packages
Different benefits are offered by different firms. The national firms tend to offer flexible packages which may include a contributory pension, personal health insurance, death in service, gym membership, parking or season ticket and the ability to purchase more holidays over and above the annual allocation. The basic benefits for the majority of practices are: minimum of 20 days holiday, death in service and stakeholder pension. Many in-house departments will offer a car or car allowance. National firms offer at least 25 days holiday
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