The skills shortages of 2015 are likely to persist into 2016, despite an increased number of training contracts, according to the 2016 Robert Walters Salary Survey.
This will continue to drive salaries up in London, and means that regional law firms may have to raise salaries to compete with the recovering London market and to prevent staff turnover.
"Demand for private practice and in-house lawyers increased steadily in 2015, with market forces causing a particular emphasis on recruiting specialists in commercial, finance, corporate and real-estate sectors," said Sam Walters, Associate Director at Robert Walters.
"Furthermore, regulatory pressures in the banking and financial services sector, along with growing business confidence, also drove increased interest in profressionals with transactional and regulatory experience."
Regulatory pressures in the banking and financial services sector drove increased interest in profressionals with transactional and regulatory experience.
In response to increased competition for top talent, employers, especially those in private practice, are also becoming more open to changes in working culture and practices.
2016 salary update
- A shortage of mid-level professionals also emerged last year, triggering a rise in salaries for newly qualified and two-to-four-year post-qualification lawyers.
- Mergers between firms also led to the movement of senior lawyers, leading to a steady increase in salaries.
- Regional law firms may have to raise salaries to compete with the recovering London market and to prevent staff turnover
Find out what you’re worth using the Robert Walters Salary Survey.