The Robert Walters 2018 Salary Survey has found that lawyers in private practice will enjoy pay increases of 5% on average in 2018.
While Brexit has created an air of ongoing uncertainty among employers, firms are still facing strong competition for talent, with many lawyers leaving their firm upon qualification.
“Long term staff retention remains an ongoing challenge for private practice firms, with newly qualified lawyers aware of the high demand for their skills and as such are prepared to seek out more lucrative opportunities,” said Adrian Donaldson, Consultant at Robert Walters.
“In particular, lawyers with up to two years PQE have been highly sought after by firms specialising in real estate, finance, construction and private equity.”
Millennial lawyers prioritse lucrative salaries
Among younger lawyers, high levels of student debt combined with the high cost of living in London has led many to actively seek employers who can offer generous salaries, prioritising this over other concerns. Lawyers with up to two years PQE have been highly sought after by firms specialising in real estate, finance, construction and private equity.”
“As Millennial legal professionals pursue competitive salaries, UK firms will need to respond to competition from firms based in the US, with many having matched pay scales in London to those in New York in 2017,” continued Adrian Donaldson, Consultant at Robert Walters.
“As a result, many US firms were offering higher salaries than those on offer from Magic Circle firms at the mid and junior level.”
“To remain competitive this year, UK firms will have to consider reviewing their pay structures, as well as emphasising the potential they can offer for long term career development in order to secure top calibre professionals.”
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