As always, we start with a big thank you to all of you who took the time out to contribute to our latest Salary Survey. We’ve had a huge response from the combined network of the ILFM and Balance Recruitment, and have subsequently been very busy crunching the numbers to produce this years findings.
The aim of the salary survey is to provide an accurate salary range for the different roles that make up the accounts teams of Law Firms across the country, taking in to account regional variances, firm size (Large = 50+ Partners, Medium = 15-49 Partners, and Small = less than 15 Partners), analysing where salary increases are on the rise/fall, which regions are seeing the highest levels of staff movement and reviewing how content employees are to remain with their current employer for the year ahead.
- The prevalence of pay increases is once again climbing, with 69% of respondents having benefitted from a bump up in their take-home during the prior 12 months, up from 67% from last year. Medium sized firms were once again where pay rises were most likely to be found, although at a lower rate than last year. Smaller firms saw the biggest rise for this metric over the past year, rising from 60% to 65%.
- The proportion of overall respondents who received a financial bonus remained static at 48%, equalling our 2018 findings, which had set a new high. There was movement between the firm sizes however, with a notable decrease at Larger firms, dropping from 66% in 2018 down to 52%. Medium sized firms outperformed Larger firms for the first time since we’ve been running the survey, and whilst Smaller firms were still trailing behind, they continued to close the gap on their larger competitors, rising from 38% to 43%.
- As with all previous years, it was within Larger firms where more hiring activity had taken place, with just over 1 in 5 respondents who’re currently at Larger firms having moved employer during the previous year, around double the amount of movement from those working at Medium and Smaller firms. This trend looks likely to continue when we also look at the intentions of respondents planning to remain with their current employer over the coming year – with only 56% of those at Larger firms committed to staying, compared to 62% at Medium firms and 66% at Smaller firms.
- Reviewing the history of our salary surveys, it’s encouraging to see the gap in financial progression and incentives for legal accounts staff narrowing from the Smaller firms to the Larger. Smaller firms make up the largest share of respondents from our survey, so what may seem like small progress in percentage terms, will actually be affecting a huge proportion of the industry.
If you would like to discuss salary data for your specific location in a little more detail, please feel free to contact Richard Hooper at Balance Recruitment on email@example.com.