The ILFM have once again teamed up with specialist legal business services recruitment consultancy Balance Recruitment to produce the 2016 Legal Accounts Salary Survey and we have had a whopping response with an increase in participation across the length and breadth of the country. A huge thank you to all of those who took part!
The aim of the salary survey is to provide an accurate salary range for the different roles that make up an accounts team within 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 and which regions are seeing the highest levels of staff movement.
With a significant increase in response levels, particularly from smaller firms across the UK, the average salary figures have shown a slight decrease for certain positions in comparison to last year’s survey, however salaries largely continue to be on the rise on a like-for-like basis, as evidenced by the data around pay increases. The results show the fourth straight year of growth in the number of respondents receiving a pay rise during the past 12 months, although rising only marginally from 66% in 2015 to 67% this year.
- The proportion of overall respondents who received a financial bonus also remained similar to last year, with a marginally drop from 46% down to 45%.
- There is a clear disparity in pay conditions between large and small firms, which is perhaps partly reflective of the higher rate of staff turnover at larger firms, where employers more frequently find themselves having to attract experienced staff in a highly competitive jobs market. It could also be argued that employees of smaller firms are paying a price for their loyalty.
- There was a slight increase in actual staff turnover year on year, with 86% of staff remaining with the same employer during the previous 12 months, down from 88% in last year’s survey. London again saw the highest level of movement with just 79% staying with the same employer, followed by Wales (86%), Central & Northern Regions (90%) and the South (91%).
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 richardhooper@balancerecruitment.com.
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