2022 Legal Accounts Salary Survey Results

Posted

Firstly, and as always, we start with a huge thanks to all of you who took time out to contribute to this year’s survey. We’ve had another great response, driven by members of the ILFM community and our connections at Balance Recruitment from across the UK.

View results as a PDF

Whilst the last 12 months have been far from a steady ship for us all, it’s certainly been a lot smoother running than the first year of the pandemic. Growth has been back on the agenda for many law firms, alongside investment in systems and finance transformation projects. Hiring for staff has not been easy however. Recruitment industry statistics have highlighted intense supply and demand issues being felt across the UK, with fierce competition to attract and retain staff resulting in sharp salary growth for many new and existing employees.

Financial incentives aside, we’re also now able to provide a more reliable insight into the hybrid working arrangements in place across the sector for legal finance staff. The findings of our 2020 Salary Survey, with data reflecting pre-pandemic arrangements, showed that just 19% of respondents had any scheduled ‘work from home’ days each week. That figure has now leapt up to 81%, including 13% of respondents who are now able to work fully remote.

The aim of this survey is to provide an accurate salary benchmark for the different roles that make up the accounts teams of law firms across the country, taking in to account regional variances and firm size (Large = 50+ Partners, Medium = 15-49 Partners, and Small = less than 15 Partners), reviewing which regions are seeing the highest levels of staff movement, and assessing the intentions of employees to remain with their current employer for the year ahead.

The overall percentage of respondents who received a pay increase during the previous 12 months climbed significantly from 37% last year to 75%. There was once again a correlation between firm size and the likelihood of an increase, with 82% of those working for larger firms receiving a salary boost, with medium firms following closely at 80% and small firms trailing behind at 68%
Bonuses were also realised by the majority (61%) with those in large firms again more likely to enjoy a boost in their financial packages. 76% of those at large firms were rewarded with a financial bonus, followed by 65% at medium firms and 50% at small firms.
Despite rising demand for staff, the level of hiring activity identified by the survey reduced marginally, with 12% of respondents having secured a new role in the 12 months prior, down from 13% last year. Medium firms proved to be the most stable with only 6% being first year joiners, with greater movement seen at large firms (12%), closely followed by small firms (11%).
Whilst small firms may not be offering pay increases and bonuses as commonly as their larger competitors, the survey results would indicate they have a better chance of retaining their staff, with 65% of those at small firms having no desire to change employer over the coming year. Medium firms are also performing well in this metric at 60%, whereas only 50% of large firm employees are planning to stay put, a factor which is likely influenced by the geographical spread of large firms with a heavy concentration in London.

Salary increases by firm size:

(last year in brackets)
Large firm = 82% (48%)
Medium firm = 80% (42%)
Small firm = 68% (24%)
Financial bonuses by firm size:
Large firm = 76% (62%)
Medium firm = 65% (52%)
Small firm = 50% (38%)

Percentage of respondents who remained with the same employer within last 12 months:

Large firm = 88% (87%)
Medium firm = 94% (87%)
Small firm = 89% (96%)
Percentage of respondents who hope to remain with the same employer over the next 12 months:
Large firm = 50% (57%)
Medium firm = 60% (64%)
Small firm = 65% (67%)

THE REGIONS:

LONDON: Central London only
SOUTHERN REGION: Berkshire, Buckinghamshire, Bristol, Cornwall, Devon, Dorset, Hampshire, Gloucestershire, Kent, Oxfordshire, Somerset, Surrey, Sussex, Wiltshire
CENTRAL REGION: Bedfordshire, Derbyshire, East Anglia, Essex, Herefordshire, Hertfordshire, Leicestershire, Lincolnshire, Northamptonshire, Nottinghamshire, Rutland, Shropshire, Staffordshire, Warwickshire, West Midlands, Worcestershire, Yorkshire
NORTHERN REGION: Cheshire, County Durham, Cumbria, Greater Manchester, Lancashire, Merseyside, Northumberland, Teeside, Tyne & Wear
WALES: all Counties

Regional Data of Interest:

Northern Regions

Legal Cashier – average salary £26000
Cashiers Manager/Supervisor – average salary £36000
Pay Increase –70%
Financial Bonus Received – 42%

Central Regions

Legal Cashier – average salary £25500
Cashiers Manager/Supervisor – average salary £36500
Pay Increase – 75%
Financial Bonus Received – 42%

Southern Regions

Legal Cashier – average salary £26000
Cashiers Manager/Supervisor – average salary £35000
Pay Increase – 68%
Financial Bonus Received – 57%

London

Legal Cashier – average salary £37000
Cashiers Supervisor – average salary £48500
Head Cashier – £62500
Pay Increase – 83%
Financial Bonus Received – 78%

Wales

Legal Cashier – average salary £24000
Cashiers Manager/Supervisor – average salary £30500
Pay Increase – 41%
Financial Bonus Received – 50%