Legal in-house financial services              salary guide 2011                   taylorroot.com
Legal in-house financial services salary guide 2011IntroductionOur legal financial services division specialises in recrui...
Legal in-house financial services salary guide 2011Interim MarketThe interim financial services market saw a significant  ...
Legal in-house financial services salary guide 2011Salaries & compensation - PermanentHead of legal and complianceAs the c...
Legal in-house financial services salary guide 2011 Insurance Insurance as a sector has maintained a steady flow of recrui...
Legal in-house financial services salary guide 2011 Funds/Asset management The funds market at the beginning of 2010 was n...
Legal in-house financial services salary guide 2011Salaries & compensation - ISDA negotiators & Paralegals    ISDA Negotia...
Our financial services team is comprised of 6 specialist consultants with over 35 years’ recruitmentexperience between the...
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UK - Banking & Financial Services Salary Survey 2011

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UK - Banking & Financial Services Salary Survey 2011

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Transcript of "UK - Banking & Financial Services Salary Survey 2011"

  1. 1. Legal in-house financial services salary guide 2011 taylorroot.com
  2. 2. Legal in-house financial services salary guide 2011IntroductionOur legal financial services division specialises in recruiting the wider FS market (ie: excluding investment banking) andpermanent and temporary legal professionals at all levels from have not been dramatically impacted.paralegals up to General Counsel and across several differentsectors within the financial services market including funds, Our overall conclusion is that the market is definitelyinsurance, brokers, clearing houses, trading platforms, improving. However, there is a noticeably cautious approachregulatory bodies, private equity and other miscellaneous to new hires and hence a degree of uncertainty as to whatfinancial services organisations. Our financial services team the rest of 2011 holds.works closely with the banking team who recruit for themajor investment banks.Permanent market reviewThe financial services market saw a substantial increase inrecruitment activity at all levels throughout 2010 which hascontinued in to 2011. Regulation has certainly been the areathat has seen and will continue to see the most activity,but there has also been notable demand for lawyers withcommercial/corporate insurance, financial services, generalcommercial and funds experience. Whilst the market hasnoticeably improved and stabilised, it is important to notethat there is still more of a conservative approach to hiringas for many in-house departments obtaining the budget andheadcount to recruit tends to be harder to achieve than in thedays of 2006/2007. This has also resulted in recruitmentprocesses on the whole being significantly longer due toclients wanting to ensure that they have fully explored themarket and as a result are recruiting the best person availablefor the position. On the flip side and as the market hasimproved over the last 12-18 months, there has also been anoticeable change of mindset across the candidate population– an increased demand for their skills has led to candidatesexercising the option to be more selective than they were(or indeed could afford to be) during the leaner times. Thischange in the market does put an increased premium onensuring the recruitment process is as efficient, expeditious,and professional as possible, ensuring a favourable opinion ofthe client is maintained.Salaries in the wider financial services sector have in the mainbeen relatively unaffected by the recent economic difficultiesand have steadily (although not significantly) risen in recentmonths. One possible exception to this trend is in the smallerand mid-sized institutions where in some cases there hasbeen a slight decrease in salaries. On the bonus front, whilstobviously bonuses throughout the banking and financialservices world are under pressure at the moment (especiallywithin organisations that have been hit hard by recentevents), generally speaking they remain fairly stable withintaylorroot.com
  3. 3. Legal in-house financial services salary guide 2011Interim MarketThe interim financial services market saw a significant Whilst the recruitment of paralegals has been steady in theincrease in contract and temporary roles at all levels in 2010. financial services market, the ISDA market was as buoyantThis was largely due to the conservative approach which as ever in 2010 and is showing no signs of slowing downmany clients have tended to take in light of the economic in 2011. There is an ongoing shortage of experienced ISDAclimate in 2008/09. It has been difficult for clients to obtain negotiators with a number of these very keen to makeadditional permanent headcount due to budget constraints a move into a smaller team or institution such as an assetand therefore taking someone on board as a contractor or management organisation.temporary worker has been an excellent alternative. Clientshave been viewing it as a good way of seeing how the Salaries in 2010/2011 have been relatively stable withincandidate works and fits into the team before committing to the financial services sector, both on the qualified and non-something more long term. They have also identified it as an qualified front. Unlike the permanent qualified market, weopportunity to secure high calibre candidates who through no have not seen an increase in hourly/daily rates. In a goodfault of their own have been made redundant by magic and market contractors and temporary workers tend to receive asilver circle firms. premium to make up for the bonus and benefits which they do not receive. Therefore, we believe that the lack of increaseUnlike previous years, clients have considered NQ-1 is largely due to there being a significant drop in bonuses asPQE lawyers for interim roles in areas such as funds and a consequence of the economic downturn.commercial where there is consistently a shortage ofcandidates. This can be partly explained by the fact that the It looks like the interim and non-qualified market willtemporary to permanent route has been particularly favoured continue to stay strong as the cautious approach to new hiresby clients. As mentioned above, clients are viewing interim continues throughout the rest of 2011.candidates as more of a long term option and are thereforewilling to put in the investment usually required with a lessexperienced candidate. It is a very positive sign that over50% of our contract roles which began at the end of 2009or the beginning of 2010 have now been made permanent. Asha Morzaria Senior Consultant
  4. 4. Legal in-house financial services salary guide 2011Salaries & compensation - PermanentHead of legal and complianceAs the compliance market becomes increasingly prominent, we have noticed an increased demand for Heads ofLegal and Compliance in small to mid-sized organisations, either as their first in-house counsel or to head up asmall team. PQE Average base salary range Average bonus range 8 - 9 yrs £90,000 - £120,000 20% - 35% 9 - 10 yrs £110,000 - £140,000 20% - 35% 10 – 12 yrs £120,000 - £160,000 25% - 50% 12 – 14 yrs £125,000 - £170,000 30% - 60% 15 yrs + £135,000 - £200,000 30% - 100%Financial services/Regulatory2010 and the beginning of 2011 has seen a significant demand for lawyers with regulatory experience anddue to the increasing presence and importance of the regulatory bodies, we do not see this changing. PQE Average base salary range Average bonus range 0 - 2 yrs £42,000 - £65,000 10% - 15% 2 – 4 yrs £63,000 - £80,000 10% - 15% 4 – 6 yrs £70,000 - £95,000 10% - 20% 6 – 8 yrs £82,000 - £110,000 15% - 20% 8 – 10 yrs* £90,000 - £120,000 15% - 35% 10 – 12yrs +* £100,000 - £145,000 20% - 50%Commercial/TechnologyGeneral commercial lawyers are always highly sought after. The challenge that the financial services sectorfaces is that lawyers with this background tend to be attracted to the commerce and industry roles hence theneed for financial services to pay higher salaries to attract candidates to their roles. PQE Average base salary range Average bonus range 0 - 2 yrs £57,000 - £69,000 10% - 15% 2 - 4 yrs £65,000 - £82,000 10% - 15% 4 - 6 yrs £73,000 - £97,000 10% - 20% 6 - 8 yrs £85,000 - £110,000 15% - 20% 8 - 10 yrs* £90,000 - £122,000 15% - 35% 10 - 12+ yrs* £100,000 - £150,000 15% - 50%Corporate finance/M&A/Private equityFor obvious reasons there were very few if any corporate roles in 2009/beginning of 2010, however thesecond half of 2010 and the beginning of 2011 has seen a noticeable but not significant increase in in-housecorporate positions which we expect to see continue throughout the rest of 2011. PQE Average base salary range Average bonus range 0 - 2 yrs £55,000 - £72,000 10% - 15% 2 - 4 yrs £68,000 - £85,000 10% - 15% 4 - 6 yrs £75,000 - £97,000 15% - 20% 6-8 yrs £88,000 - £115,000 15% - 20% 8-10 yrs* £95,000 - £120,000 20% - 40% 10-12+ yrs* £110,000 - £160,000 20% - 55%taylorroot.com
  5. 5. Legal in-house financial services salary guide 2011 Insurance Insurance as a sector has maintained a steady flow of recruitment, and in 2010 we noticed an increased demand for insurance litigators and commercial / corporate insurance lawyers of varying levels, which has continued into 2011. Insurance litigation PQE Average base salary range Average bonus range 0-2 yrs £42,000 - £60,000 10% - 15% 2-4 yrs £55,000 - £76,000 10% - 15% 4-6 yrs £72,000 - £85,000 10% - 20% 6-8 yrs £80,000 - £95,000 15% - 30% 8-10 yrs* £90,000 - £115,000 20% - 40% 10-12+ yrs* £100,000 - £135,000 25% - 50% Corporate / Commercial Insurance 0-2 yrs £45,000 - £62,000 10% - 15% 2-4 yrs £60,000 - £78,000 10% - 20% 4-6 yrs £74,000 - £90,000 15% - 25% 6-8 yrs £80,000 - £98,000 15% - 35% 8-10 yrs* £95,000 - £130,000 20% - 40% 10-12+ yrs* £120,000 - £150,000 25% - 55% Nikki Newton Associate Director
  6. 6. Legal in-house financial services salary guide 2011 Funds/Asset management The funds market at the beginning of 2010 was noticeably slower in terms of recruitment; however the second half of 2010 and the beginning of 2011 has seen an increased demand for funds lawyers. It is important to note that lawyers with funds experience, especially regulatory funds experience, are in high demand and reasonably difficult to source due to competition in the market for their experience. PQE Average base salary range Average bonus range 0 - 2 yrs £50,000 - £73,000 10% - 20% 2 - 4 yrs £60,000 - £85,000 15% - 25% 4 - 6 yrs £73,000 - £100,000 15% - 30% 6 - 8 yrs £90,000 – £120,000 20% - 50% 8 - 10* yrs £100,000 - £135,000 25% - 60% 10 - 12+ yrs* £120,000 - £165,000 30% - 100% Retail banking (Consumer finance) Retail banking roles have remained consistent (although not that frequent) over the last few years. It is important to note that sourcing lawyers with this area of specialism is always quite difficult due to a relatively small candidate pool with this skill set. PQE Average base salary range Average bonus range 0 - 2 yrs £40,000 - £62,000 5% - 10% 2 - 4 yrs £58,000 - £75,000 10% - 20% 4 - 6 yrs £65,000 - £80,000 15% - 25% 6 - 8 yrs £72,000 - £95,000 15% - 30% 8 - 10 yrs* £88,000 - £110,000 20% - 35% 10 - 12+ yrs* £105,000 - £135,000 20% - 40% Employment Employment roles do not come up that often in-house and when they do they are quite highly sought after. PQE Average base salary range Average bonus range 0 - 2 yrs £42,000 - £60,000 5% - 10% 2 - 4 yrs £68,000 - £80,000 10% - 20% 4 - 6 yrs £75,000 - £88,000 15% - 25% 6 - 8 yrs £85,000 - £95,000 15% - 30% 8 - 10 yrs* £90,000 - £110,000 20% - 35% 10 - 12+ yrs* £100,000 - £135,000 20% - 40%Notes:• We have formulated the tables above on the basis of extensive research across our database of clients and candidates, combined with our collective experience of recruiting lawyers for the majority of the leading UK, European and global financial services institutions. Please note that these are averages and inevitably there will be occasional exceptions.• Where applicable: base salary figures quoted include any additional fixed payments, car allowance, cost of living adjustments etc.* At the more senior levels where the salary ranges are broader, one of the key factors that will influence where someone would fall withinthat range will be whether or not they have people management responsibilities (and if so, how significant those responsibilities are).taylorroot.com
  7. 7. Legal in-house financial services salary guide 2011Salaries & compensation - ISDA negotiators & Paralegals ISDA Negotiators PQE Average base salary range Average daily rate 1 0 - 1 yrs £35,000 - £40,000 £150 - £200 1 - 2 yrs £40,000 - £50,000 £180 - £250 2 - 3 yrs £45,000 - £60,000 £230 - £350 3 - 4 yrs £55,000 - £70,000 £300 - £350 4 - 5 yrs £65,000 - £80,000 £350 - £400 5 - 7 yrs £75,000 - £90,000 £375 - £450 7+ yrs £80,000 - £100,000 £400 - £600 Management £90,000 - £130,000 £450 - £6001 Daily rate figures are exclusive of holidays which the candidate would be entitled to. Qualified lawyers will be paidup to 15-20% more than non-qualified negotiators. In addition, please note that the number of years experience aswell as the number of ISDAs’ negotiated will also determine where a candidate falls within the above rates. . Paralegals 2 PQE Average base salary range Average daily rate 0 yrs £22,000 - £25,000 £100 - £110 1 yrs £22,000 - £30,000 £105 - £130 2 yrs £25,000 - £40,000 £107 - £172 3 yrs £28,000 - £45,000 £120 - £195 4 yrs £30,000 - £48,000 £130 - £207 5 yrs £40,000 - £55,000 £172 - £238 6 yrs £42,000 -£65,000 £181 - £280 7 - 10 yrs £45,000 - £80,000 £194 - £345 10+ yrs £60,000+ £260+2 The term “paralegal” covers unqualified legal professionals and can sometimes be broadened to include foreign qualified lawyers. Individualswith substantial experience tend not to be referred to as paralegals. Such individuals will receive good quality work and will often be treated asthe equivalent of a qualified lawyer. However, in view of the fact they are not qualified, they will invariably be paid less than their qualified peers. Richard Hanks Group Manager
  8. 8. Our financial services team is comprised of 6 specialist consultants with over 35 years’ recruitmentexperience between them in this sector. For more information on renumeration and career optionsor for help with your recruitment drive please contact a member of the team on 020 7415 2828:Julian Stone Richard Hanks Nikki NewtonPartner Group Manager Associate DirectorIn-house team Permanent recruitment Permanent recruitmentjulianstone@taylorroot.com richardhanks@taylorroot.com nikkinewton@taylorroot.comAsha Morzaria James Penn Ann Marie MartakisSenior Consultant Consultant ConsultantInterim recruitment Interim recruitment Permanent recruitmentashamorzaria@taylorroot.com jamespenn@taylorroot.com annmariemartakis@taylorroot.comEstablished in the 1980s, Taylor Root is now widely recognised as being one of the world’s leadinglegal recruiters. Operating out of offices in the UK, Dubai, Asia and Australia, we are ideally placed toassist law firms, banks and companies with their legal recruitment on an international basis. TaylorRoot has a strong track record in the recruitment of: Heads of Legal and legal advisers; law firmassociates and partners; contract/locum lawyers; paralegals; company secretaries and complianceprofessionals.Taylor Root is a member of The SR Group. The SR Group is a specialist recruitment consultancydedicated to raising standards in the business environments that we serve. The sectors wecover include tax, legal, human resources, marketing, professional support and executive search,dealing with a substantial number of the world’s leading professional partnerships, multi-nationalcorporations and international banking groups as well as small to medium sized developingorganisations. London Dubai Hong Kong 95 Queen Victoria Street Suite 614, Liberty House DIFC 1918 Hutchinson House London EC4V 4HN PO Box 506739 10 Harcourt Road , Central, Hong Kong T: +44 (0)20 7415 2828 T: +9714 448 7770 T: +852 2973 6333 Singapore Melbourne Sydney Level 21 Prudential Tower Level 2, Rialto North Tower Level 12, 25 Bligh Street 30 Cecil Street 525 Collins Street Sydney Singapore 049712 Melbourne, VIC 3000 NSW 2000 T: +65 6420 0500 T: +61 (0)3 8610 8400 T: +61 (0)2 9236 9000 Taylor Root is a member of The SR Group taylorroot.com

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