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Brewer Morris Tax Recruitment Market Update & Salary Survey 2012 & 2013
 

Brewer Morris Tax Recruitment Market Update & Salary Survey 2012 & 2013

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Brewer Morris is delighted to launch our 13th annual tax recruitment market update and salary survey for 2012 & 2013. ...

Brewer Morris is delighted to launch our 13th annual tax recruitment market update and salary survey for 2012 & 2013.
The report takes an in-depth look at the tax market across commerce & industry, banking & finance, practice, the interim recruitment tax market, tax legal and the Middle East and European tax markets.

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    Brewer Morris Tax Recruitment Market Update & Salary Survey 2012 & 2013 Brewer Morris Tax Recruitment Market Update & Salary Survey 2012 & 2013 Document Transcript

    • Market update and salary survey 2012/2013 brewermorris.com
    • Market update and salary survey 2012/2013Introduction “Black clouds are advancing over the horizon given the Eurozone crisis, turbulent world stock markets and concerns over the liquidity or indeed solvency of certain countries and their financial institutions. ” 2011 Brewer Morris Market Update & Salary SurveyWell the black clouds have certainly come, are big and seem to show few signs of moving on. Inevitably this has created a challengingenvironment for tax recruitment, following two great years in 2010 and 2011.A tightening of corporates’ advisory spend and a reduced need for tax planning & advice has led to a sharp slowdown within theBig 4 in the UK.The Tier A firms have fared better given they are not as reliant on the large corporates and banks for work, and indeed a couple haveseen good growth making a number of significant hires. The larger independent firms and niche boutiques continue to do well, withstrong demand for tax professionals with specific skills to increase their service offerings to clients.The banking sector remains depressed, with the larger tax departments implementing restructurings, although there are somepockets of recruitment taking place especially in compliance and reporting. The broader financial services sector is holding up, withsteady recruitment in insurance and asset management.There is still expansion recruitment in the corporate sector, with continued appetite for transfer pricing, VAT, compliance andreporting tax professionals. Unsurprisingly, in this market the demand for interim and contract tax staff remains high.There continues to be a healthy appetite for Tax Lawyers from the Law firms, with tax dispute resolution and litigation expertise inparticular demand.In Europe we are witnessing strong growth in the demand for tax professionals and although hiring in Switzerland has cooled; weare still seeing steady recruitment in other key economies.The Middle East is currently seeing substantial levels of recruitment, with the key territories in the Asia Pacific region continuing toenjoy growth levels far outstripping traditional Western economies. Mark Pryor Partnerbrewermorris.com
    • Market update and salary survey 2012/2013Commerce & Industry TaxMarket overview Salary trendsTo date, the tax recruitment market in 2012 has proved to be as A detailed questionnaire was sent to all of the key tax clientscomplex and unpredictable as at any time. who work with Brewer Morris. Almost 95% of all clients who responded to the survey intend to award a salary increaseDespite the wider macro-economic climate and the challenges to their team this year. Almost 20% are looking to increasethat the majority of our clients face when looking at recruitment salaries by between 4% to 7% and more than 5% are lookingneeds, there has continued to be a healthy appetite for those to give their team an increase in the region of 8% to 10%.candidates who are able to illustrate a strong tax complianceand accounting knowledge and who are able to use these It also seems that the bonus culture is alive and well in thebroad based tax accounting skills in a commercial setting. This tax world with more than half of our clients looking to awarddemand has been driven by the continuing compliance demand bonuses in excess of 20% of base salary.placed on tax directors, their teams and businesses. Benchmarking servicesIn the first six months of 2012, we have been involved in eightTax Director / Head of Tax recruitment exercises. At Brewer Morris we have spent a great deal of time providingIn our opinion this is a relatively large number of opportunities bespoke salary benchmarking services to our clients. Thisat this level which has been driven by a number of retirements assists in-house reward teams in understanding how taxand changes in senior personnel. functions operate within the larger finance environments and ensures that they are rewarded accordingly.The one area of the market which has proved difficult, is themid-level commercial tax market. This has been the traditional We would be delighted to speak with any clients or individualspoint for many Senior Managers making their first move in- who feel they may benefit from bespoke salary guidance.house to take on international tax roles or even greenfield rolesfor smaller organisations. The reduction in the amount of M&A For further information about the Commerce & industrytransactions, refinancing or restructuring has meant that most tax sector please contact:tax functions have dealt with this work through using existingteam members. Matthew Gravelle PartnerLooking ahead E: matthewgravelle@brewermorris.com T: +44 (0)20 7415 2800With more than 60% of Tax Directors who responded to oursurvey looking to grow their tax functions in the next 12months, there seems to be a positive feel to the market ahead.With no end in sight to the increase in tax legislation, and theburden of tax compliance growing, Tax Directors are finding iteasier to secure the headcount that they envisage in this area.However, visibility in recruitment is difficult at the best of timesand in these times of continuous economic change long-termpredictions become ever more difficult to make.brewermorris.com
    • Market update and salary survey 2012/2013FTSE 100Continuing economic uncertainty has meant that any growth However, many of the bonuses that have been awardedin the larger tax functions across the FTSE 100 has been both have been relatively noteworthy. The results of our surveyslow and sporadic according to industry sector. Similar to a show that where bonuses are available within a business, taxpattern we saw in 2011, many tax professionals have been professionals’ efforts are being recognised. Those who are notdealing with a broader range of tax issues as opposed to new awarded bonuses or pay rises are typically in organisationsspecialist tax roles being created. where rewards are less available, primarily due to the nature of their business and the sector they operate in.At Senior Manager level there has been a decrease in thequantity of opportunities, particularly on the international About a third of the FTSE 100 envisage growth in their taxadvisory side. This is mostly due to the fact that in the current functions over the next twelve months. Similar to what weeconomic climate, most businesses are not in a position to be have seen over the last six months, any growth that is forecastsigning off on big M&A deals or restructuring work. The majority tends to be at the junior level, with a specific emphasis onof recruitment activity has been at Assistant Manager and compliance and reporting professionals.Manager level, largely focussing on compliance and reportingissues; an area in which we have been surprisingly busy. We For further information about the FTSE 100 market pleasehave witnessed an increased demand for tax professionals with contact:particular specialisms such as indirect tax, transfer pricing andUS taxes. There has also been a reasonable number of senior Stephen Adamslevel hires being made, predominantly as a result of recent E: stephenadams@brewermorris.comretirements or indeed succession planning. T: +44 (0)20 7415 2800Increases in salaries have generally been in line withstandard year-on-year increases, with only a minority of taxprofessionals obtaining any significant uplift.Title Base Car Allowance BonusHead of Tax £120,000 - £230,000 £10,000 - £18,000 20% - 100%Senior Manager £65,000 - £180,000 £4,500 - £12,000 10% - 100%Manager £45,000 - £75,000 £4,500 - £5,500 10% - 30%Tax Accountant £35,000 - £55,000 Up to £2,000 5% - 20%brewermorris.com
    • Market update and salary survey 2012/2013FTSE 250As we move through 2012 we have seen this part of the market Remuneration across the FTSE 250 has remained fairly stableremain particularly active at junior to mid-level, predominantly over the last 12 months. Salaries on offer are competitivein the areas of tax compliance and reporting, where there at all levels and ensure that good quality candidates remainhas been a strong appetite for candidates in both London attracted to the potential of working for companies with solidand the regions. This is largely due to an increased focus on growth prospects in a more varied and well balanced role. Taxthe tightening of internal controls from a tax perspective and professionals currently ‘in role’ within this sector have seenensuring absolute accuracy in financial statements. salary increases of between 1% - 5% on average over the last 12 months.In a continuation of what we have seen over the last few years,there is still a focus on either bringing tax in-house for the first For further information about the FTSE 250 market pleasetime or increasing the amount of tax work carried out internally. contact:This has the benefit of not only increasing tax visibility within Guy Wilmotthe business but also reducing spend on external advisors. E: guywilmot@brewermorris.com T: +44 (0)20 7415 2800There has been activity across a wide spectrum of industrysectors, including FMCG, manufacturing and engineering. In asimilar fashion to 2011, companies have been steadily liftingrecruitment freezes and with confidence continuing to improve,candidates have been more active in seeking out opportunities.It does, however, remain the case that the majority of resourcingneeds have arisen as a result of natural turnover rather thanteam expansion.Title Base Car Allowance BonusHead of Tax £85,000 - £210,000 £5,000 - £12,000 15% - 100%Senior Manager £70,000 - £115,000 £4,500 - £6,000 10% - 60%Manager £40,000 - £95,000 £4,500 - £5,500 10% - 30%Tax Accountant £35,000 - £60,000 Up to £2,500 5% - 15%brewermorris.com
    • Market update and salary survey 2012/2013Financial ServicesThe past year has been mixed in terms of demand for tax £45,000 to £60,000, who focus on tax compliance andprofessionals into financial services organisations. With the reporting. Due to the negative media focus on tax planning andEurozone muddling through each successive crisis, and with with organisations putting any plans for group re-structuringweaker results than in 2009/2010, banks have taken stock or M&A projects on hold until there is more confidence inand only hired when absolutely necessary. Fund managers the economy there has been a notable decrease in advisory/have tried to keep costs low, so whilst there has been some planning/structuring roles.recruitment it is still not at the levels we have previously seen.Insurance groups have done a significant amount of hiring in The demand for VAT and transfer pricing professionals hasthe past year which has propped up recruitment within the remained constant and getting sign-off to recruit in either offinancial services market overall. these areas has been much less challenging than in some areas. These taxes have a notable effect on cash-flow and cost controlDespite profit and economic uncertainties, candidates with and have a real impact on net profit before tax, which means itstrong compliance and accounting experience have continued is much easier to get headcount approval for these roles.to be in high demand. Companies must submit their tax returnsregardless of the economy and as a result, the largest area of We have seen that salaries are increasing in some areas of therecruitment over the past 12 months has been of corporate financial services market, although not at the same rate astax compliance professionals. The desire to make forecasting we have seen in previous years. In addition, when people doand reporting more timely and accurate has increased the change roles, they are not able to command the significant paydemand for tax professionals with strong accounting and rises that they have in previous roles.reporting systems experience to ‘beef up’ capability in globaltax reporting and forecasting teams. For further information about the Financial Services tax market please contact:We have noticed more roles that have become available in theUK as a direct result of a change in global tax teams to a ‘hub Ben Throwerand spoke’ model. Within the UK there are now a number of E: benthrower@brewermorris.comEMEA or global hubs and this has increased the demand to T: +44 (0)20 7415 2800recruit in the UK for tax professionals with responsibility fornon-UK regions.There has been a notable increase in demand for junior taxprofessionals across financial services. These candidates willtypically range from Tax Accountants to Tax Managers from Job title Average Salary Bonus Head of Tax / Managing Director £130,000 + 40% - 100% Head of Team/Deputy Head of Tax / Director £110,000 + 30% - 80% Group Tax Manager / Associate Director £90,000 - £130,000 20% - 60% Tax Manager / Vice President £60,000 - £110,000 10% - 50% Tax Accountant / Assistant Vice President £45,000 - £60,000 10% - 40% Tax Assistant / Associate £30,000 - £40,000 0% - 15%brewermorris.com
    • Market update and salary survey 2012/2013Overseas MultinationalsDespite current economic conditions, foreign owned multi- Key sectors that have been recruiting include:nationals have been recruiting steadily across all levels,specialisms and industries. We have seen a particular demand in • Electronicsrecruiting tax accounting, compliance and reporting candidates • Oil & gas (services)with strong experience in US GAAP, ASC 740 (FIN 48) and • Information technology servicesFAS109, reflecting the need for businesses to comply with • Pharmaceuticalsincreasingly complex legislation and reporting requirements. • Media • FMCGTransfer pricing continues to be a key area of recruitment for • Manufacturingoverseas multinationals as corporates are keen to reduce costsby reviewing their transfer pricing policies accordingly. This In general the recruitment market has been active throughoutyear there has been recruitment across all levels from Transfer 2012 with many foreign owned multinationals keen to growPricing Analysts in media organisations to Senior Transfer Pricing their tax departments, particularly in the compliance & reportingManagers in financial services. Given the wider economy, this and transfer pricing areas. Salaries have generally kept paceis a topic that will continue to remain a high priority within with inflation since 2011 with 60% reporting a raise of up toforeign businesses’ tax functions as they look to minimise 5%. 8% of respondees had an 11-20% salary increase, whichprofits, and the trends dictate that demand for transfer pricing represented the highest raises in salary.professionals candidates will continue to grow. For further information about the Foreign OwnedThis year has seen a number of key hires across the UK Multinationals market please contact:including a Head of Tax & Treasury for a Russian owned oil &gas services company and an EMEA Tax Director for a US media Cristina Belchercorporation, amongst others. Given that a large proportion of E: cristinabelcher@brewermorris.comoverseas multinationals have their EMEA or global headquarters T: +44 (0)20 7415 2800elsewhere in Europe, there has been a rise in internationaltax positions being located in places like Switzerland andLuxembourg, particularly from Manager grades upwards. Title Base Car Allowance Bonus Regional Head of Tax £90,000 – £180,000 £8,000 – £14,000 20% – 100% Senior Manager £70,000 – £120,000 £6,000 – £9,000 10% – 50% Manager £50,000 – £70,000 £4,000 – £6,000 5% – 20% Tax Accountant £30,000 - £45,000 Up to £2,000 0% – 15%brewermorris.com
    • Market update and salary survey 2012/2013Interim Tax Market - Commerce& IndustryThe interim tax market has remained relatively steady despite • It’s a great way to re-enter the job market. Contractingchallenging market conditions. There has been relatively little allows candidates to ease back into the job market and gainchange in the status quo with regard to transfer pricing, VAT new experienceand partnership taxes specialists. These specialist candidates • Many temporaries are hired after their initial assignment.are still highly sought after in the interim market. In spite of Temporary and contract assignments are a great foot in thethe current market climate, candidates in these areas are being door for a potential full-time rolepaid above market rate. Many companies are taking advantage • You often have greater flexibility. Assignments that areof the increased interim candidate pool by hiring temporary temporary tend to be more flexible when it comes to workingcandidates as a way of trialling staff for a permanent vacancy. hours, telecommuting and other factors.Alternatively, many organisations are still finding that hiring Overall there is renewed confidence that the volume oftemporary staff is perfect for completing projects of no fixed interim hires will grow due to existing in-house teams beingduration whereby the candidate can work on an ongoing month overstretched, but there is still caution due to budget constraints.by month basis. This approach affords greater flexibility tocertain industry sectors and in particular to the manufacturing For further information about the Interim tax marketand oil & gas sectors. please contact: Mo HanslodThe main motivating factors as to why candidates are opting for E: mohanslod@brewermorris.cominterim work are as follows: T: +44 (0)20 7415 2800• You can perform critical and challenging work• Assignments are matched to skill level, so the work can be varied and interesting• The pay is competitive. Companies are still paying well for temporary tax support especially in tax reporting• Opportunities are often immediate. Assignments are frequently created because of an unexpected deadline or project that the full-time staff simply cannot handleCommerce ratesTitle Range per hourHead of tax £50 - £150Senior Tax Manager £40 - £50Tax Manager £30 - £40Tax Accountant £20 - £30brewermorris.com
    • Market update and salary survey 2012/2013Interim Tax Market - FinancialServicesIn 2012, tax recruitment within financial services has seen extra resource where headcount for a permanent hire isa promising increase in the number of interim roles being restricted.recruited as permanent headcount restrictions and cost cuttingcontinue to remain the normality for most businesses. VAT professionals are continually in demand particularly for specific project work and VAT compliance.In 2010 and 2011 there was a reluctance for businesses tospend budget on hiring interim staff during busy periods and/ Overall, the calibre of interim tax professionals is very high.or for maternity covers. Although tax teams were already very It has become a very competitive market but the same trendbusy, the extra workload was absorbed within the team. In remains that immediately available candidates with solid tax2012 this situation has changed as the requirement for tighter skills and good references are always snapped up relativelycompliance, reporting and risk controls has led to increased quickly.workload, making short term contract hires to cover corporatetax compliance & reporting during the usual busy periods an For further information about the Interim tax marketideal solution. please contact: Yasna KlarinWithin banking and insurance, there have been several long E: yasnaklarin@brewermorris.comterm maternity cover hires particularly at the Senior Manager T: +44 (0)20 7415 2800level and upwards. Additionally, there has also been an increasein the hiring of temporary tax professionals as a way to provide Financial Services rates Practice rates Title Range per hour Title Range per hour Head of Tax £50 - £150 Tax Senior Managers £40 - £50+ Senior Tax Manager £40 - £50 Manager £30 - £35 Tax Manager £30 - £40 Tax Senior £20 - £30 Tax Accountant £20 - £30 Semi Seniors £15 - £20brewermorris.com
    • Market update and salary survey 2012/2013Professional ServicesMarket overviewFollowing a strong end to last year, 2012 began with continued sectors in the market which are still experiencing growth. Ofoptimism that the tax recruitment market would follow in the those expecting pay rises however over 90% were expectingsame vein and indeed the first part of 2012 followed very a pay rise of between 1-3% with the remainder expectingmuch along these lines. However as we moved into the second between 4-7%.quarter it became increasingly clear that this recovery would bea bumpy one as the economic climate took a turn for the worse. Over the last 12 months 50% of those questioned for our surveyThis led to an inevitable slowdown in some areas particularly have seen the size of their tax teams grow with the remainingwithin the larger firms and the Big Four with most of the firms 50% seeing either no change or a decrease in numbers.looking to retain the best of their existing talent. Howeverthere does remain a demand for tax professionals with strong With the continuing Eurozone woes and the return of thetechnical and proven business development skills. country to recession it is difficult to predict what 2013 holds for the tax profession. Caution remains in the market but thereThere has been an increased appetite within the mid tier and are still positive signs that the market is being resilient. 2013independent organisations (which had, until recently, remained promises to be an interesting year.relatively quiet) with recruitment starting to pick up across theboard at all levels with both candidates and firms displaying For further information about the Professional Servicesincreased confidence. Continuing adverse conditions have also market please contact:presented some opportunities to specialist boutiques who havetaken the opportunity to take some market share. Mark Glubb E: markglubb@brewermorris.comThe impact of this on the recruitment market has meant that T: +44 (0)20 7415 280040% of staff have experienced a pay freeze, an increaseof 37.5% from last year. The good news is that 60% ofrespondents received a pay rise, indicating that there arebrewermorris.com
    • Market update and salary survey 2012/2013Big 4 & Top 20Following the steady rise in recruitment levels in 2011, growth as well as hiring strategically and recruiting quality talent inlevelled off in the early months of 2012. Although the increasing specialist areas of tax.uncertainty in the market led to this inevitable slow down ofrecruitment in London, pockets of growth continued in certain Although a consistent pattern of recruitment has been difficultspecialist tax areas, in particular in expatriate & employment to detect so far this year, in general there seems to be atax, transfer pricing, tax insolvency, R&D and indirect taxes. The cautious optimism that the market will improve towards thetrend has therefore been to focus on hiring in areas of genuine end of 2012 and beginning of 2013.growth and profitability. Of special interest is the growth ofR&D recruitment, given the focus by the UK government to Partner recruitment remains muted across the market. However,encourage technology developments in the UK following the partners with followings or who can demonstrate a provenbudget in April 2012. ability to build business remain very marketable but the hiring process remains rigorous and convoluted. The director marketA slightly different trend can be seen outside London, where mirrors that for partners although there are a good number ofthere has been a pick up in recruitment levels from quarter signed off mandates particularly in the Top 20 market.four in 2011, in particular in Reading, Bristol and the Midlands.Recruitment in the regions has mostly been of mainstream Partner remuneration levels span such a large range accordingtax professionals, perhaps indicating that the slower London to firm profitability which makes listing them meaningless.market has presented some new opportunities for these For a more bespoke view of remuneration at this level pleaseregional offices. contact Mark Glubb. The Director bandings reflect base salaries only as benefits can vary significantly at this level.Activity in the Top 20 firms has been steady, with recruitmentbeing centred around replacement or growth in key areas. For further information about the Big 4 & Top 20 marketInterestingly throughout 2012, a few of the larger Tier A firms please contact:have drawn up challenging growth plans, perhaps making themost of the relative low profit growth of the Big 4. Kate Surgeoner E: katesurgeoner@brewermorris.comWith the market being tempered with such uncertainty, it T: +44 (0)20 7415 2800appears that the focus for firms for the rest of 2012 and goinginto 2013 will be on retaining their most talented employeesJob title London The South Midlands Scotland & The North South West & Wales (£,000) (£,000) (£,000) (£,000) (£,000)Corporate & Employment Tax & VATDirector £85 - £180 £75 - £150 £70 - £140 £65 - £140 £70 - £140Senior Manager £65 - £95 £50 - £90 £48 - £85 £45 - £75 £55 - £85Manager £50 - £70 £48 - £62 £38 - £55 £40 - £65 £40 - £58Tax Senior £42 - £52 £38 - £48 £32 - £42 £28 - £35 £24 - £35Assistant £25 - £40 £20 - £35 £18 - £30 £16 - £32 £16 - £26Personal & Expatriate TaxDirector £80 - £160 £75 - £150 £65 - £130 £60 - £130 £65 - £130Senior Manager £58 - £90 £48 - £85 £45 - £80 £45 - £75 £50 - £80Manager £50 - £68 £45 - £60 £35 - £55 £38 - £60 £40 - £58Tax Senior £42 - £50 £38 - £45 £30 - £40 £28 - £35 £24 - £35Assistant £25 - £40 £20 - £35 £18 - £30 £16 - £30 £16 - £26brewermorris.com
    • Market update and salary survey 2012/2013Boutique FirmsIn the face of the variable economic landscape and a cautious After very little partner level recruitment in 2009/10, seniorforecast amongst the Big 4 and Top 20 firms for the rest of 2012, level recruitment across the mid tier and boutique firms hasthe independent and boutique firms market has continued the been fairly solid throughout the back end of 2011 and the firststeady commitment to recruitment which we saw across all quarter of 2012, particularly Partners who are well networkedlevels and tax specialisms from the middle of 2011. or have a client following. Boutique firms particularly have been looking to take market share from some of the largerIn contrast to the patterns of last year however, where the professional services firms who have been quieter in thesemajority of roles in the mid tier were created through need to periods. We have also noticed an increase in the smaller andreplace candidates leaving for the larger firms, this consistent independent firms seeking to take on Tax Partners for the firstactivity has been generated more out of natural growth and time due to a desire for growth or as replacement for generalrestructuring, with firms having the confidence and capital to Practice Partners who retired or left the partnership during thisacquire new talent, and many taking steps to diversify their time. A trend that we have noticed is smaller firms taking onservice offering. This has led to a greater number of vacancies Senior Managers and Directors from the larger firms as Partnerswith a focus on advisory or technical development, and a as progression in these firms has been a little slow over therenewed interest in recruitment for specialist areas such as last year.VAT, research and development and partnership tax. Across themid-market however, the main demand was, as expected, in The overall picture has continued to be positive across the boardcorporate and personal taxation, with the first half of 2012 amidst the mid market and independent professional servicesdominated by the latter specialism and a steady stream of and after a busy summer of nationwide events provoking acorporate roles emerging from June onwards. quieter quarter three, September onwards looks set to be busy as firms return to business as usual for the latter half of 2012.On the whole the first half of 2012 has seen a greater drive Though we are still by no means out of the woods, what hasfrom candidates to consider their options in these improving been encouraging has been the resilience of these smaller firmsmarkets, with strong candidates able to demand a higher salary against economic uncertainty.rate than in recent years at all levels from Tax Senior to SeniorManager and Director. Salaries across the board however have For further information about the Boutique tax marketremained largely unchanged after their encouraging boost last please contact:year, although incentives, commission structures and bonuspackages have been seen more often. Hu Kabir or Emily Morrison E: hukabir@brewermorris.comThe Boutique market has remained dominated by overseas E: emilymorrison@brewermorris.comprofessional services firms showing a similar commitment to T: +44 (0)20 7415 2800their fairly rigorous recruitment programmes announced lastyear. Job Title London South East Midlands South West The North & Scotland £,000 £,000 £,000 £,000 £,000 Personal Tax and Expatriate Tax, and Trusts Senior Manager £60-£80 £50-75 £46-£65 £50-£62 £45-£60 Manager £45-£65 £42-65 £36-£55 £35-£48 £35-£46 Tax Senior £30-£45 £26-42 £24-£38 £24-£35 £20-£35 Assistant £24-£32 £22-28 £20-£24 £18-£24 £16-£22 Corporate Tax and VAT Senior Manager £62-£85 £60-80 £48-£68 £48-£68 £46-£62 Manager £48-£62 £45-60 £38-£52 £38-£52 £36-£48 Tax Senior £32-£48 £30-44 £25-£40 £25-£38 £22-£36 Assistant £24-£32 £22-28 £18-£25 £18-£24 £17.5-£22brewermorris.com
    • Market update and salary survey 2012/2013Legal Tax MarketWhile there still has to be a strong business case to hire extremely rare within tax as it is never an area in which traineesadditional resource into the transactional teams within the are taken on in volume and when opportunities do arise firmslaw firms or indeed replace Tax Lawyers who may have left, are understandably prioritising their own trainees. That beingthe first six months of 2012 has been surprisingly busy from said, many firms are in competition with each other for theAssociate up to Partner level. very best candidates, especially at the 2 - 4 year PQE level so Partners are having to move quickly to avoid candidates pullingAlthough across mainstream corporate tax and tax litigation out of processes for a swifter offer.the appetite to hire has been steady, it is within private clienttax teams that we have seen the real activity. With high net With Partner promotions as elusive as ever, some Seniorworth individuals being many law firms favourite clients at the Associate salaries in the magic circle are being artificiallymoment, more and more practices are looking for additional inflated to retain experienced staff, but most salaries haveways in which they can service all their tax requirements in- remained static, offering only the minimum PQE uplift andhouse which has lead to teams expanding to cope with the minimal bonuses. However with many firms announcing 100%increased work load. retention rates for trainees and PEP up for many firms with recent financials looking surprisingly healthy, the law firms inMany smaller practices are benefiting from the quality of London look steady as we move into the second half of 2012.candidates at the senior associate level who are coming to themarket looking for better career progression with partnership For further information about the Legal tax market pleasein the larger City firms and magic circle still incredibly difficult contact:to attain. Catherine NashWe have also seen some key moves at Partner level with some E: catherinenash@brewermorris.comUS outfits looking to bring tax capability into the firm for the T: +44 (0)20 7415 2800first time having tired of turning work away. In addition, wehave seen some strategic moves from the Big 4 back into legalpractice to set up specialist areas such as transfer pricing andshare schemes.However competition for roles remains fierce at every level.Whether applying for a mid level associate role in a City practiceor moving as a Partner there are some exceptional candidatesvying for the same jobs and employers are still cautious enoughto set the bar very high. Newly qualified positions are also Type of Firm NQ 1 PQE 2 PQE 3 PQE PEP 2011 / 2012 West End Firm £55,000 £63,000 £67,000 £75,000 £224,000 City Firm £60,000 £67,000 £72,000 £78,000 £332,000 Silver Circle £62,000 £69,000 £78,000 £86,000 £528,000 Magic Circle £64,000 £70,000 £80,000 £88,000 £1,200,000 International Firm £72,000 £82,000 £86,000 £97,000 £1,000,000 US Firm £95,000 £100,000 £106,000 £115,000 £1,350,000brewermorris.com
    • Market update and salary survey 2012/2013InternationalEurope The Middle EastThe trend for growth within international Big 4 firms has The Middle East is still seen as a real growth area for the majoritycontinued with increased demand for high calibre candidates. of the Big 4. As the UK market place retracts, a majority ofAs the appetite for working abroad has increased, in some business are increasing revenue growth by expanding theircircumstances driven by a rather flat UK market, many firms emerging markets operations. Although hiring within thisin the European market space have raised their hiring criteria region is not on par with 2011 levels, this area is still far moreand language skills have become essential. With an increase active than the UK. International Tax is still the main area ofin global organisations situating their EMEA headquarters in expertise, with UK and European trained individuals still inthese jurisdictions, there has been a large migration of finance high demand. These roles offer a variety of challenges, withand tax staff to these locations. The Big 4 have capitalised in and out bound multi-nationals continuing their investmenton these moves and grown their tax teams with a particular activities, and financial services, real estate and private equityfocus on international tax, transfer pricing, expatriate tax, US experience being of particulate interest.tax and private client. The most active jurisdictions have beenSwitzerland, Luxembourg, and Netherlands but with increased In terms of salaries on offer in these jurisdictions, salaries aredemand in other Central and Eastern European regions. In non-comparable with the UK market, but the 0% tax rate andthe majority of the main European countries, salaries have work life balance can be seen as a real pull factor. Althoughremained comparable to the figures quoted in our 2011/2012 many candidates have seen a reduction in their net take home,salary survey with clients offering no or inflatory rises in base the quality and cost of living can far outstrip what is on offer insalaries with bonus levels remaining static. This reflects a their home territory.continually challenging business environment. For more information on the International tax marketIn Europe we have seen a demand for candidate up to and please contact:including Director Level. These roles offer the incomingindividuals opportunity for real client contact and ownership Cristina Belcherof relationships, with a strong demand for talented business E: cristinabelcher@brewermorris.comdevelopers. Demand has mostly been for experience within the T: +44 (0)20 7415 2800specialisms mentioned above, with language skills playing acritical part in the decision making process.brewermorris.com
    • Market update and salary survey 2012/2013The Team - UK Roles +44 (0)20 415 2800Mark PryorPartnermarkpryor@brewermorris.comAccounting FirmsMark Glubb Hu Kabir Emily MorrisonGroup Manager Associate Director Consultantmarkglubb@brewermorris.com hukabir@brewermorris.com emilymorrison@brewermorris.comKate SurgeonerConsultantkatesurgeoner@brewermorris.comCommerce & IndustryMatthew Gravelle Ben Thrower Guy WilmotPartner Senior Consultant Consultantmatthewgravelle@brewermorris.com benthrower@brewermorris.com guywilmot@brewermorris.comStephen AdamsConsultantstephenadams@brewermorris.comInterimMo Hanslod Yasna KlarinAssociate Director Senior Consultantmohanslod@brewermorris.com yasnaklarin@brewermorris.comTax LegalCatherine Nash Claire BoyensAssociate Director Consultantcatherinenash@brewermorris.com claireboyens@brewermorris.comTreasuryAlex HydeAssociate Directoralexhyde@brewermorris.comThe Team - Rest of World Roles +44 (0)20 415 2800Practice Roles In-House RolesMark Glubb Cristina BelcherGroup Manager Consultantmarkglubb@brewermorris.com cristinabelcher@brewermorris.comThe Team - Australia Roles +612 9236 9000David Buckley Andrew HirstPartner Consultantdavidbuckley@brewermorris.com.au andrewhirst@brewermorris.com.aubrewermorris.com
    • Established in 1987 Brewer Morris was the UK’s first recruitment consultancy to focus exclusivelyon the recruitment of taxation professionals. We are firmly established as the international marketleader and take great pride in the enormous number of long-term working relationships that wehave developed throughout the tax world.Brewer Morris 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 we coverinclude tax, legal, human resources, marketing and executive search, dealing with a substantialnumber of the world’s leading professional partnerships, multi-national corporations andinternational banking groups as well as small to medium sized developing organisations. 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 2800 T: +9714 448 7770 T: +852 2973 6333 Singapore Melbourne Sydney 30 Cecil Street Suite 4.02 Level 12, 25 Bligh Street #21-03/04 Prudential Tower 520 Collins Street Sydney Singapore 049712 Melbourne, VIC 3000 NSW 2000 T: +65 6420 0500 T: +61 (0)3 8610 8440 T: +61 (0)2 9236 9000 Brewer Morris is a member of The SR Group brewermorris.com