Laurence simon salary survey 2011/2012

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Towards the end of 2011 we used this network to carry out an extensive research project into the salaries and benefits received by lawyers in key markets around the globe.
We received an overwhelming response from over 1,200 legal professionals and, together with our global database of lawyers, the material gathered provides the basis of this report, which we hope will be a valuable resource,
whether you are looking for a new role or to strengthen your team. If you require tailored advice, please do contact us directly.

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Laurence simon salary survey 2011/2012

  1. 1. Global Legal Salary Survey & Market Trend Report 2011/12
  2. 2. Contents Introduction........................................................ 4 Benelux............................................................ 74 About Us........................................................... 6 Methodology...................................................... 7 Netherlands......................................................... 76 Belgium............................................................... 77 Luxembourg........................................................ 77 Key Findings...................................................... 9 Germany.......................................................... 78 Demographics..................................................... 10 Location of Respondents...................................... 12 Job Title............................................................... 14 Sector/Discipline.................................................. 16 Current Employment............................................. 18 Bonus................................................................. 24 Benefits............................................................... 28 Career Progression.............................................. 30 Outlook................................................................ 36 Switzerland...................................................... 82 UK................................................................... 38 Private Practice.................................................... 40 Banking & Finance............................................... 48 In-House – Overview............................................ 50 In-House – Life Sciences...................................... 51 In-House – Energy................................................ 52 In-House – FMCG & Retail.................................... 53 In-House – Traditional Media................................. 54 In-House – TMT................................................... 55 In-House – Compliance........................................ 56 IP Patent Attorney & Trademark Attorney................ 57 Ireland.............................................................. 58 In-House.............................................................. 60 Private Practice.................................................... 61 France............................................................. 62 In-House.............................................................. 64 Private Practice.................................................... 65 Italy.................................................................. 66 Spain............................................................... 70 Russia.............................................................. 86 Private Practice.................................................... 88 In-House.............................................................. 90 Middle East...................................................... 92 In-House.............................................................. 94 Private Practice.................................................... 95 Hong Kong & Mainland China........................... 96 Private Practice.................................................... 98 In-House.............................................................. 99 Singapore...................................................... 102 India............................................................... 106 North America................................................ 110 Private Practice.................................................. 112 In-House............................................................ 113 Latin America – São Paulo.............................. 114 Private Practice.................................................. 116 In-House............................................................ 116 Banking & Finance............................................. 117 Latin America – Rio de Janeiro........................ 118 Private Practice.................................................. 120 In-House............................................................ 120 Banking & Finance............................................. 121 Legal Recruitment Advertising Solutions........... 122 Acknowledgements & Disclaimer..................... 124 General Counsel Dinners................................ 125 Contact Us.................................................... 126
  3. 3. Laurence Simons Salary Survey 2011/12 Introduction As a recognised leader in the legal recruitment market for over 20 years, Laurence Simons has built up one of the most comprehensive networks of clients and candidates in the legal world. Towards the end of 2011 we used this network to carry out an extensive research project into the salaries and benefits received by lawyers in key markets around the globe. Introduction We received an overwhelming response from over 1,200 legal professionals and, together with our global database of lawyers, the material gathered provides the basis of this report, which we hope will be a valuable resource, whether you are looking for a new role or to strengthen your team. Generally speaking, across all locations and industries, recent times have been uncertain and challenging; this is reflected in some of the data and trends you will see in the survey. That being said, there are many reasons to be optimistic. Latin America, Russia, Africa, Asia and the Middle East continue to experience a steady increase in demand for legal talent and whilst North America and Europe have struggled to weather the rather unique economic storm, there has been a consistent demand for legal staff in industry sectors such as Life Sciences, Oil and Gas, Technology and Telecommunications, as well as within specific practice areas such as Corporate, Funds, Competition and Regulatory. www.laurencesimons.com There are presently mixed messages in the market and whilst most clients have adopted a cautionary approach to hiring in 2012, thankfully, only a small number of law firms, multinationals or financial institutions have installed blanket hiring freezes. Indeed, the vast majority who may have downsized during 2008 and 2009 appear to have restructured effectively and are noticeably better prepared for any further market deterioration; having diversified and streamlined their businesses and risk by focusing, for instance, on the emerging markets for their future growth.
  4. 4. Laurence Simons Salary Survey 2011/12 Introduction As a means of introducing this report, we have picked out a few findings which we hope you will find interesting: • 5% of those surveyed considered the role of a recruitment agency or 7 headhunter the 'most important' factor when seeking a new role • 6% of respondents work between 46 and 50 hours per week and 30% work 3 more than 51 hours per week Introduction • espite the uncertain economic climate, 72% of respondents received a bonus D in 2011 and 54% received an increase in bonus from the previous year • 6% of respondents considered their current roles to be ‘secure’ or ‘very secure’ 8 despite 50% feeling ‘pessimistic’ about the economic outlook • 7% of respondents would consider a move overseas for their next role 6 Some interesting highlights but, as always, we are keen to hear your feedback. If you have any questions or would like a confidential discussion regarding your career or recruitment plans, please do not hesitate to get in touch. Kind regards, 5 www.laurencesimons.com Naveen Tuli | Global Managing Director naveen.tuli@laurencesimons.com +44 (0)20 7645 8504
  5. 5. Laurence Simons Salary Survey 2011/12 About Us Founded in 1988, Laurence Simons is a specialist international legal recruitment consultancy. Our clearly stated vision is: ‘To be the world’s leading company in legal recruitment by quality of service, market reputation, calibre of employees and global coverage’. About Us Operating across Europe, Russia, the Middle East, Asia, North America and Latin America, Laurence Simons truly is an international recruiter. Our network of offices is unique in the field of legal recruitment and we have been pioneering in serving new markets, in particular across Europe and Latin America, the Middle East, Russia and India. We have effectively recruited in over 60 countries, as a result of our consultants working together, providing a seamless service across continents. We cover the entire spectrum of permanent and temporary legal positions in both the Private Practice and In-House markets, from Newly Qualified through to Partner and General Counsel level roles. www.laurencesimons.com To be the world’s leading company in legal recruitment by quality of service, market reputation, calibre of employees and global coverage.
  6. 6. Laurence Simons Salary Survey 2011/12 Methodology During 2011 Laurence Simons conducted a survey with clients and candidates focusing on remuneration, bonuses and recruitment trends. Over 1,200 legal professionals were surveyed across the globe from 10 industry sectors. Methodology The salary survey is based on the data received from the online survey, our global database of lawyers, as well as, expert estimations from experienced consultants. Whilst the survey embraced experienced legal professionals working across Private Practice, In-House and Banking and Finance, where we received sufficient data we have provided the salary range for each grouping. Unfortunately, this was not possible for all regions. We quote annual median salary ranges in local currencies. It is important to note that the salary survey is a useful guide, however if you need any tailored or specific advice please do contact us directly. www.laurencesimons.com 7
  7. 7. Key Findings
  8. 8. Laurence Simons Salary Survey 2011/12 Demograhics 67% of those surveyed have nine years or more post qualification experience (PQE). www.laurencesimons.com
  9. 9. Laurence Simons Salary Survey 2011/12 Demographics Gender of respondents 63% Demograhics 37% Current PQE level 4% 8-9 years 5% 7-8 years 5% 6-7 years 6% 5-6% years 67% 9 years+ 3% 4-5% years 5% 3-4% years 2% 1-2 years 1% 0-1 year 11 www.laurencesimons.com 2% 2-3 years
  10. 10. 7% North America Laurence Simons Salary Survey 2011/12 Location of Respondents Location of Respondents 6% Other www.laurencesimons.com 7% Latin America
  11. 11. Laurence Simons Salary Survey 2011/12 Location of Respondents 12% Russia 21% UK 10% France 1% Nordics 5% Switzerland 2% Belgium 4% Ireland 4% Germany Location of Respondents 2% Spain 1% China 2% Hong Kong 1% Australia 1% Luxembourg 2% Dubai 3% Netherlands 3% Singapore 5% Italy 13 www.laurencesimons.com 1% India
  12. 12. Laurence Simons Salary Survey 2011/12 Job Title Private Practice 3% Newly Qualified Newly Qualified 26% Associate Associate 29% Senior Associate Senior Associate 13% Partner Partner 7% 7% Managing Partner Managing Partner Counsel Counsel Job Title 15% Other Other 0% 0% 5% 10% 5% 15% 10% 20% 25% 15% 30% 20% 25% 30% Banking Financial Services Analyst Analyst Associate Associate 2% 1% 45% Legal Counsel Legal Counsel Assistant Assistant Vice President 3% Vice Vice President President Senior Senior Vice President Vice President 7% 10% 17% 15% General Counsel General Counsel www.laurencesimons.com Other Other 0% 0% 5% 10% 5% 10% 15% 15% 20% 25% 20% 30% 25% 35% 40% 30% 45% 35% 40% 45%
  13. 13. Laurence Simons Salary Survey 2011/12 Job Title In-House Commerce Industry 9% General Counsel Company Secretary al Counsel Company Secretary 13% General Counsel General Counsel 3% Chief Legal Officer Chief Legal Officer 7% Director Director 26% Senior Counsel Senior Legal Legal Counsel 13% Legal Legal Counsel Counsel Corporate Counsel Corporate Counsel Chief Compliance Officer Chief Compliance Officer Compliance Officer Compliance Officer Trade Lawyer Trade MarkMark Lawyer Patent Attorney Patent Attorney Job Title 15% HeadHeadLegal of of Legal 1% 1% 1% 1% 1% 9% Other Other 0% 0% 5% 10% 5% 15% 10% 20% 25% 15% 30% 20% 25% 3 www.laurencesimons.com 15
  14. 14. Laurence Simons Salary Survey 2011/12 Sector/Discipline Private Practice Partner 4% Energy, Oil Gas Energy, Oil Gas 21% Corporate Corporate 8% 7% Financial Services Financial Services Commercial Commercial 17% Litigation Litigation 3% Aviation andand Shipping Aviation Shipping Sector/Discipline 7% Intellectual Property/Patent Intellectual Property/Patent TMT TMT 2% 5% Real Estate Real Estate 26% Other Other 0% 5% 10% 15% 20% 25% Banking Financial Services 27% Investment Banking Investment Banking 24% Retail Banking Retail Banking 2% General Insurance General Insurance 5% Hedge Fund Hedge Fund 14% Assett Management Asset Management 3% Custodian Bnaking Custodian Banking www.laurencesimons.com Brokerage Brokerage 1% 5% Private equity Private Equity 19% Other Other 0% 5% 10% 15% 20% 25% 30
  15. 15. Laurence Simons Salary Survey 2011/12 Sector/Discipline In-House Commerce Industry Chemicals Chemicals Construction Materials Construction Materials Electronic Electronics Electrical Equipment Electrical Equipment Sector/Discipline 3% 3% 3% 3% Aerospace Defence Aerospace Defence 5% Food Food Beverages Beverages 3% Healthcare Equipment Services Health Care Equipment Services 2% House, Leisure Personal Goods House, Leisure Personal Goods 3% IndustrialIndustrial Engineering Engineering 4% Media Media 1% Mining Mining 1% New New Media Media 10% Pharmaceutical Biotechnology Pharmaceutical Biotechnology 7% Oil Gas Oil Gas 3% 3% Real Estate Real Estate Retailers Retailers 15% Technology Technology 8% Telecommunications Telecoms 3% Transportation Transportation Utilities Utilities 1% 2% 17% Other Other 0% 5% 10% 15% 17 www.laurencesimons.com Travel Leisure Travel Leisure
  16. 16. Laurence Simons Salary Survey 2011/12 Current Employment How are you currently employed? 95% Permanently 5% Interim/Contract Current Employment How long have you been in your current role? 18% Less than a year 19% 1-2 years 13% 2-3 years 23% 3-5 years 19% 5-10 years 8% 15 years+ www.laurencesimons.com
  17. 17. Laurence Simons Salary Survey 2011/12 Current Employment How long did it take you to find your current position? 35% Up to 1 month 29% 1-3 months 18% 4-6 months 4% 7-9 months Current Employment 6% 10-12 months 5% 1-2 years 3% Over 2 years 19 www.laurencesimons.com Many large organisations have implemented more efficient recruitment processes; this has led to 82% of respondents finding a new role within 6 months.
  18. 18. Laurence Simons Salary Survey 2011/12 Current Employment How did you find your current position? 1% Social Media Network 11% Professional Network 16% Personal Contact 30% Recruitment Consultancy/ Headhunter 10% Internal Promotion 4% Other Current Employment 11% Advertising (online) 11% Direct Approach 6% Advertising (print) www.laurencesimons.com It is no surprise that a third of respondents found their current position through a recruitment agency as this remains the most popular and effective method. Surprisingly, only 1% found a job through Social Media, such as LinkedIn.
  19. 19. Laurence Simons Salary Survey 2011/12 Current Employment How many hours per week do you work? 1% 21-30 hours 2% 31-35 hours 31% 36-45 hours 36% Current Employment 46-50 hours 30% more than 51 hours It is noteworthy that 58% of legal professionals working under 35 hours per week are female. www.laurencesimons.com 21
  20. 20. Laurence Simons Salary Survey 2011/12 Current Employment How would you rate your current job security? 20% Very Secure 67% Secure 11% Insecure 2% Current Employment Very Insecure Despite market conditions, over 80% of respondents feel ‘Secure’ in their current role – perhaps a reflection of the value of the legal function. Only 61% of HR, www.laurencesimons.com 56% of IT and 67% of Marketing professionals felt the same way.
  21. 21. Laurence Simons Salary Survey 2011/12 Current Employment YES NO Would you recommend your current employer to a friend? 78% 22% Current Employment How has the number of staff in your department changed over the past 12 months? 40% Increased 15% Decreased 43% Remained the same 2% Unsure 23 www.laurencesimons.com A 40% increase in headcount is much greater than in previous years, perhaps this was due to the increased confidence we saw in the market at the beginning of 2011
  22. 22. Laurence Simons Salary Survey 2011/12 Bonus YES NO Did you receive a bonus this year? Bonus How was your bonus paid? 72% 28% 3% Other 1% Fully Deferred 83% Cash 2% Shares/ Options 11% Part Cash/ Part Deferred www.laurencesimons.com Considering media coverage and the concomitant public outcry of the make-up of city bonuses, it is interesting to note that 83% of respondents were paid their bonus in cash.
  23. 23. How did this bonus differ from last year’s bonus? 13% Significantly Increased 41% Increased 34% Remained the same 10% Decreased 2% Significantly Decreased Laurence Simons Salary Survey 2011/12 Bonus Bonus 41% received an increased bonus year on year; this is receive a bonus in 2012. 25 www.laurencesimons.com testimony to the strong belief in a market recovery earlier in the year, when most of these bonuses were paid. It is yet to be seen how many lawyers will
  24. 24. Laurence Simons Salary Survey 2011/12 Bonus What bonus did you receive as a percentage of your annual salary? 15% Less than 10% Less than 10% 26% 10-19% 10-19% 22% 20-29% 20-29% 13% 30-39% 30-39% 40-49% 40-49% 50-59% 50-59% Bonus 60-69% 60-69% 70-79% 70-79% 80-89% 80-89% 90-100% 90-100% More than 100% More than 100% 6% 4% 3% 2% 1% 3% 5% 0% 0% 5% 5% 10% 15% 10% 20%15% 25% 20% 25% www.laurencesimons.com
  25. 25. Laurence Simons Salary Survey 2011/12 Bonus How would you assess your level of satisfaction with your bonus? 13% Highly Satisfied 5% Highly Dissatisfied 59% Satisfied Bonus 23% Dissatisfied 27 www.laurencesimons.com Whilst the majority of bonuses remained flat in 2011, 72% of respondents were ‘Satisfied’ or ‘Highly Satisfied’ with theirs. Perhaps this is a more realistic outlook after recent years.
  26. 26. Laurence Simons Salary Survey 2011/12 Benefits Which of the following benefits are included in your current package? 25 Days Holiday or more 80% Annual Bonus Scheme 81% Benefits Car/Car Allowance 41% 23% Flexible - Benefits 43% Flexible Working Company Pension Scheme 54% 74% Insurance Share Incentive/EMI Scheme/Option Scheme 34% N/A 4% Other 6% www.laurencesimons.com
  27. 27. Laurence Simons Salary Survey 2011/12 Benefits Which benefits do you consider important? 50% 40% Not important 30% Quite important Very important Vital 20% Benefits 10% 0% 25 Days Holiday or more Share Incentive/ EMI Scheme/ Option Scheme Annual Bonus Scheme Car/Car Allowance Flexible Working Insurance Company Pension Scheme 29 www.laurencesimons.com Flexible Benefits
  28. 28. Laurence Simons Salary Survey 2011/12 Career Progression What was the reason for leaving your last position? 24% CAREER CHANGE 23% 42% CONTRACT EXPIRED MORE RESPONSIBILITY Career Progression 13% IMPROVED BENEFITS PACKAGE 9% REDUNDANCY 10% RELOCATION/ BETTER LOCATION/ EASIER COMMUTE 11% IMPROVED BONUS POTENTIAL 44% NEW CHALLENGE/ MORE INTERESTING WORK 18% BETTER WORK/LIFE BALANCE www.laurencesimons.com 33% 8% 5% JOB SECURITY JOB TOO STRESSFUL 5% BETTER TRAINING ENHANCED CAREER PROSPECTS 4% TRAVELLING 35% HIGHER SALARY
  29. 29. Laurence Simons Salary Survey 2011/12 Career Progression Which sources do you consider important when seeking a new role? 9% National Press National Press 19% The Lawyer The Lawyer 10% Legal Week Legal Week Law Society Gazette Law Society Gazette Hong Lawyer Hong Kong Kong Lawyer Asian Asian Counsel Counsel TheThe Brief Brief Other Trade Press Other trade press 5% 2% 1% 2% 1% 3% 15% www.thelawyer.com www.thelawyer.com 21% www.totallylegal.com www.totallylegal.com www.seek.com www.seek.com 2% 23% Other Online Job Boards Other online job boards T Twitter witter Career Progression Lawyers Weekly Lawyers Weekly 1% 37% LinkedIn LinkedIn Xing Xing Facebook Facebook 2% 1% 9% Other Social Networking Other social networking Recruitment Consultancies/ onsultancies/Headhunters Headhunters Word of Mouth/Personal Referrals/ al referrals/internal contact Internal Contact 74% Other 0% 8% 16% 24% 32% 40% 48% 56% 64% 31 www.laurencesimons.com 58% 72%
  30. 30. Laurence Simons Salary Survey 2011/12 Career Progression Where do you see your career progressing in law? 4% Other 5% Leaving law altogether 17% Moving into a different sector of law e.g. In-House banking, In-House Commerce Industry or Private Practice 51% Remaining in the same sector Career Progression 23% Changing Industry www.laurencesimons.com Over half of respondents see themselves remaining in the same sector in the future, highlighting the conservative nature of lawyers and possibly how tricky it is to migrate to another specialism.
  31. 31. Laurence Simons Salary Survey 2011/12 Career Progression Would you consider relocating internationally for a suitably attractive opportunity? YES NO 13% 20% Career Progression MAYBE 67% 67% 2 in 3 lawyers are willing to consider relocation; global 33 www.laurencesimons.com organisations need to consistently review their internal opportunities as part of their retention plans.
  32. 32. Laurence Simons Salary Survey 2011/12 Career Progression Permanent: If you were considering a new role (externally), what would you perceive to be an acceptable increase in basic salary? 14% 31% or more 4% 0-4% 14% 5-10% 9% 26-30% 22% 11-15% Career Progression 14% 21-25% 23% 16-20% Temporary: If you were considering a new role (externally), what would you perceive to be an acceptable increase in basic salary? 10% 31% or more 17% 0-4% 9% 26-30% 15% 21-25% 23% 5-10% www.laurencesimons.com 17% 16-20% 9% 11-15%
  33. 33. Laurence Simons Salary Survey 2011/12 Career Progression How are you feeling about the future of the economy over the next 12 months? Extremely Optimistic 1% 24% Optimistic 17% Indifferent 51% Pessimistic Other Career Progression 5% Extremely Pessimistic 2% 24% are ‘optimistic’ about the future of the economy in 2012; this reflects a 30% decrease year on year. www.laurencesimons.com 35
  34. 34. Laurence Simons Salary Survey 2011/12 Outlook The final question from our survey asked respondents to comment on trends they have seen or foresee in the legal marketplace. As you can imagine, there were a wide variety of comments but I have highlighted two issues that arose most frequently. International Relocation Outlook From the survey results, 67% of respondents would consider an international relocation in their next career move. Perhaps fuelled by a tightening job market in the US and Europe, opportunities for lawyers to relocate to Latin America, the Middle East or Asia in particular are high on the agenda, as law firms and multinationals look to these regions to generate the growth they desire but are not able to secure in their home countries. www.laurencesimons.com As an international legal recruitment specialist, we are often approached by individuals looking to make such a move, however it is not always easy to achieve. Increasingly, employers are focussing on lawyers who are already on the ground or, at the very least, have extensive experience in covering the region, as well as, quite often, local language skills. The practicalities and expense involved in relocating lawyers from the US or Europe is often prohibitive. Indeed, most of these moves occur with the existing employer in the form of a fixed term secondment. In 2011, 9.5% of the respondents left their last position to relocate. Interestingly, 59% were male and 41% were female.
  35. 35. Laurence Simons Salary Survey 2011/12 Outlook Diversity in the Legal Sector Women, ethnic minorities and LGBT (lesbian, gay, bisexual and transsexual) employees are well represented amongst In-House lawyers; the same cannot be said for Private Practice. Compare how many women General Counsel (or CEOs for that matter) you know against the number of female Managing Partners of law firms. Outlook A fundamentally different picture exists between In-House legal teams where the lawyers work directly for the business, and Private Practice lawyers. Indeed, a recent Laurence Simons poll looking at a cross-section of more than 1,900 In-House lawyers found that women accounted for 39% of UK In-House lawyers, ethnic minorities made up 35% and 7% were LGBT, which is 1% above government figures for the UK population as a whole. However, these groups find it more difficult to secure positions in the top law firms and are in effect channeled In-House. As a result, while the demographic make-up of In-House lawyers is changing for the better, Private Practice is not. If the legal profession is not to be left behind and seen as anachronistic, more efforts must be made to change this exclusive culture in law firms, so that they embrace diversity and reflect social demographic trends in the country as a whole. Naveen Tuli Global Managing Director naveen.tuli@laurencesimons.com 37 www.laurencesimons.com Fair representation is alive and well amongst In-House lawyers.
  36. 36. London  london@laurencesimons.com  +44 (0)20 7645 8500  High Holborn 322 London WC1V 7PB
  37. 37. London 51° 30’ N 0° 30’ W UK
  38. 38. Laurence Simons Salary Survey 2011/12 Private Practice Overview Private Practice Salaries have been the subject of much debate this year amongst all firms. With the economy seeming to make positive steps at the start of 2011 there was much anticipation as to how this perceived recovery was to impact Associate salaries throughout the market. The debate clearly continues in uncertain times once again. Many salaries were frozen in 2008 and have seen little movement. These findings are accurate and the ranges reflect those firms that have increased their Associate salaries as well as those that have remained static. There are positives to note throughout these findings and the market generally. 2011 may have been a year of two halves; however, with many law firms posting increases in both revenues and PEP all is certainly not the doom and gloom experienced in previous years. 2012 could tell another story with some areas recovering faster than others (e.g. Regulatory). Mainstream transactional areas at certain firms are also seen to be busy and getting busier. www.laurencesimons.com
  39. 39. Laurence Simons Salary Survey 2011/12 Private Practice There does seem to be a discretionary element when it comes to salary, with some firms paying more to attract and retain the best talent. www.laurencesimons.com 41
  40. 40. Laurence Simons Salary Survey 2011/12 Private Practice Magic Silver Circle Firms Certain trends and facts need to be considered when analysing these salary ranges. Firstly, the biggest trend to emerge in 2011 is the merit-based pay system which has been entering the market slowly over the past few years. We are now seeing more and more firms implementing this remuneration structure. Private Practice There can be a number of reasons as to why this is becoming more popular with law firms. Whilst it is unlikely to replace the traditional PQE based system, it gives law firms the advantage to effectively pay Associates what they are worth. www.laurencesimons.com This can be viewed as a double edged sword for Associates. It is possible to earn above your PQE band if you are both exceptionally technical and commercially minded, however if this is not thought to be the case, you are in danger of earning comparatively less than you were before the merit-based system was put in place. Similarly, there is no more hiding behind billable hours and an emphasis has been put on adding value, both to the client and to the firm. In addition, by switching to the merit-based system, law firms are seen to be catching up from the static salaries that were seen in 2008 and 2009. Private Practice – Magic Circle PQE Median Salary Range NQ £61,000 - 61,500 1 £68,000 - 69,000 2 £75,000 - 77,000 3 £85,000 - 88,000 4 £92,000 - 97,000 5 £95,000 - 110,000 6+ £110,000+ Private Practice – Silver Circle PQE Median Salary Range NQ £60,000 - 64,000 1 £64,000 - 70,000 2 £70,000 - 78,000 3 £76,000 - 86,000 4 £82,000 - 90,000 5 £88,000 - 95,000 6+ £90,000+
  41. 41. Laurence Simons Salary Survey 2011/12 Private Practice City West End/Niche Firms Despite seeing a slowdown in some recruitment activity during the second half of 2011, there appears to remain a need for the elusive mid-level Associate, as well as those that are able to effectively hit the ground running and in addition, are not expecting Partnership in the next three years. For this reason, there does seem to be a discretionary element when it comes to salary, with some firms paying more to attract and retain the best talent. Additionally bonuses, or lack thereof, have led some firms to compensate salaries by going above and beyond for top Associates within the market. PQE Median Salary Range NQ £56,000 - 62,000 1 £62,000 - 67,000 2 £66,000 - 70,000 3 £68,000 - 77,000 4 £72,000 - 80,000 5 £78,000 - 86,000 6+ £80,000 - 95,000 Private Practice Another trend has been an increase in mergers during 2011, whereby US and UK counterparts have married to form transatlantic firms. In terms of salaries, Associates have either won or lost depending on which side of the Atlantic their employer sat pre-merger. Some firms have decided to keep the US salaries and amend the UK pay respectively, whilst others have found a medium ground between the two. Generally these firms have been seen to pay ‘City’ rates. Private Practice – City Private Practice – West End/Niche PQE Median Salary Range NQ £45,000 - 55,000 1 £50,000 - 60,000 2 £55,000 - 65,000 3 £60,000 - 70,000 4 £65,000 - 75,000 5 £70,000 - 75,000 6+ £75,000+ 43 www.laurencesimons.com The West End and Boutique firms have held their ground when it comes to salaries; attracting Associates as a result of their quality of clients, smaller teams (and therefore greater responsibility and potentially Partnership prospects) and work-life balance.
  42. 42. Laurence Simons Salary Survey 2011/12 Private Practice NY Rates Our data shows that NY pay rates of elite US firms continue to soar above that of top UK payers. The most startling comparison comes when looking at the increasing number of US firms paying NQs starting salaries of £100,000. This high level of remuneration is only reached by Magic Circle Associates in their fifth year of post qualification experience. Private Practice – NY Rates PQE Median Salary Range Private Practice Furthermore, following on from earlier observations regarding the transatlantic merger firms difficulties in unifying differing levels of pay between the US and UK based firms, it seems reasonable that NY firms should maintain a level of continuity between Associate salaries in the US and London (they are after all part of the same firm). £88,000 - 100,000 1 £94,000 - 109,000 2 £100,000 - 116,000 3 £112,000 - 125,000 4 £127,000 - 138,000 5 Commentaries in the media tend to cast criticism on the NY firms for what is deemed to be an overpayment of Associates at the junior end. However with continued growth and expansion (some firms have increased headcount by as much as 50%) in the past year, these firms seem well placed to justify the value that they put on Associates at all levels. NQ £130,000 - 152,000 6+ £150,000+ A merit based pay system also provides a tool for attracting talented Associates. www.laurencesimons.com
  43. 43. Laurence Simons Salary Survey 2011/12 Private Practice Mid-Atlantic Rates PQE Median Salary Range NQ £68,000 - 75,000 1 £70,000 - 83,000 2 £78,000 - 88,000 3 £86,000 - 98,000 4 £92,000 - 110,000 5 £110,000 - 125,000 6+ £125,000+ Private Practice In the past 18 months a number of Mid-Atlantic firms have moved into a merit based pay structure. Whilst some have argued this is symptomatic of the fall out in pay from the recession, others have argued that it is a reflection of the firms more commercial outlook on remuneration. A merit-based pay system also provides a tool for attracting talented Associates who may also be considering firms paying NY rates. It is a system whereby the most ambitious and talented Associates can truly thrive and be recruited at higher levels than previously possible, when following strict PQE based pay bandings. Private Practice – Mid-Atlantic Rates www.laurencesimons.com 45
  44. 44. Laurence Simons Salary Survey 2011/12 Private Practice Offshore Firms The Offshore market is increasingly becoming one of much activity and interest. Laurence Simons Offshore service extends throughout the region including: the Cayman Islands, BVI, Bermuda and the Channel Islands (please note that the Hong Kong and Dubai markets are covered by our local offices). Private Practice With favourable tax regimes and a lifestyle a world away from the changeable and inevitably bad weather, long commutes and political quagmire, the offshore jurisdictions offer a different and exciting alternative. Salaries are generally very favourable, although there are a few factors to consider when looking at the various locations. The Cayman Islands offer generous starting salaries, for three years PQE (necessary for the visa requirements) salaries range anywhere from USD 130,000 upwards, depending on the firm and relocation package. Salaries in the BVI tend to be slightly less, however this is reflective of the overall living costs of the islands, which do tend to be less expensive. At the Senior Associate level salaries can be in excess of USD 200,000. Clearly due to the fact that many of the Offshore firms recruit from the UK, the London salary survey is a useful benchmark for these markets. It should however be noted that there is also quite a lot of movement between Offshore firms and jurisdictions, and this appears to be an increasingly positive trend moving into 2012. www.laurencesimons.com
  45. 45. Laurence Simons Salary Survey 2011/12 Private Practice Laurence Simons Offshore service extends throughout the region including: the Cayman Islands, BVI, Bermuda the Channel Islands. www.laurencesimons.com 47
  46. 46. Laurence Simons Salary Survey 2011/12 Banking Finance The first half of 2011 saw the Banking and Financial Services recruitment market remain active. During the second half of the year, the slow recovery stalled due to strain in the Eurozone which has led to a sharp drop in the level of vacancies as a whole, however key hires remain constant. In-House Banking – Investment Banking PQE Median Salary Range £51,000 - 60,000 2-3 £61,000 - 84,000 4-5 £79,000 - 98,000 In the Investment Banking arena dominant areas of recruitment during 2011 were: Derivatives, Prime Brokerage, Commodities, Funds and Regulatory. A number of institutions have started to take an initiative within the OTC clearing space as the pressure of increasing regulation within the area started to take its toll. This is expected to continue in 2012 with a higher demand for these skills. 6-7 £97,000 - 121,000 8-9 £119,000 - 132,000 10+ £128,000 - 151,000 0-1 £48,000 - 54,000 Unsurprisingly, with continued media attention and pressure, salaries have remained flat within Investment Banking. Expectations around bonuses remain pessimistic, although highly skilled and valued candidates are still receiving a good level of compensation and are expected to be rewarded suitably in the face of continued competition for their skills. Banking Finance 0-1 2-3 £54,000 - 64,000 4-5 £64,000 - 84,000 6-7 £80,000 - 92,000 8-9+ £90,000 - 135,000 10+ £120,000 - 135,000 www.laurencesimons.com Due to increased regulations (UCITS IV, AIM Directive and Dodd Frank Act) within the Funds sectors, there are more onerous requirements on Asset Managers than ever before. This certainly explains the demand throughout 2011 for Fund lawyers to advise on regulatory issues, in addition to products. As a sought after skill set in this sector, salaries have increased to reflect this. Demand is set to continue into 2012. Head of Legal £150,000+ In-House Banking – ISDA Negotiators/Lawyers PQE Head of Legal Median Salary Range £145,000+ In-House Banking – Asset Management/Funds PQE Median Salary Range 0-1 £54,000 - 61,000 2-3 £60,000 - 74,000 4-5 £74,000 - 83,000 6-7 £82,000 - 94,000 8-9 £92,000 - 112,000 10+ £115,000 - 125,000 Head of Legal £125,000+
  47. 47. Laurence Simons Salary Survey 2011/12 Banking Finance within this huge sector, transferrable skills are few and far between and hiring managers are willing to wait for candidates with the right skill sets and experience. Whilst the European bail out takes effect, the Banking market is likely to remain fairly stagnant for the first quarter of 2012. Apprehension will remain in the market thus affecting hiring and normal turnover. Hiring is expected to increase in the second quarter of 2012 and the demand for candidates within Derivatives, Prime Brokerage, Commodities, Funds and Regulatory will remain a key focus for those recruiting. In-House Banking – Retail PQE Banking Finance With a relatively smaller number of major players operating in the UK Retail Banking sector, the battle for key talent remains fierce with firms prepared to pay higher salaries for exceptional lawyers who have worked extensively in this area. Furthermore, as the Regulatory environment continues to present new challenges, there remains a consistent demand for high quality Regulatory lawyers at all levels. The outlook for 2012, whilst cautious, looks positive with Retail Banks intending to make key strategic hires and those candidates with a proven, successful track record in Retail Banking remaining in high demand. Median Salary Range 0-1 £48,000 - 56,000 2-3 £55,000 - 64,000 The insurance recruitment market has been buoyant throughout 2011. The biggest volume of vacancies has been around the two to five PQE level as legal departments looked to bolster their Commercial and Regulatory expertise. Despite the relatively high levels of recruitment taking place, salaries remained stable as companies maintained a cautious approach throughout the year. This was reinforced as firms typically chose to recruit directly from Private Practice, rather than from their competitors where they can often expect to pay inflated salaries. 4-5 £65,000 - 83,000 6-7 £84,000 - 97,000 8-9 £95,000 - 103,000 10+ £102,000+ Head of legal £122,000+ The Banking and Financial Services market has historically always been a candidate short market and 2012 will be no different. Due to the diverse nature of most roles In-House Banking – Insurance PQE Median Salary Range £50,000 - 57,000 2-3 £56,000 - 64,000 4-5 £64,000 - 82,000 6-7 £80,000 - 94,000 8-9 £90,000 - 99,000 10+ £98,000+ Head of legal £118,000+ 49 www.laurencesimons.com 0-1
  48. 48. Laurence Simons Salary Survey 2011/12 In-House – Overview In-House – Overview 2011 began positively in almost all sectors across Commerce and Industry worldwide, including the UK. The cautious optimism of 2010 developed into a more expansive strategy in 2011 and saw healthy levels of recruitment, particularly in the first half of the year. Notable pockets of activity were seen in Technology, Media and Telecommunications (TMT), where the rapid pace of digitisation and general convergence continued. 2011 also witnessed further consolidation of companies in the Life Sciences sector resulting in a review of existing resources; and despite a strong start to the year, 2011 saw a decline in activity in consumer facing corporates as consumer confidence was eroded and austerity policies in the Eurozone continued to be explored. www.laurencesimons.com 2011 saw modest increases in basic salary at inflation levels or less for lawyers across most industry sectors. Basic salary levels remained highly dependant on location, skills, training and seniority. Companies increasingly sought candidates with strong international profiles, including fluency in one or more language and/ or multi-jurisdictional skills. Despite the size and complexity of In-House legal departments, basic salary levels remained behind that of Private Practice in most sectors; however the value of total compensation (including corporate benefits) was positively received in 2011. As a result of the turbulent economic climate in the UK and internationally, it is particularly difficult to anticipate what lies ahead in 2012. Lawyers with core skills in some areas, for example the Life Sciences sector, are expected to continue to command competitive remuneration as this sector remains largely unaffected by macroeconomic factors. Some disciplines remain more ‘popular’ than others, for example, Compliance is a growing pervasive specialism and we expect to see increased demand for lawyers with knowledge and expertise in this area. Undoubtedly, as 2011 draws to a close we have begun to witness some slowdown. Going forward, we anticipate many In-House legal departments will reduce external legal spend rather than resorting to headcount reductions. It is anticipated that companies and candidates alike will tighten key criteria, preferring to be more exacting in their recruitment requirements. We envisage salaries remaining fairly static throughout 2012 however, even at the most senior levels. In-House – Overview PQE Median Salary Range 0-1 £42,000 - 50,000 2-3 £50,000 - 60,000 4-5 £60,000 - 73,000 6-7 £73,000 - 83,000 8-9 £84,000 - 94,000 10-11 £98,000 - 113,000 12-13 £105,000 - 123 14-15 £130,000+
  49. 49. Laurence Simons Salary Survey 2011/12 In-House – Life Sciences The Life Sciences market in the UK has experienced a consistent flow of opportunities at all levels during the course of 2011. This is despite the continuous trend of large mergers, and the knock-on effect of integration and re-organisation. PQE Median Salary Range 0-1 £42,000- 47,000 2-3 £50,000 - 60,000 4-5 £62,000 - 75,000 6-7 £73,000 - 82,000 8-9 £82,000 - 89,000 10-11 £90,000 - 104,000 12-13 £102,000 - 115,000 14-15 £118,000+ Head of Legal General Counsel In-House – Life Sciences Client feedback indicates that headcount has not been adversely affected by turbulent market conditions however; it is worth countering this with the fact that a large majority of the roles Laurence Simons have recruited for within this sector have been replacement hires rather than new positions being created. It is anticipated that this trend will continue into 2012. In-House – Life Sciences £93,000 - 155,000 £195,000+ Candidate supply within the Life Sciences industry is especially short at the junior to mid-level, with only a few having the niche market experience required by so many clients. There has been an increase of specialist skills in demand from an early stage, a contrast to more generalist roles less than five years ago. As a consequence mid-level lawyers are currently warranting a premium, as demand at this level continues to outweigh supply. www.laurencesimons.com 51
  50. 50. Laurence Simons Salary Survey 2011/12 In-House – Energy Although the current economic situation has weighed heavily on all sectors, the Energy industry as a whole has held up relatively well in 2011. High oil prices underpinned by strong fundamentals have ensured that opportunities remain within Oil and Gas, notwithstanding recent political and regulatory setbacks such as the Chancellor’s windfall tax imposed on North Sea exploration. In-House – Energy Turnover in the wider Energy sector, and particularly UK Utilities companies, tends to be lower due to job stability and the geographical disparity between competitors. This in turn has a knock-on effect on the number of roles available within the UK, as well as on salary levels which have remained largely static for another year. Whilst Renewable and Alternative Energy companies are seen as being the big hope for the future, we are not currently seeing this translating into substantial legal hiring but, by contrast, recruitment activity in Energy Trading appears to be relatively buoyant with a consistent demand for lawyers to support this area. Although there can be no denying that this is an uncertain time for the Energy sector with a variety of complex issues including the Eurozone debt crisis and the Arab Spring expected to continue to impact on the market in 2012, the Energy sector is likely to remain resilient. Salaries are generally higher than in other industries and demand for lawyers is expected to remain, albeit that some areas within the sector are likely to fare better than others. In-House – Energy PQE Median Salary Range 0-1 £48,000 - 55,000 2-3 £55,000 - 64,000 4-5 £63,000 - 78,000 6-7 £77,000 - 94,000 8-9 £94,000 - 111,000 10-11 £108,000 - 134,000 Head of Legal £135,000 - 190,000 General Counsel £250,000+ www.laurencesimons.com
  51. 51. Laurence Simons Salary Survey 2011/12 In-House – FMCG Retail FMCG and Retail companies are heavily reliant on consumer confidence which typically lags economic recovery. Accordingly, 2011 has been a year of two halves as early optimism has subsequently given way to a renewed recognition of the economic difficulties we are currently facing, as evidenced by the Consumer Confidence Index which has fallen for the fifth month in a row. PQE Median Salary Range 0-1 £42,000 - 48,000 2-3 £47,000 - 60,000 4-5 £59,000 - 72,000 6-7 £71,000 - 85,000 8-9 £84,000 - 97,000 10-11 £95,000 - 116,000 Head of Legal £110,000 - 133,000 General Counsel In-House – FMCG Retail As is always the case, some companies have fared substantially better than others with multinationals exposed to emerging markets, luxury brands and companies providing consumer staples tending to come out ahead. Recruitment has continued although has mostly been limited to replacement rather than growth and as a consequence, salaries and benefits have remained largely static. In-House – FMCG Retail £148,000+ Looking ahead, it is clear that a wholesale change in the overall fortune of the FMCG and Retail sector will really only come about following a substantial shift in consumer spending, which in turn is only likely following sustained economic recovery. www.laurencesimons.com 53
  52. 52. Laurence Simons Salary Survey 2011/12 In-House – Traditional Media As a whole, the Media sector continued to go through substantial changes in 2011 with Traditional Media losing momentum and continuing to shrink whilst advertising companies lost revenues. The strongest growth was evident in the digital arena, the most positive trend likely to continue into 2012. In-House – Traditional Media Nonetheless, Media continues to be a popular choice from a candidate perspective. A large number of Media companies are located in Central London, making it more appealing, however entrance into this sector continues to be something of a ‘closed shop,’ and competition for roles remains fierce. Economic uncertainty has definitely had an impact on the Media sector in recent times and in particular in late 2011. Appointments in this area were found to be replacement roles, rather than new hires. Recently we have seen an increase in demand for interim appointments as companies struggle to gain approval for permanent headcount. It is envisaged that this trend will follow through in 2012, although exactly how much remains unclear. www.laurencesimons.com Salaries have remained at the lower end of market rate with nominal or no pay increases in recent years and few anticipated in 2012. The gap between Private Practice and In-House remuneration remains most significant in the Traditional Media sectors. In-House – Traditional Media PQE Median Salary Range 0-1 £40,000 - 48,000 2-3 £48,000 - 61,000 4-5 £58,000 - 71,000 6-7 £70,000 - 82,000 8-9 £80,000 - 91,000 10-11 £90,000 - 106,000 12-13 £105,000 - 118,000 14-15 £121,000+ Head of Legal General Counsel £90,000 - 155,000 £150,000+
  53. 53. Laurence Simons Salary Survey 2011/12 In-House – Technology, Media Telecommunications (TMT) Whilst the TMT sector is by no means recession proof, it is generally regarded as a pervasive discipline and 2011 demonstrated this with reasonably high levels of positive recruitment activity throughout the course of the year. In 2011 developments in the cloud computing, mobile applications and competitive devices arena saw multinational companies compete to Digital and e-Commerce lawyers continued to be desirable at all levels, attributed to the continued expansion of online businesses, payment technologies and social media companies. In 2011 we saw a number of first time appointments, particularly in the latter sector and expect to see more in the future. Overall, appetite for highly commercial and technically specialised lawyers in 2011 remained relatively high, however besides the exceptions outlined, basic salaries and corporate benefit packages remained fairly constant throughout the year. It is anticipated that recruitment practices, including compensation discussions in 2012 are likely to be approached with some caution, with companies preferring to protect and retain existing teams and restricting recruitment to replacement appointments rather than growth. In-House – Technology, Media Telecommunications (TMT) Notably, IT consultancies and multinational service companies increased their demand for IT/Outsourcing lawyers – outsourcing skills remaining a priority as a means of improving business efficiencies. As a result, high calibre mid-level candidates were frequently sought, though not easily found and those that were successful sometimes received a salary premium as a result. attract suitably qualified candidates from a relatively small talent pool. Candidates with skills in these areas were very much in demand and able to be selective, at times, with their career choices. Advancements in the Technology and Telecommunications sectors saw increased EU regulation in 2011 which in turn, led to a boost for Regulatory lawyers and Compliance professionals. Another trend we expect to see more of in 2012. In-House – TMT PQE Median Salary Range £45,000 - 52,000 2-3 £52,000 - 65,000 4-5 £58,000 - 73,000 6-7 £75,000 - 85,000 8-9 £85,000 - 93,000 10-11 £87,000 - 108,000 12-13 £110,000 - 134,000 14-15 £128,000+ Head of Legal General Counsel £110,000 - 155,000 £180,000+ 55 www.laurencesimons.com 0-1
  54. 54. Laurence Simons Salary Survey 2011/12 In-House – Compliance Recruitment within the Compliance area has continued to grow over the last year. Many companies have made significant structural changes to develop a standalone Compliance function and this trend is likely to continue into 2012. Many multinational organisations view this move as best practice, with the ever increasing spotlight on Compliance functions following recent investigations and in some cases prosecutions, across most sectors within Commerce and Industry. In-House – Compliance Growth has however been steadier than predicted, with the anticipated spike following the UK Bribery Act being balanced by the cautious approach to the market by many clients. The demand for first time European Head of Compliance roles continues and we do not anticipate this to drop in 2012. Many roles have been recruited at more junior levels (typically from two to five years PQE), however many more roles are being recruited from within, as organisations are keen to develop from a diversity of backgrounds who already have strong commercial awareness of the organisation. Remuneration for those working within Compliance will continue to rise in-line with the increasing importance and elevation of the discipline and the demand for talent. This can typically be from 10% to 30%. For more senior and strategic roles, candidates, whether from legal backgrounds or not, are being paid in-line with, or in some cases, more than, commensurate In-House Counsel roles. As this area develops, the number of suitably qualified candidates based in Europe has also continued to rise but the available pool of talent at the more junior to mid-level remains a challenge. In-House – Compliance PQE Median Salary Range £32,000 - 45,000 2-3 £38,000 - 55,000 4-5 £51,000 - 75,000 6-7 £68,000 - 82,000 8-9 £73,000 - 90,000 10-11 www.laurencesimons.com 0-1 £87,000 - 110,000 12-13 £105,000 - 125,000 14-15 £125,000+ EMEA Compliance Director Chief Compliance Officer £75,000 - 180,000 £200,000+
  55. 55. Laurence Simons Salary Survey 2011/12 IP Patent Attorney Trade Mark Attorney Patent attorneys are still very much in demand particularly at the level of newly qualified to five years PQE where skills are at a shortage across all sectors. The number passing EQEs to become European Patent Attorneys (EPAs) has grown in 2011 but not enough to satisfy the increasing demand. We continued to see multinationals appointing their first European Patent Attorneys, seeking out the expertise from those previously in more established teams. Patent Attorney Level of Experience Median Salary Range Trainee Patent Attorney £20,000 - 29,000 PQ Patent Attorney £27,000 - 41,000 Finalist Patent Attorney £39,000 - 53,000 Patent Attorney 5 years £51,000 - 75,000 Patent Attorney 5-10+ years £68,000 - 91,000+ Head of Department £89,000 - 135,000 Trade Mark Attorney Level of Experience Median Salary Range Trainee Trade Mark Attorney £20,000 - 26,000 PQ Trade Mark Attorney £23,000 - 34,000 NQ Trade Mark Attorney £33,000 - 45,000 Trade Mark Attorney 5 years £44,000 - 66,000 Trade Mark Attorney 5-10+ years Head of Department £61,000+ £73,000 - 117,000+ 57 www.laurencesimons.com The salary bandings only reflect an indication of salaries for candidates in the intellectual property arena and can vary considerably. Much will depend on each candidate’s specific experience, technical background, industry sector and geographic remit. Patent Attorneys are required to have a technical degree and therefore their deeper level of technical expertise goes some way in explaining why they are able to command higher salaries than their Trade Mark counterparts. Typically in industry the years of actual practical relevant experience may be considered alongside the actual exam qualification dates. IP Patent Attorney Trade Mark Attorney The market for Trade Mark Attorneys especially at the mid to senior level continued to be tight, as relevant industry experience also comes at a premium. Positions in industry include benefit packages which tend to become more generous at the more senior level and will commonly include some, or all of the following: discretionary bonus scheme, car allowance, healthcare plan, life insurance, pension and share option scheme. Sign on bonuses may sometimes be considered as an incentive. Benefits have remained relatively static over the past three years.
  56. 56. Laurence Simons Salary Survey 2011/12 Dublin  dublin@laurencesimons.com  +353 (0)1669 8522  Fitzwilliam Hall Leeson Street Dublin 2 www.laurencesimons.com
  57. 57. Dublin 53° 20’ N 06° 15’ W Ireland
  58. 58. Laurence Simons Salary Survey 2011/12 Ireland In-House 2011 saw several strong pockets of recruitment activity in the Irish market, particularly within Financial Services, Aviation Finance and the Funds arena. Candidates have tended to earn higher salaries due to a short supply of talent within these areas and it is likely that this trend will continue into 2012. Ireland There has been an influx of hiring within General Banking as a result of NAMA related work. The Energy and Insurance sectors remain steady. Commerce and Industry has seen a smaller degree of growth and this is largely due to the lack of movement in this area as a result of the reduced number of new roles. Opportunities across the board have tended to be at a mid to senior level. Candidates at the more junior end saw fewer opportunities available in 2011 and therefore there was less movement at this level. There has been an increase in the number of Compliance roles which has resulted in a number of lawyers undertaking diplomas in this area to enhance their skill set. In-House – Ireland PQE Median Salary Range 0-1 €45,000 - 50,000 2-3 €55,000 - 70,000 4-5 €70,000 - 80,000 6-7 €80,000 - 90,000 8-9 €90,000+ 10-11 €100,000+ Head of Legal €120,000 - 150,000 General Counsel €150,000 - 170,000 www.laurencesimons.com
  59. 59. Laurence Simons Salary Survey 2011/12 Ireland Private Practice – Ireland Private Practice Areas such as Corporate, Tax and Litigation traditionally pay 10% less than Banking, Corporate Insurance and Funds, unless there is a strategic requirement to pay more. Banking, Funds Insurance All Other Sectors Median Salary Range Median Salary Range NQ €50,000 - 60,000 €40,000 - 50,000 1 €60,000 - 70,000 €50,000 - 60,000 2 €65,000 - 80,000 €55,000 - 65,000 3 €75,000 - 90,000 €70,000 - 80,000 4 €80,000 - 95,000 €75,000 - 85,000 5 €85,000 - 100,000 €80,000 - 90,000 6+ €90,000 - 115,000 €85,000+ €120,000+ €120,000+ PQE Salaried Partner Ireland Generally speaking, salaries in Ireland have remained fairly stagnant over the last two years. However, in areas such as Banking, Funds and Corporate Insurance, firms have been paying outside the standard salary bands as a measure of securing and retaining talent in a competitive market. An introduction of new firms to the Irish market has increased the demand for talent and as a result, these firms have offered competitive salaries to attract candidates. Traditionally it has been the norm for employees within Private Practice to receive minimum bonuses, however this trend has changed in that bonuses are now based entirely on merit and only those performing well are being rewarded accordingly. 61 www.laurencesimons.com We have also seen an increasing number of candidates at the two to four PQE level moving to London and Offshore, following the demand for talent among Magic Circle, Silver Circle, US and Offshore firms, particularly in the areas of Banking, Corporate and Funds. There is also a strong desire from the mid-level Associates to move out of Ireland due to the current economic situation, and seize the opportunity to gain some international experience and exposure to larger transactions.
  60. 60. Laurence Simons Salary Survey 2011 Paris  paris@laurencesimons.com  +33 (1) 5652 9201  Louis Vuitton Building 101 Avenue des Champs Elysées, Paris 75008, France www.laurencesimons.com
  61. 61. Paris 49° 01’ N 02° 32’ E Current Employment France
  62. 62. Laurence Simons Salary Survey 2011/12 France In-House Post 2009, the French In-House legal recruitment market picked up relatively quickly and has since remained stable. French qualified lawyers continue to be desirable within the market and where internationally qualified candidates are considered, fluency in French generally remains a pre-requisite. In-House – France PQE Median Compensation Range France n/a 2-3 €45,000 - 58,000 4-5 €58,000 - 71,000 6-7 €70,000 - 83,000 8-9 Candidate attraction remains a key focus for In-House especially at the mid to senior level (seven to ten years PQE) with commercial or corporate expertise. We have witnessed an increased job flow within the IT, Technology and Life Sciences sectors and as a result the demand for candidates with relevant sector experience has also increased. For the foreseeable future, we would expect compensation to remain similar to 2011 levels. 0-1 €81,000 - 91,000 10-11 €88,000 - 104,000 12-13 €94,000 - 113,000 14-15 €112,000 - 135,000 16-20 €124,000 - 146,000 21+ €140,000+ www.laurencesimons.com
  63. 63. Laurence Simons Salary Survey 2011/12 France Private Practice Demand in 2011 has been consistent across Tax, Employment, Regulatory, Litigation and Insolvency. Following a drop in 2009/2010 of Finance and Capital Market lawyers; an increase of opportunities within this space across all types of firms in 2011 was a positive change. It is difficult to anticipate what Corporate lawyers can expect in 2012, however if 2011 is anything to go by, an increase in MA and Private Equity deals in France will facilitate movement within this space. Growth within emerging markets has led to an increased demand for candidates from Project Finance, Energy and Infrastructure backgrounds. A particularly exciting emerging market is Africa and recruitment for this region is often handled by firms based in Paris. France The compensation data is a representation of remuneration paid by law firms in Paris, predominantly made up of data from the 50 largest firms. Lawyers at smaller firms in Paris and law firms throughout the rest of France are likely to notice some discrepancies in compensation and can typically be between 10% and 20% lower. Compensation in Paris tends to be tiered, with US firms paying the highest compensation, UK firms following closely behind and national firms paying the least of the three which explains some of the wider salary bands in the table below. For many firms bonuses have remained the same since the decrease in 2008 and in some cases have been non-existent. Private Practice – France Top 50 law firms in Paris (US, UK French Firms) PQE Median Compensation Range €60,000 - 65,000 2 €67,000 - 72,000 3 €75,000 - 80,000 4 €85,000 - 90,000 5 €95,000 - 100,000 6 €110,000 - 115,000 7 €125,000 - 135,000 8 €140,000 - 150,000 Counsel €160,000 - 200,000 Partner £250,000+ 65 www.laurencesimons.com 1
  64. 64. Laurence Simons Salary Survey 2011 Laurence Simons Salary Survey 2011 Rome rome@laurencesimons.com  www.laurencesimons.com
  65. 65. Rome 41° 54’′N 12° 30’′E Italy
  66. 66. Laurence Simons Salary Survey 2011 Italy In-House Towards the end of 2011, the Italian Private Practice market became relatively quiet in comparison with other European countries. There was a noticeable decrease in the number of job openings and as a result, an increase in the number of candidates looking to move or relocate. Italy Many law firms have begun to restructure and reorganise themselves, moving from the more traditional set-up to a business orientated approach to law firm management. The Partnership track is under review and as a result Partners are being asked to leave. Consequently, a large proportion of senior lawyers are seeking to move into In-House roles, a difficult move to make in the current climate. Alternatively, we have seen a number of Partners who have left big firms to set-up their own individual practices, causing the market to become more fragmented and competitive. Within the In-House market the demand has however remained relatively consistent, as multinationals still need to have a local Legal Counsel to bridge cultural and legislative differences. IT and Technology industries have been recruiting more than others in Italy. Such experience will stand candidates in good stead in 2012. Whilst we have noticed a marked increase in candidates with experience in Banking and Finance looking to make a move, there continues to be a shortage of high calibre lawyers with more generalist commercial backgrounds. Salaries are likely to stay constant through 2012. In-House – Italy PQE Median Salary Range €29,000 - 38,000 2-3 €38,000 - 52,000 4-5 €55,000 - 63,000 6-7 www.laurencesimons.com 0-1 €62,000 - 70,000 8-9 €69,000 - 85,000 10-11 €86,000 - 100,000 12-13 €99,000 - 114,000 14-15 €110,000 - 124,000 16-20 €118,000 - 149,000 21+ €155,000+
  67. 67. Laurence Simons Salary Survey 2011/12 Italy We have seen a number of Partners who have left big firms to set up their own individual practices, causing the market to become more fragmented and competitive. www.laurencesimons.com 69
  68. 68. Laurence Simons Salary Survey 2011/12 Madrid madrid@laurencesimons.com  www.laurencesimons.com
  69. 69. Madrid 40° 24’′N 03° 41’′W Current Employment Spain
  70. 70. Laurence Simons Salary Survey 2011 Spain In-House – Spain In-House The Spanish economy is one of the worst hit by the economic crisis and currently has a very high unemployment rate. As a result, it can be expected that there will be no salary movement in 2012 and clients are likely to proceed with caution when it comes to new hires and recruitment in general. PQE Median Salary Range 0-1 n/a 2-3 €33,000 - 47,000 4-5 €42,000 - 61,000 6-7 €54,000 - 64,000 8-9 €62,000 - 71,000 Spain www.laurencesimons.com
  71. 71. Laurence Simons Salary Survey 2011/12 Spain Businesses in some of Spain’s fastest growing sectors hope to maintain their workforces whilst expanding into new markets. www.laurencesimons.com 73
  72. 72. Laurence Simons Salary Survey 2011/12 Amsterdam  amsterdam@laurencesimons.com  +31 20 520 6812  Keizersgracht 62-64 1015 CS, Amsterdam www.laurencesimons.com
  73. 73. Amsterdam 52° 18’ N 04° 46’′E Benelux
  74. 74. Laurence Simons Salary Survey 2011/12 Benelux The economic uncertainty experienced in Q4 of 2011 reduced business confidence, which in turn slowed down new hiring across the Benelux regions. Law firms and companies continue to recruit, albeit more tentatively than in the earlier months of 2011. This is mitigated somewhat by the fact that the region is in relatively better shape than some of it's European counterparts; thanks to a prudent fiscal policy, a competitive workforce and the open nature of the economy. Benelux Similar to most other European countries, the Benelux region is uncertain about what to expect in 2012 due to the state of the broader economy. It is believed that 2012 will revolve more around candidates with specialist expertise rather than generalists. An emphasis is likely to be placed on matching the right candidate to the right role. Although this sounds clichéd, we are experiencing long and demanding recruitment processes in order to ensure the perfect person is found for the role. Similarly, candidates want to be reassured that the company they are moving to is both financially sound and willing to invest in their future. In-House – Netherlands PQE Median Salary Range 0-1 €26,000 - 34,000 2-3 €45,000 - 59,000 4-5 €60,000 - 68,000 6-7 €68,000 - 75,000 8-9 €80,000 - 94,000 10-11 €90,000 - 103,000 12-13 €100,000 - 118,000 14-15 €135,000 - 156,000 16-20 €143,000 - 162,000 21+ €152,000+ Private Practice – Netherlands PQE Median Salary Range €30,000 - 40,000 2-3 €40,000 - 50,000 4-5 €60,000 - 75,000 6-7 €60,000 - 90,000 8-9 www.laurencesimons.com 0-1 €70,000 - 100,000 10-11 €80,000 - 130,000 12-13 €95,000 - 180,000
  75. 75. Laurence Simons Salary Survey 2011/12 Benelux In-House – Belgium PQE Median Salary Range €27,000 - 34,000 2-3 €35,000 - 44,000 4-5 €45,000 - 60,000 6-7 €60,000 - 73,000 8-9 €72,000 - 82,000 10-11 €82,000 - 95,000 12-13 €94,000 - 109,000 14-15 €108,000 - 134,000 16-20 €135,000 - 152,000 21+ Benelux 0-1 €150,000+ In-House – Luxembourg PQE Median Salary Range €25,000 - 36,000 2-3 €34,000 - 47,000 4-5 €47,000 - 60,000 6-7 €58,000 - 70,000 8-9 €71,000 - 94,000 10-11 €92,000 - 107,000 12-13 €105, 000 - 119,000 14-15 €118,000 - 134,000 16-20 €132,000 - 149,000 21+ €150,000+ 77 www.laurencesimons.com 0-1
  76. 76. Laurence Simons Salary Survey 2011/12 Berlin berlin@laurencesimons.com  www.laurencesimons.com
  77. 77. Berlin 52° 30’′″N 13° 21’′″E Germany
  78. 78. Laurence Simons Salary Survey 2011 Germany Germany The German In-House legal market was active throughout most of 2011 and the activity level was second only to Switzerland in the European market. Whilst only a small number of companies implementing hiring freezes, these are likely to be reviewed in Q1 of 2012. An increasing number of multinationals are looking to coordinate their Central and Eastern European operations from a German hub, as the economic importance of the country as a whole, is further underlined through the increasing number of multinationals based elsewhere in Europe (for instance in Brussels, London, Paris etc) who require German qualified lawyers to join their centralised legal teams. As such, candidates with an international outlook are very much in demand and German language skills are, more often than not, an essential requirement. We have also experienced a significant increase in requirements for Compliance professionals and expect this to continue through 2012. The expectations for the foreseeable future are for continued, albeit cautious, growth within In-House legal teams. In-House – Germany PQE Median Salary Range 0-1 €42,000 - 48,000 2-3 €48,000 - 62,000 4-5 €61,000 - 81,000 6-7 €80,000 - 93,000 8-9 €87,000 - 98,000 10-11 €95,000 - 112,000 12-13 €105,000 - 119,000 14-15 €120,000 - 139,000 16-20 €140,000 - 159,000 21+ €160,000+ www.laurencesimons.com
  79. 79. Laurence Simons Salary Survey 2011/12 Germany The expectations for the foreseeable future are for continued, albeit cautious, growth within In-House legal teams. www.laurencesimons.com 81
  80. 80. Laurence Simons Salary Survey 2011/12 Geneva geneva@laurencesimons.com  www.laurencesimons.com
  81. 81. Geneva 46° 15’ N 6° 8’ E Switzerland
  82. 82. Laurence Simons Salary Survey 2011/12 Switzerland The Swiss legal recruitment market has remained active throughout 2011 with consistent demand and growth across all industries, particularly Life Sciences. Companies continue to move European or global headquarters to Switzerland to take advantage of the tax benefits and the ability to attract potential candidates from across Europe. Switzerland French and German language skills continue to be important. Candidates with experience in Compliance, Regulatory and Data Protection are particularly sought after, especially at the senior end of the market. Conversely, there is less of a demand for more junior lawyers (one to four years PQE) from multinationals. Salary and bonus levels have remained fairly constant year on year. There has been some uplift for mid-level lawyers but the greatest increases have been at the senior end. The average bonus target for In-House lawyers is around 20%. For those candidates who have been relocated to Switzerland, whilst assistance with relocation is usual, expat benefits are very much the exception rather than the norm. www.laurencesimons.com In 2012 we expect to see continued growth and expansion of legal teams with a mix of international, as well as Swiss qualified lawyers. In-House – Switzerland PQE Median Salary Range 0-1 CHF 115,000 - 132,000 2-3 CHF 125,000 - 139,000 4-5 CHF 136,000 - 160,000 6-7 CHF 152,000 - 188,000 8-9 CHF 172,000 - 201,000 10-11 CHF 194,000 - 245,000 12-13 CHF 215,000 - 265,000 14-15 CHF 232,000 - 284,000
  83. 83. Laurence Simons Salary Survey 2011/12 Switzerland The Swiss legal recruitment market has remained active throughout 2011 with consistent demand and growth across all industries. www.laurencesimons.com 85
  84. 84. Laurence Simons Salary Survey 2011/12 Moscow  moscow@laurencesimons.com  +7 495 933 70 10  Tryokhprudny per. 9 Building 1B office 001, Moscow, 123001 www.laurencesimons.com
  85. 85. Moscow 55° 59’ N 37° 30’ E Russia
  86. 86. Laurence Simons Salary Survey 2011/12 Russia Private Practice – Russia US New York firms Private Practice Russia The Russian legal recruitment market in 2011 can be summarised as cautious. Recruitment consisted mainly of replacing leavers rather than aggressively expanding practices on a larger scale. The highest demand was for Associates at the mid-level whilst recruitment at Partner level remained active with firms keen to invest in new business, therefore hiring pre-qualified candidates that were able to bring a client following. Median Salary Range NQ USD 75,000 - 100,000 1 USD 120,000 - 150,000 2 USD 130,000 - 160,000 3 USD 150,000 - 180,000 4 USD 170,000 - 200,000 5 USD 190,000 - 240,000 6 Corporate, MA, Litigation, IP, IT and Energy remain the busiest areas although the hiring of senior Dispute Resolution/ Arbitration lawyers, at both Partner and Counsel level, was also noticed in 2011. The Real Estate and PPP practice areas are two to watch in 2012. Both have grown due to recent changes in legislation and as this trend gains momentum, so too will the demand for candidates with relevant experience at all levels. PQE USD 220,000 - 270,000 7 USD 250,000 - 300,000 8+ USD 280,000+ Private Practice – Russia US Mid-Atlantic Firms PQE Median Salary Range USD 70,000 - 90,000 1 USD 80,000 - 110,000 2 USD 90,000 - 120,000 3 USD 110,000 - 130,000 4 www.laurencesimons.com NQ USD 130,000 - 155,000 5 USD 140,000 - 170,000 6 USD 160,000 - 190,000 7 USD 180,000 - 220,000 8+ USD 200,000+
  87. 87. Laurence Simons Salary Survey 2011/12 Russia Although Russia is in a much stronger financial situation than some countries in Europe, the market still tends to reflect that of the global economy and as a result, investment activity into Russia/CIS in 2012 is uncertain. The Russian elections have also caused investors to act cautiously which in turn affects hiring. That being said, salaries are expected to rise by up to 20% in 2012. Private Practice – Russia UK Magic Circle PQE Median Salary Range USD 45,000 - 65,000 1 USD 50,000 - 75,000 2 USD 65,000 - 90,000 3 USD 75,000 - 110,000 4 USD 90,000 - 130,000 5 USD 110,000 - 150,000 6 USD 130,000 - 170,000 7 USD 155,000 - 185,000 8 USD 180,000 - 250,000 9+ USD 200,000+ Russia NQ Private Practice – Russia Other City Firms Large US Firms PQE Median Salary Range USD 30,000 - 50,000 1 USD 40,000 - 70,000 2 USD 50,000 - 80,000 3 USD 60,000 - 90,000 4 USD 80,000 - 120,000 5 USD 100,000 - 140,000 6 USD 120,000 - 160,000 7 USD 140,000 - 170,000 8 USD 160,000 - 200,000 9+ USD 180,000+ 89 www.laurencesimons.com NQ
  88. 88. Laurence Simons Salary Survey 2011/12 Russia In-House – Russia In-House Russia In-House has seen an increased demand from the Private Equity and Funds markets for transactional lawyers. Another trend to highlight is the emergence of various Pharmaceutical companies in the Russian market over the past two years. Many lawyers previously employed by law firms, were tempted by competitive salaries to move In-House within this sector and as a result, many law firms are now looking to expand or invest in the area and it is anticipated that this will be a key focus for 2012. PQE Median Salary Range 0-1 USD 19,000 - 30,000 2-3 USD 27,000 - 42,000 4-5 USD 43,000 - 64,000 6-7 USD 65,000 - 89,000 8-9 USD 90,000 - 112,000 10-11 USD 113,000 - 149,000 12-13 USD 148,000 - 179,000 14-15 USD 180,000 - 213,000 16-20 USD 215,000 - 263,000 21+ USD 265,000+ www.laurencesimons.com
  89. 89. Laurence Simons Salary Survey 2011/12 Russia Although Russia is in a much stronger financial situation than some countries in Europe, the market still tends to reflect that of the global economy. www.laurencesimons.com 91
  90. 90. Laurence Simons Salary Survey 2011/12 Dubai  dubai@laurencesimons.com  +971 (0)4 374 8332  Dubai Knowledge Village Block 18, First Floor PO Box 500732 Dubai, UAE www.laurencesimons.com
  91. 91. Dubai 25° 18’ N 55° 18’ E Middle East
  92. 92. Laurence Simons Salary Survey 2011 Middle East In-House For In-House, 2011 was a difficult year to ascertain legal recruitment trends in the Middle East as the year was filled with peaks and troughs, not only within local businesses but also the multinational arena, most notably Technology, Energy, Oil and Gas and Pharmaceuticals. Middle East General Counsel and Heads of Legal across the Middle East, as well as the US and Europe, are putting a renewed emphasis on bringing in high calibre lawyers to strengthen their Compliance teams and business processes. Candidates with a background in Compliance are highly sought after and salaries within this area tend to command a premium. Considering the financial difficulties facing the US and Europe, it is no surprise that the Middle East is now an area of focus as it offers high potential growth in 2012. As such, many clients seem vigilantly hopeful about the future, however most remain non-committal with regards to recruitment, as a great deal hangs in the balance of the US and European economies. Salary and bonus levels have remained fairly stable in the past year and we would expect the same through 2012. The recruitment market is currently client led and as a result, clients expect only the best talent in the market and are less willing to negotiate on salary. In-House – Dubai Median Salary Range 0-1 AED 297,000 - 367,000 2-3 AED 367,000 - 478,000 4-5 AED 478,000 - 588,000 6-7 AED 588,000 - 698,000 8-9 www.laurencesimons.com PQE AED 698,000 - 808,000 10+ AED 882,000+ * US firms mltinationals typically pay at a similar rate but in USD.
  93. 93. Laurence Simons Salary Survey 2011/12 Middle East Private Practice – Dubai Private Practice PQE Median Salary Range 0-1 n/a 2-4 AED 397,000 - 511,000 5-6 AED 600,000 - 654,000 7+ AED 742,000+ * US firms mltinationals typically pay at a similar rate but in USD. Middle East In the Private Practice market there has been little movement in salary levels across the Gulf Region since the downturn. As a general rule of thumb, international firms have increased their salaries between 4% and 6%. Where recruitment has occurred, it has been in the areas of Construction, Projects and Litigation. Salaries at Silver and Magic Circle firms are higher, as one would expect, and a premium is often paid to those lawyers with both international education and law firm backgrounds, as well as Arabic language skills. These salaries are tax free and often return flights and relocation packages are provided in addition to the base salary. Salaries are tax free and often, return flights and relocation packages are provided in addition 95 www.laurencesimons.com to the base salary.
  94. 94. Laurence Simons Salary Survey 2011/12 Hong Kong  hongkong@laurencesimons.com  +852 3154 9271  1803, 18/F No.9 Queens Road Central Central, Hong Kong www.laurencesimons.com
  95. 95. Hong Kong 22° 20’ N 114° 11’ E Hong Kong Mainland China
  96. 96. Laurence Simons Salary Survey 2011/12 Hong Kong Mainland China Private Practice – Hong Kong, UK and Australian Law Firms Private Practice Hong Kong Mainland China During the course of 2011 the legal recruitment market in Hong Kong and China remained robust due to the continued growth of the IPO and Banking sectors in the region. PQE Median Salary Range NQ HKD 720,000 - 900,000 1 HKD 756,000 - 960,000 2 HKD 840,000 - 1,080,000 Within Private Practice there has been a significant increase in the number of US firms recruiting Hong Kong qualified lawyers, especially to expand either their existing teams or to establish Hong Kong based practices from scratch. This has had a ripple effect on all salary bands as Hong Kong Associates are now generally being paid more. 3 HKD 900,000 - 1,140,000 4 HKD 960,000 - 1,260,000 5 HKD 1,080,000 - 1,440,000 6 HKD 1,121,000 - 1,680,000 7 HKD 1,200,000 - 1,800,000 8+ HKD 1,320,000 - 2,160,000 Consultant/Of Counsel HKD 1,440,000 - 3,000,000 Salaried Partner HKD 1,680,000 - 3,600,000+ www.laurencesimons.com US firms typically pay Hong Kong qualified lawyers an uplift of 20% above that of Magic Circle firms. In 2011 however, all US firms (with a few exceptions) converted to New York rates for their Hong Kong Associates, starting their salaries at USD160,000. This has led to Hong Kong Associates in US firms earning approximately 30% to 40% more than their counterparts in UK firms. Understandably, this has caused a migration of Hong Kong qualified lawyers to US firms over the past twelve months. Corporate Finance remains the key practice area in demand for law firms. The Banking and Finance sector has also experienced an increase thanks to the robust financial institutions in Hong Kong and China posting healthy profits. Private Practice – US Law Firms PQE Median Salary Range 1 USD 160,000 2 USD 170,000 3 USD 185,000 4 USD 210,000 5 USD 230,000 6 USD 250,000 7 USD 265,000 8+ USD 280,000 8+ $280,000
  97. 97. Laurence Simons Salary Survey 2011/12 Hong Kong Mainland China In-House – Hong Kong In-House There has also been a noticeable increase within In-House recruitment activity especially in mainland China. This continues to reflect the strong recovery of the Asian economy, as many US and European multinationals have sought to be part of, and benefit from, Asia’s growth; particularly at a time when domestic US and European markets remain relatively weak. PQE Median Salary Range NQ-1 HKD 360,000 - 660,000 2-3 HKD 480,000 - 864,000 4-5 HKD 600,000 - 1,080,000 6-7 HKD 660,000 - 1,500,000 8-9 HKD 936,000 - 1,680,000 Mainland China based roles for multinationals have seen a marked increase due to China’s staggering growth; this has made PRC qualified lawyers a rare find. Most candidates looking to move in 2012 will be seeking an increase of 20% to 40% on base salary. Bonus payments have shown an improvement averaging two to three months although some companies (mainly HK listed companies) paid out significantly more. HKD 1,080,000 - 1,800,000 12-15 HKD 1,200,000 - 2,160,000 Head of Legal / General Counsel HKD 1,440,000 - 3,000,000 Hong Kong Mainland China 10-12 www.laurencesimons.com 99
  98. 98. Laurence Simons Salary Survey 2011/12 Hong Kong Mainland China Hong Kong Mainland China As a general rule of thumb, Hong Kong Associates in US firms are paid a flat salary with no cost of living allowance. However US Associates receive a Cost of Living Adjustment (COLA) that covers expenses such as housing, education and home leave expenses. Historically, firms have differentiated the COLA amount based on the tax status and family size (whereby a US tax payer with spouse and children will receive more in COLA payments, in some cases up to USD145,000 per annum) but in more recent years, most firms have moved toward a cash allowance scheme with a flat payment to all Associates. This typically ranges from USD45,000 to USD90,000 per annum with the most common being USD60,000 to USD70,000 per annum. 2012 will remain robust as China will continue to dominate the region with large-scale MA and Capital Market transactions. In-House – China PRC Qualified Lawyers with Local Experience PQE Median Salary Range 3-5 USD 22,000 - 45,000 6-8 USD 45,000 - 65,000 9-10 USD 60,000 - 120,000 11-14 USD 80,000 - 150,000 15+ USD 135,000+ In-House – China PRC Qualified Lawyers with Overseas Experience PQE Median Salary Range 3-5 USD 55,000 - 85,000 6-8 USD 80,000 - 120,000 9-10 USD 110,000 - 150,000 11-14 USD 125,000 - 160,000 15+ USD 150,000+ In-House – China International Lawyers Median Salary Range 3-5 www.laurencesimons.com PQE USD 100,000 - 160,000 6-8 USD 140,000 - 220,000 9-10 USD 180,000 - 240,000 11-14 USD 200,000 - 260,000 15+ USD 230,000+
  99. 99. Laurence Simons Salary Survey 2011/12 Hong Kong Mainland China Many US and European multinationals have sought to be part of, and benefit from, Asia’s growth; particularly at a time when domestic US and European markets remain relatively weak. www.laurencesimons.com 101
  100. 100. Laurence Simons Salary Survey 2011/12 Singapore  singapore@laurencesimons.com  +65 6590 9166  Phillip Street #09-04 3 Commerce Point Singapore, 048693 www.laurencesimons.com
  101. 101. Singapore 01° 22’ N 103° 55’ E Singapore
  102. 102. Laurence Simons Salary Survey 2011/12 Singapore Businesses in Singapore enjoyed a sustained uplift in 2011, particularly within the IT and Technology sector, where the majority of senior hires occurred. There was a noticeable increase in the number of US and European multinationals in the Technology and Manufacturing sectors looking to build their legal teams, especially within emerging markets such as Vietnam, Thailand and India (Singapore often being used as the regional hub for South East Asia). increases. Requirements for senior level lawyers to focus on Regulatory, Corporate Governance and Corporate Secretarial activities are all on the rise. There has also been a significant increase in demand for candidates with IT, Technology and Commercial experience. The outlook for 2012 remains promising, although there is an understandable element of caution. Hiring managers in Asia are persistently searching for experienced candidates in anticipation of growth in the region; however hiring budgets will most likely be rigorously reviewed during the course of the year. Salaries in Singapore have increased by 10% to 20% and candidates are benefitting from sign-on bonuses, a hook used to attract the best talent in the market. Singapore There has been a significant demand for mid-level candidates. Those with relevant APAC experience and fluency in Mandarin have enjoyed noteworthy salary In-House – Singapore PQE Median Salary Range SGD 53,000 - 82,000 2-3 SGD 59,000 - 89,000 4-5 SGD 80,000 - 107,000 6-7 SGD 102,000 - 128.000 8-9 SGD 120,000 - 155,000 10-11 www.laurencesimons.com 0-1 SGD 143,000 - 177,000 12-13 SGD 161,000 - 192,000 14-15 SGD 179,000 - 233,000 16-20 SGD 233,000+ 21+ SGD 272,000+
  103. 103. Laurence Simons Salary Survey 2011/12 Singapore Salaries in Singapore have increased by 10% to 20% and candidates are benefitting from sign-on bonuses; a hook used to attract the best talent in the market. www.laurencesimons.com 105
  104. 104. Laurence Simons Salary Survey 2011/12 Mumbai india@laurencesimons.com  www.laurencesimons.com
  105. 105. Mumbai 19° 07’′N 72° 51’′E India
  106. 106. Laurence Simons Salary Survey 2011/12 India The legal recruitment market in India was buoyant during the course of 2011. There was a steady flow of talent available in the major cities (Delhi, Mumbai, Bangalore and Chennai) where most large US and European multinationals are headquartered. Employers continue to seek high calibre candidates with experience gained from other multinationals who are able to demonstrate evidence of longevity in their careers; as attrition rates remain a key concern in India. India As a whole 2012 looks set to be a positive year for India. Companies are likely to continue hiring across the board with many looking to establish core legal functions from scratch. In order to attract candidates of the right calibre, many multinationals are willing to offer significant salary increases. It is not uncommon to see salary hikes for high profile moves of over 50%. India has been relatively unharmed by the economic uncertainty in Europe and the US. The only sector that has shown signs of unrest is the Finance sector. The one key trend which India displays more than other regions is a great disparity in salaries between cities and foreign versus locally owned entities. In-House – India PQE Median Salary Range 0-1 Lakhs 4 - 8 2-3 Lakhs 7 - 12 4-5 Lakhs 9 - 18 6-7 Lakhs 11 - 20 8-9 Lakhs 18 - 35 10-11 Lakhs 25 - 48 12-13 Lakhs 36 - 53 14-15 Lakhs 47 - 64 16-20 Lakhs 60 - 113 21+ Lakhs 82 - 143+ www.laurencesimons.com
  107. 107. Laurence Simons Salary Survey 2011/12 India We are delighted to launch our office in Mumbai, to meet the ever increasing demand of our global client base. We are now the only specialist international legal recruiter on the ground in India. www.laurencesimons.com 109
  108. 108. Laurence Simons Salary Survey 2011/12 New York  newyork@laurencesimons.com  +1 (646) 380 6629  1140 Avenue of the Americas 9th Floor, New York NY 10036, USA www.laurencesimons.com
  109. 109. New York 40° 47’ N 73° 58' W North America
  110. 110. Laurence Simons Salary Survey 2011/12 North America The legal recruitment market has been considerably more active in 2011, albeit in specific industry pockets and geographic regions. Whilst the market would not be described as robust, certain clients have been hiring aggressively. This could be attributed to organisations experiencing early recession rebounds or others looking to recruit talented lawyers in a less competitive atmosphere. Private Practice – North America PQE Median Salary Range North America www.laurencesimons.com Moving into 2012, employers will continue to hire opportunistically, and will continue to seek out the best possible candidates for their teams. We anticipate that clients will continue to demand incredibly specific skill sets and will take full advantage of the continuation of a candidate rich market. $125,000 - 160,000 2-3 $130,000 - 180,000 4-5 $150,000 - 230,000 6-7 $165,000 - 250,000 8-9 $175,000 - 275,000 10-11 There has been a notable increase in the number of lawyers working within Compliance, and those with international Compliance acumen continue to be highly sought after. Candidates with hybrid backgrounds are reinventing themselves as Compliance experts in order to capitalise on this booming area. Such reinvention is being driven by market demand and is appropriate for some but not for all. Another related dynamic is that commercial lawyers with solid Regulatory skills are also highly valued. These increases are a direct result of a more highly regulated global marketplace. 0-1 $180,000 - 310,000 12-13 $250,000+* 14-15 $250,000+ 16-20 $250,000+ 21+ $250,000+ * he compensation for senior level Associates/Counsel/Partners at law firms will vary wildly. Partners at T the same law firm may make anywhere from the mid two hundred thousand dollar mark to millions of dollars per year. Typically, this will depend on the business/client origination.
  111. 111. Laurence Simons Salary Survey 2011/12 North America Expected growth for 2012 falls within the litigation arena, both In-House and Private Practice, as well as, distressed real estate matters. Bursts of heavy acquisition and project finance activity are anticipated and therefore, roles to support these functions. We have not seen significant changes during 2011 in salaries and bonus structures and we don’t anticipate significant changes for the upcoming year. The Corporate In-House market which is generally more cost-sensitive has not seen salaries decreased as such, but rather corporate clients skewing towards more junior hires to capture some cost saving. Despite a chill in the air over European economies, the US legal recruitment market is expected to push forward towards a slow but steady recovery. Law firms can anticipate further difficulty finding highly-qualified Associates to manage an increased work load and will need to hire accordingly. The In-House legal market will continue to expand to meet the needs of an increasingly international playing field. As salaries will stay relatively flat for the moment, the competition for lawyers will start to increase as the demand continues on the upswing. We anticipate that employers will see greater recruitment challenges in the next year. In-House – North America PQE Median Salary Range 0-1 $105,000 - 127,000 2-3 $115,000 - 143,000 4-5 $142,000 - 160,000 6-7 $159,000 - 183,000 8-9 $176,000 - 248,000 10-11 $223,000+ 113 www.laurencesimons.com The Private Practice market has experienced some competition amongst the larger firms to be more aggressive with respect to bonus, but there has otherwise been little change. In New York, several top tier firms paid spring bonuses, a fairly unusual occurrence which is more the exception than the rule. Though notable, these increases in pay were generally perceived as a catch-up from nominal bonus payouts during the recession. Law firms must generally be responsive to their competitors in the market and raise salary and bonus levels in-line with other law firms. These lifts generally come in waves across the US market. Whilst there has been some ‘defrosting’ of salaries since the recession, we do not anticipate that law firms will take the further step of increasing the market salary levels. North America Global corporations with significant investment in emerging markets have been more confident and aggressive in their vision for expansion than those focused on the EU or North America alone. Key industries for 2012 are High-Tech Manufacturing (including Aerospace and Defence), as well as some Heavy Manufacturing. Though slightly tumultuous, positive activity in Technology and the Pharmaceutical industries is also expected. The luxury goods market has also been performing well.
  112. 112. Laurence Simons Salary Survey 2011 São Paulo  saopaulo@laurencesimons.com  +55 11 4890 0510  das Olimpíadas, 200 Rua 10th floor, Vila Olímpia São Paulo/SP, 04551-000 www.laurencesimons.com
  113. 113. São Paulo 23° 37’ S 46° 39’ W Latin America São Paulo
  114. 114. Laurence Simons Salary Survey 2011/12 São Paulo Legal recruitment is a developing market in São Paulo especially in comparison to the US and UK, with most companies and law firms handling hiring requirements internally. That being said, the search for high quality talent has become increasingly difficult as the market becomes more competitive and clients are now outsourcing their hiring to specialists like Laurence Simons to ensure they secure the right talent. São Paulo The legal market in São Paulo has gone from strength to strength in 2011. There has been a distinct increase in demand for qualified lawyers with Corporate, Banking and Capital Markets experience, as well as those with Project Finance, Litigation, Competition and Tax backgrounds. In preparation for the 2014 Football World Cup, as well as the 2016 Olympic Games, infrastructure in general has boomed and as a result there has been an increase in the demand for Regulatory, Energy and Project Finance lawyers. www.laurencesimons.com Within the In-House market, General Counsel roles continue to arise and will most likely remain an area of focus in 2012 as the Brazilian operations of international companies have become increasingly important globally. Private Practice – São Paulo PQE Median Salary Range 0-1 BRL 52,000 - 65,000 2-3 BRL 64,000 - 79,000 4-5 BRL 80,000 - 118,000 6-7 BRL 101,000 - 168,000 8-9 BRL 148,000 - 242,000 10-11 BRL 205,000 - 298,000 12-13 BRL 236,000 - 329,000 14-15 BRL 304,000 - 395,000 16-20 BRL 357,000 - 452,000 21+ BRL 447,000+ * Net amounts in BRL, based on top tier law firms In-House – São Paulo PQE Median Salary Range 0-1 BRL 39,000 - 52,000 2-3 BRL 48,000 - 74,000 4-5 BRL 72,000 - 82,000 6-7 BRL 77,000 - 89,000 8-9 BRL 89,000 - 128,000 10-11 BRL 124,000 - 175,000 12-13 BRL 156,000 - 204,000 14-15 BRL 183,000 - 277,000 16-20 BRL 263,000 - 349,000 21+ BRL 347,000+ * Gross amounts in BRL – 25% is discounted for tax purposes
  115. 115. There is a distinct shortfall of qualified legal candidates in São Paulo, particularly those fluent in English. However, many Brazilian candidates who had moved abroad are now returning to capitalise on the strong market conditions. In addition, it will be interesting to see what the Brazilian Bar’s decision will be towards foreign law firms’ arriving in Brazil, as this could have a major impact on the legal market dynamics. PQE Median Salary Range 0-1 BRL 52,000 - 71,000 2-3 BRL 69,000 - 98,000 4-5 BRL 85,000 - 118,000 6-7 BRL 119,000 - 172,000 8-9 BRL 170,000 - 222,000 10-11 BRL 220,000 - 282,000 12-13 BRL 279,000 - 384,000 14-15 BRL 351,000 - 446,000 16-20 BRL 434,000 - 520,000 21+ São Paulo Salaries and bonuses are expected to increase in 2012 and candidates in high demand can anticipate substantial pay rises. Banking Finance – São Paulo Laurence Simons Salary Survey 2011/12 São Paulo BRL 510,000+ * Gross amounts in BRL – 25% is discounted for tax purposes; based on Investment Bank and top Retail Banks www.laurencesimons.com 117
  116. 116. Laurence Simons Salary Survey 2011 Laurence Simons Salary Survey 2011 Rio de Janeiro  rio@laurencesimons.com  +55 21 2588 8029 +55 21 2588 8030  12th Floor Av. Rio Branco, 1 Centro, Rio de Janeiro www.laurencesimons.com
  117. 117. Rio de Janeiro 22° 52’ S 43° 22’ W Latin America Rio de Janeiro

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