UK - Banking & Financial Services Salary Survey 2011

1. Legal in-house financial services
salary guide 2011
taylorroot.com

2. Legal in-house financial services salary guide 2011
Introduction
Our legal financial services division specialises in recruiting the wider FS market (ie: excluding investment banking) and
permanent and temporary legal professionals at all levels from have not been dramatically impacted.
paralegals up to General Counsel and across several different
sectors within the financial services market including funds, Our overall conclusion is that the market is definitely
insurance, brokers, clearing houses, trading platforms, improving. However, there is a noticeably cautious approach
regulatory bodies, private equity and other miscellaneous to new hires and hence a degree of uncertainty as to what
financial services organisations. Our financial services team the rest of 2011 holds.
works closely with the banking team who recruit for the
major investment banks.
Permanent market review
The financial services market saw a substantial increase in
recruitment activity at all levels throughout 2010 which has
continued in to 2011. Regulation has certainly been the area
that has seen and will continue to see the most activity,
but there has also been notable demand for lawyers with
commercial/corporate insurance, financial services, general
commercial and funds experience. Whilst the market has
noticeably improved and stabilised, it is important to note
that there is still more of a conservative approach to hiring
as for many in-house departments obtaining the budget and
headcount to recruit tends to be harder to achieve than in the
days of 2006/2007. This has also resulted in recruitment
processes on the whole being significantly longer due to
clients wanting to ensure that they have fully explored the
market and as a result are recruiting the best person available
for the position. On the flip side and as the market has
improved over the last 12-18 months, there has also been a
noticeable change of mindset across the candidate population
– an increased demand for their skills has led to candidates
exercising the option to be more selective than they were
(or indeed could afford to be) during the leaner times. This
change in the market does put an increased premium on
ensuring the recruitment process is as efficient, expeditious,
and professional as possible, ensuring a favourable opinion of
the client is maintained.
Salaries in the wider financial services sector have in the main
been relatively unaffected by the recent economic difficulties
and have steadily (although not significantly) risen in recent
months. One possible exception to this trend is in the smaller
and mid-sized institutions where in some cases there has
been a slight decrease in salaries. On the bonus front, whilst
obviously bonuses throughout the banking and financial
services world are under pressure at the moment (especially
within organisations that have been hit hard by recent
events), generally speaking they remain fairly stable within
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3. Legal in-house financial services salary guide 2011
Interim Market
The interim financial services market saw a significant Whilst the recruitment of paralegals has been steady in the
increase in contract and temporary roles at all levels in 2010. financial services market, the ISDA market was as buoyant
This was largely due to the conservative approach which as ever in 2010 and is showing no signs of slowing down
many clients have tended to take in light of the economic in 2011. There is an ongoing shortage of experienced ISDA
climate in 2008/09. It has been difficult for clients to obtain negotiators with a number of these very keen to make
additional permanent headcount due to budget constraints a move into a smaller team or institution such as an asset
and therefore taking someone on board as a contractor or management organisation.
temporary worker has been an excellent alternative. Clients
have been viewing it as a good way of seeing how the Salaries in 2010/2011 have been relatively stable within
candidate works and fits into the team before committing to the financial services sector, both on the qualified and non-
something more long term. They have also identified it as an qualified front. Unlike the permanent qualified market, we
opportunity to secure high calibre candidates who through no have not seen an increase in hourly/daily rates. In a good
fault of their own have been made redundant by magic and market contractors and temporary workers tend to receive a
silver circle firms. premium to make up for the bonus and benefits which they
do not receive. Therefore, we believe that the lack of increase
Unlike previous years, clients have considered NQ-1 is largely due to there being a significant drop in bonuses as
PQE lawyers for interim roles in areas such as funds and a consequence of the economic downturn.
commercial where there is consistently a shortage of
candidates. This can be partly explained by the fact that the It looks like the interim and non-qualified market will
temporary to permanent route has been particularly favoured continue to stay strong as the cautious approach to new hires
by clients. As mentioned above, clients are viewing interim continues throughout the rest of 2011.
candidates as more of a long term option and are therefore
willing to put in the investment usually required with a less
experienced candidate. It is a very positive sign that over
50% of our contract roles which began at the end of 2009
or the beginning of 2010 have now been made permanent.
Asha Morzaria
Senior Consultant

4. Legal in-house financial services salary guide 2011
Salaries & compensation - Permanent
Head of legal and compliance
As the compliance market becomes increasingly prominent, we have noticed an increased demand for Heads of
Legal and Compliance in small to mid-sized organisations, either as their first in-house counsel or to head up a
small team.
PQE Average base salary range Average bonus range
8 - 9 yrs £90,000 - £120,000 20% - 35%
9 - 10 yrs £110,000 - £140,000 20% - 35%
10 – 12 yrs £120,000 - £160,000 25% - 50%
12 – 14 yrs £125,000 - £170,000 30% - 60%
15 yrs + £135,000 - £200,000 30% - 100%
Financial services/Regulatory
2010 and the beginning of 2011 has seen a significant demand for lawyers with regulatory experience and
due to the increasing presence and importance of the regulatory bodies, we do not see this changing.
PQE Average base salary range Average bonus range
0 - 2 yrs £42,000 - £65,000 10% - 15%
2 – 4 yrs £63,000 - £80,000 10% - 15%
4 – 6 yrs £70,000 - £95,000 10% - 20%
6 – 8 yrs £82,000 - £110,000 15% - 20%
8 – 10 yrs* £90,000 - £120,000 15% - 35%
10 – 12yrs +* £100,000 - £145,000 20% - 50%
Commercial/Technology
General commercial lawyers are always highly sought after. The challenge that the financial services sector
faces is that lawyers with this background tend to be attracted to the commerce and industry roles hence the
need for financial services to pay higher salaries to attract candidates to their roles.
PQE Average base salary range Average bonus range
0 - 2 yrs £57,000 - £69,000 10% - 15%
2 - 4 yrs £65,000 - £82,000 10% - 15%
4 - 6 yrs £73,000 - £97,000 10% - 20%
6 - 8 yrs £85,000 - £110,000 15% - 20%
8 - 10 yrs* £90,000 - £122,000 15% - 35%
10 - 12+ yrs* £100,000 - £150,000 15% - 50%
Corporate finance/M&A/Private equity
For obvious reasons there were very few if any corporate roles in 2009/beginning of 2010, however the
second half of 2010 and the beginning of 2011 has seen a noticeable but not significant increase in in-house
corporate positions which we expect to see continue throughout the rest of 2011.
PQE Average base salary range Average bonus range
0 - 2 yrs £55,000 - £72,000 10% - 15%
2 - 4 yrs £68,000 - £85,000 10% - 15%
4 - 6 yrs £75,000 - £97,000 15% - 20%
6-8 yrs £88,000 - £115,000 15% - 20%
8-10 yrs* £95,000 - £120,000 20% - 40%
10-12+ yrs* £110,000 - £160,000 20% - 55%
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5. Legal in-house financial services salary guide 2011
Insurance
Insurance as a sector has maintained a steady flow of recruitment, and in 2010 we noticed an increased
demand for insurance litigators and commercial / corporate insurance lawyers of varying levels, which has
continued into 2011.
Insurance litigation
PQE Average base salary range Average bonus range
0-2 yrs £42,000 - £60,000 10% - 15%
2-4 yrs £55,000 - £76,000 10% - 15%
4-6 yrs £72,000 - £85,000 10% - 20%
6-8 yrs £80,000 - £95,000 15% - 30%
8-10 yrs* £90,000 - £115,000 20% - 40%
10-12+ yrs* £100,000 - £135,000 25% - 50%
Corporate / Commercial Insurance
0-2 yrs £45,000 - £62,000 10% - 15%
2-4 yrs £60,000 - £78,000 10% - 20%
4-6 yrs £74,000 - £90,000 15% - 25%
6-8 yrs £80,000 - £98,000 15% - 35%
8-10 yrs* £95,000 - £130,000 20% - 40%
10-12+ yrs* £120,000 - £150,000 25% - 55%
Nikki Newton
Associate Director

6. Legal in-house financial services salary guide 2011
Funds/Asset management
The funds market at the beginning of 2010 was noticeably slower in terms of recruitment; however the
second half of 2010 and the beginning of 2011 has seen an increased demand for funds lawyers. It is
important to note that lawyers with funds experience, especially regulatory funds experience, are in high
demand and reasonably difficult to source due to competition in the market for their experience.
PQE Average base salary range Average bonus range
0 - 2 yrs £50,000 - £73,000 10% - 20%
2 - 4 yrs £60,000 - £85,000 15% - 25%
4 - 6 yrs £73,000 - £100,000 15% - 30%
6 - 8 yrs £90,000 – £120,000 20% - 50%
8 - 10* yrs £100,000 - £135,000 25% - 60%
10 - 12+ yrs* £120,000 - £165,000 30% - 100%
Retail banking (Consumer finance)
Retail banking roles have remained consistent (although not that frequent) over the last few years. It is
important to note that sourcing lawyers with this area of specialism is always quite difficult due to a relatively
small candidate pool with this skill set.
PQE Average base salary range Average bonus range
0 - 2 yrs £40,000 - £62,000 5% - 10%
2 - 4 yrs £58,000 - £75,000 10% - 20%
4 - 6 yrs £65,000 - £80,000 15% - 25%
6 - 8 yrs £72,000 - £95,000 15% - 30%
8 - 10 yrs* £88,000 - £110,000 20% - 35%
10 - 12+ yrs* £105,000 - £135,000 20% - 40%
Employment
Employment roles do not come up that often in-house and when they do they are quite highly sought after.
PQE Average base salary range Average bonus range
0 - 2 yrs £42,000 - £60,000 5% - 10%
2 - 4 yrs £68,000 - £80,000 10% - 20%
4 - 6 yrs £75,000 - £88,000 15% - 25%
6 - 8 yrs £85,000 - £95,000 15% - 30%
8 - 10 yrs* £90,000 - £110,000 20% - 35%
10 - 12+ yrs* £100,000 - £135,000 20% - 40%
Notes:
• We have formulated the tables above on the basis of extensive research across our database of clients and candidates,
combined with our collective experience of recruiting lawyers for the majority of the leading UK, European and global
financial services institutions. Please note that these are averages and inevitably there will be occasional exceptions.
• Where applicable: base salary figures quoted include any additional fixed payments, car allowance, cost of living adjustments etc.
* At the more senior levels where the salary ranges are broader, one of the key factors that will influence where someone would fall within
that range will be whether or not they have people management responsibilities (and if so, how significant those responsibilities are).
taylorroot.com

7. Legal in-house financial services salary guide 2011
Salaries & compensation - ISDA negotiators & Paralegals
ISDA Negotiators
PQE Average base salary range Average daily rate 1
0 - 1 yrs £35,000 - £40,000 £150 - £200
1 - 2 yrs £40,000 - £50,000 £180 - £250
2 - 3 yrs £45,000 - £60,000 £230 - £350
3 - 4 yrs £55,000 - £70,000 £300 - £350
4 - 5 yrs £65,000 - £80,000 £350 - £400
5 - 7 yrs £75,000 - £90,000 £375 - £450
7+ yrs £80,000 - £100,000 £400 - £600
Management £90,000 - £130,000 £450 - £600
1 Daily rate figures are exclusive of holidays which the candidate would be entitled to. Qualified lawyers will be paid
up to 15-20% more than non-qualified negotiators. In addition, please note that the number of years experience as
well as the number of ISDAs’ negotiated will also determine where a candidate falls within the above rates. .
Paralegals 2
PQE Average base salary range Average daily rate
0 yrs £22,000 - £25,000 £100 - £110
1 yrs £22,000 - £30,000 £105 - £130
2 yrs £25,000 - £40,000 £107 - £172
3 yrs £28,000 - £45,000 £120 - £195
4 yrs £30,000 - £48,000 £130 - £207
5 yrs £40,000 - £55,000 £172 - £238
6 yrs £42,000 -£65,000 £181 - £280
7 - 10 yrs £45,000 - £80,000 £194 - £345
10+ yrs £60,000+ £260+
2 The term “paralegal” covers unqualified legal professionals and can sometimes be broadened to include foreign qualified lawyers. Individuals
with substantial experience tend not to be referred to as paralegals. Such individuals will receive good quality work and will often be treated as
the equivalent of a qualified lawyer. However, in view of the fact they are not qualified, they will invariably be paid less than their qualified peers.
Richard Hanks
Group Manager

8. Our financial services team is comprised of 6 specialist consultants with over 35 years’ recruitment
experience between them in this sector. For more information on renumeration and career options
or for help with your recruitment drive please contact a member of the team on 020 7415 2828:
Julian Stone Richard Hanks Nikki Newton
Partner Group Manager Associate Director
In-house team Permanent recruitment Permanent recruitment
julianstone@taylorroot.com richardhanks@taylorroot.com nikkinewton@taylorroot.com
Asha Morzaria James Penn Ann Marie Martakis
Senior Consultant Consultant Consultant
Interim recruitment Interim recruitment Permanent recruitment
ashamorzaria@taylorroot.com jamespenn@taylorroot.com annmariemartakis@taylorroot.com
Established in the 1980s, Taylor Root is now widely recognised as being one of the world’s leading
legal recruiters. Operating out of offices in the UK, Dubai, Asia and Australia, we are ideally placed to
assist law firms, banks and companies with their legal recruitment on an international basis. Taylor
Root has a strong track record in the recruitment of: Heads of Legal and legal advisers; law firm
associates and partners; contract/locum lawyers; paralegals; company secretaries and compliance
professionals.
Taylor Root is a member of The SR Group. The SR Group is a specialist recruitment consultancy
dedicated to raising standards in the business environments that we serve. The sectors we
cover include tax, legal, human resources, marketing, professional support and executive search,
dealing with a substantial number of the world’s leading professional partnerships, multi-national
corporations and international banking groups as well as small to medium sized developing
organisations.
London Dubai Hong Kong
95 Queen Victoria Street Suite 614, Liberty House DIFC 1918 Hutchinson House
London EC4V 4HN PO Box 506739 10 Harcourt Road , Central, Hong Kong
T: +44 (0)20 7415 2828 T: +9714 448 7770 T: +852 2973 6333
Singapore Melbourne Sydney
Level 21 Prudential Tower Level 2, Rialto North Tower Level 12, 25 Bligh Street
30 Cecil Street 525 Collins Street Sydney
Singapore 049712 Melbourne, VIC 3000 NSW 2000
T: +65 6420 0500 T: +61 (0)3 8610 8400 T: +61 (0)2 9236 9000
Taylor Root is a member of The SR Group
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