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LEGAL SALARY SURVEY

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LEGAL SALARY SURVEY Powered By Docstoc
					                  06/07
        SALARY SURVEY
LEGAL
2 MICHAEL PAGE LEGAL SALARY SURVEY




                                                        WELCOME                                           INTRODUCTION
   WHAT WAS THE MAIN FACTOR                             The Michael Page Legal Salary Survey 06/07        Employment activity in the legal sector is
   CONTRIBUTING TO THE PAYMENT                          provides a detailed insight into employment       continuing at a consistent level following
   OF YOUR BONUS?
                                                        trends, salary levels and business expectations   the tightening labour market of 2005. We
   The majority of bonuses were                         across the legal sector in Australia. Our data    anticipate demand to continue for the year
   discretionary as opposed to a fixed                   has been gathered from our extensive market       ahead in light of positive economic conditions,
   percentage of salary. Where bonuses                  exposure, client surveys across a broad           high levels of business investment and the
   were a fixed percentage, company                      spectrum of leading corporations, as well         resulting requirement for legal advice from
   performance and achieving individual                 as an analysis of placements over the             both private practice and in-house resources.
   KPIs were the main determining factors.              last 12 months.
                                                                                                          Private law firms have been recruiting lawyers
                     5%
              4%                                        The survey covers the New South Wales             with specialist knowledge in areas such as
                                                        and Victoria markets across our key               corporate/M&A, construction, real estate,
         6%
                                                        industry groups:                                  technology, banking and financial services.
                                                                                                          Quality performers at 3–6 years post admission
                                                        Private Practice                                  experience (PAE) are in highest demand
                                                        • Top tier                                        although the senior associate market is
                                                  53%   • Mid-tier                                        also positive.
   32%
                                                        In-house                                          The in-house market is performing well with
                                                        • Commerce & Industry                             the highest demand for junior to mid-level
                                                        • Banking & Financial Services                    lawyers. Growth is most pronounced in the
                                                        • Compliance                                      areas of construction, real estate, technology
      53%     – Meeting KPIs and targets                                                                  and telecommunications.
      32%     – Overall company performance             Global Trends
      6%      – Team performance                        • Hong Kong                                       Continued pressure from the international
      4%      – Don’t know how it is determined         • United Kingdom
      5%      – Other
                                                                                                          market is having a major impact on local
                                                                                                          talent shortages across the board. Demand
                                                        The survey should be used as a guide only.
                                                                                                          from the United Kingdom has intensified and
                                                        If you require any specific or personalised
                                                                                                          lucrative opportunities are on the rise in the
                                                        advice please contact us directly.
                                                                                                          Middle East, United States and Asia. The
                                                        I wish to thank everyone who contributed          global market for Australian lawyers is at its
                                                        to this year’s publication and to those who       strongest level in years and this will continue
                                                        have worked with us throughout the year.          to exacerbate domestic labour shortages.
                                                        I encourage your feedback and invite you
                                                                                                          Strong employment demand in the legal
                                                        to contact us for further information or
                                                                                                          sector will see average salaries increase
                                                        specific market advice.
                                                                                                          between 5%–8% over the following 12
                                                                                                          months. These levels may be exceeded to
                                                                                                          reward exceptional levels of performance
                                                                                                          or as part of strategic retention initiatives.




                                                        Phillip Guest
                                                        Managing Director, Australia
                                                        Michael Page International
                                                        t 02 8292 2000
                                                        e phillipguest@michaelpage.com.au
                                                                                                                                                 MICHAEL PAGE LEGAL SALARY SURVEY 3




NATIONAL EMPLOYMENT
SURVEY 2006                                                        KEY FINDINGS FROM THIS STUDY:
The Michael Page National Employment Survey                        Employer Trends                                                   Employee Trends
looks at recruitment trends and expectations                       • 24% of employers listed new projects as the                     • When asked to nominate the main reason
in the Australian labour market. The survey                          main business focus for the year ahead, with                      for their last job change, 30% of respondents
provides employers and employees with an                             23% highlighting organic growth.                                  listed career advancement, 15% listed
                                                                   • Over the next 12 months, 88% of employers                         redundancy and 12% highlighted travel.
insight into market conditions and expectations.
                                                                     expect staff numbers to remain the same                         • 52% of respondents have worked overseas
In March 2006 the survey was sent to over                            or increase. The main reasons for growth                          and of this group 74% said they would
35,000 employers via email. Respondents                              are business expansion and additional                             consider working overseas again.
were in middle to senior management positions                        project work.                                                   • Of those who said they would work overseas,
from a variety of industry sectors throughout                      • When asked for the main reasons for staff                         35% listed their biggest motivator would be
Australia. All respondents had previously                            turnover in the last year, 40% reported either                    career advancement and 22% said
sourced temporary or permanent staff                                 career advancement or increased salary.                           life/cultural change.
through Michael Page.                                              • 80% of respondents stated staff retention                       • 56% of respondents said they would be likely
                                                                     was a key focus for their company this year.                      to use a career change as a way to increase
We also sent the survey to 25,000 Australian                       • 74% of employers surveyed acknowledged                            their salary rather than progressing in the
employees via email. Respondents were from                           that bonuses were important in retaining staff.                   same role.
all industry sectors and have either been                            However, only 17% reported their company                        • 31% of awarded bonuses were between
placed or are still looking for a role through                       had adopted this as a strategy, preferring to                     6% and 10% of annual salary, with 23%
Michael Page.                                                        invest in training and development and flexible                    of bonuses between 2% and 5%.
                                                                     working arrangements.                                           • The majority of bonuses were discretionary
When reading the survey please bear in                             • 71% of employers acknowledged that they                           as opposed to a fixed percentage of salary.
mind the commentary relates to white-collar                          have used or would use a temporary resource                     • Over 65% of respondents felt they were being
employment across the industries in which                            or contractor as part of their workforce. The                     adequately rewarded for hard work and loyalty,
we operate.                                                          major reason for using contractors was for                        with only 10% feeling they were rewarded well
                                                                     special projects.                                                 below average.
                                                                   • 30% of employers thought that flexible work                      • As in previous years, flexible working hours
                                                                     hours would be the most important incentive                       and bonuses are the most popular incentives.
                                                                     for staff, whereas 25% of employees said it
                                                                     was receiving bonuses.                                          • 70% of all surveyed are using the Internet
                                                                                                                                       at some point in their job search.
                                                                                                                                     • 63% of respondents expected salary
                                                                                                                                       increases between 2% and 10%.




                                                                                 0%               5%              10%              15%            20%            25%            30%
    ACTUAL INCENTIVES VS.                                  Flexible working hours
    PREFERRED INCENTIVES
                                                                        Bonuses
    As in previous years, bonuses
                                                                         Training
    and flexible working hours are the
    preferred incentives for employees.                           Time off in lieu
    Whilst employers are responding to
                                                           Office/Team structure
    this, the actual levels of incentives
    being offered are still falling                                      Parking
    below expectations.
                                                   Paid maternity/Paternity leave
                                                                   Stock options/
                                                     Tax equalisation/Allowances
                                                                   Company car

                                                                        Overtime

                                                                      Extra leave

                                                                 Extra incentives

                                                                  Health benefits

                                                         Gym/Club membership

                                                 Unpaid maternity/Paternity leave

                                                                           Other

                                                                        Catering

                                                                       Child care


                                                                                      Actual incentives offered         Preferred incentives
4 MICHAEL PAGE LEGAL SALARY SURVEY




                                                   PRIVATE PRACTICE                                                         PERMANENT RECRUITMENT
   WHAT WOULD BE YOUR MAIN                                                                                                  Firms remain in fierce competition for quality
                                                   MARKET OVERVIEW                                                          candidates in the areas of corporate, real estate,
   REASON TO WORK OVERSEAS?
                                                   Private firms are continuing to recruit high                              banking and financial services. Within these
   Of those who said they would work               calibre lawyers as we move through 2006. The                             industries the strongest demand is for lawyers
   overseas, 35% listed their biggest              strength of the Australian economy and quality                           at 3–6 years PAE. Increasingly, lawyers with
   motivator would be career advancement           of corporate performances have created an                                as little as two years PAE are taking overseas
   and 22% said life/cultural change.              environment of optimism and high levels of                               opportunities and this is spurring activity at more
                                                   investment. This economic activity is good news                          junior levels.
                     4%
                                                   for private practice and we predict continued
          11%                                                                                                               Recruitment activity is also increasing in the
                                       22%         demand and growth over the coming year.
                                                                                                                            IT&T industries which have rebounded strongly
                                                   Domestic activity is also being driven by the                            in both 2005 and 2006, spurring demand for
                                                   exodus of Australian lawyers to overseas                                 licensing and regulatory lawyers.
  17%
                                                   markets like the United Kingdom and Middle
                                             11%   East. Locations such as Dubai are experiencing                           The construction industry remains buoyant
                                                   tremendous growth in areas such as construction,                         following growth in the infrastructure market
                                                   property development and natural resources.                              through large scale projects such as private-
                                                                                                                            public-partnerships (PPPs). We have also
                                                   Local firms are adopting a practical approach                             witnessed a moderate increase in demand for
                          35%                      to the issue of global competition. Rather than                          employment lawyers after the introduction of
                                                   attempting to throw money at the problem,                                Work Choices and the resulting changes to the
        22%   – Life/Cultural change
                                                   firms are supporting moves overseas where                                 industrial relations landscape.
        11%   – More money
        35%   – Career advancement/Experience      applicable in the interest of maintaining a
        17%   – Travel opportunities               positive relationship. It is a long-term strategy                        CONTRACT RECRUITMENT
        11%   – None, I wouldn’t consider          to keep options open and secure the loyalty                              The contracting market in private practice is
        4%    – Other
                                                   of returnees who bring back with them valuable                           limited. Historically, firms prefer to recruit on a
                                                   global experience.                                                       permanent basis and the reality is that the vast
                                                                                                                            majority of lawyers want full-time careers.
                                                   In relation to salary trends for the year
                                                   ahead, high quality lawyers with sought after                            The main area in which we are seeing contract
                                                   experience will always be in demand and                                  opportunities is when firms hire a number of
   KEY MARKET TRENDS                               rewarded accordingly. Our forecast is for                                para-legals to handle peaks in workload during
                                                   wage inflation of 5%–8% as a standard,                                    specific assignments. The contracts on offer are
   Private Practice                                with 10%–12% for hard to find skill sets.                                 typically between three and six months.
   • Business investment and growth
     increasing opportunities for                  In the majority of circumstances salary increases
     private firms                                  will be awarded to lawyers as they move up
   • Domestic candidate shortages                  salary bands to reflect their higher charge out
     exacerbated by lawyers taking                 rates and levels of experience.
     overseas positions
   • Only moderate increase in demand
     for employment lawyers following                PRIVATE PRACTICE SALARY TABLE 2006
     Work Choices                                    State                                                                                         NSW          VIC
                                                     Salary                                                                                        $’000        $’000
   Commerce & Industry
                                                     TOP TIER
   • In-house capabilities being expanded
                                                     Years since admission                                                                         Large firm    Large firm
     and in some instances recruited for
     the first time                                   Graduate Lawyer                                                                               45–60        48–59
   • Steady flow of lawyers from private              1st year PQE                                                                                  50–77        57–68
     firms to in-house market                         2nd year PQE                                                                                  70–87        70–83
   • Skills shortage most pronounced                 3rd year PQE                                                                                  75–115       75–95
     at the junior level and 5–7 years PAE           4th year PQE                                                                                  92–140       82–110
                                                     5th year PQE                                                                                  100–155      90–120
                                                     5–10 years PQE                                                                                110–220+     110–180+
                                                     Special Counsel                                                                               160+         160+
                                                     MID-TIER
                                                     Years since admission                                                                         Medium firm   Medium firm
                                                     Graduate Lawyer                                                                               45–56        42–55
                                                     1st year PQE                                                                                  52–65        52–63
                                                     2nd year PQE                                                                                  60–78        60–72
                                                     3rd year PQE                                                                                  70–85        65–85
                                                     4th year PQE                                                                                  75–105       75–95
                                                     5th year PQE                                                                                  86–110       82–105
                                                     5–10 years PQE                                                                                100–160+     90–150+
                                                     Special Counsel                                                                               140+         140+
                                                   Salaries indicated are inclusive of superannuation, but exclusive of bonus/incentive schemes.
                                                   Top tier law firms are classified as having 40+ partners.
                                                                                                                                                   MICHAEL PAGE LEGAL SALARY SURVEY 5




                                                                         From a salary perspective we have started                    positions becoming available. However,
COMMERCE & INDUSTRY                                                      to see positive adjustments at the mid to                    it remains a competitive environment and
MARKET OVERVIEW                                                          senior level which have been flat over the last               organisations are spoilt for choice with
Favourable economic conditions and                                       few years. As an average across the board                    numerous lawyers waiting for the opportunity
investment in business development have                                  we anticipate increases of 4%–7% in the                      to take the next step in their careers.
seen organisations increase their in-house                               coming year.
                                                                                                                                      CONTRACT RECRUITMENT
capabilities and in many instances recruit                               PERMANENT RECRUITMENT                                        The vast majority of recruitment activity is for
their first in-house counsels.
                                                                         The permanent recruitment market is performing               permanent candidates as employers focus
The reluctance to increase headcount in                                  strongly, particularly in the areas of commercial            on building their in-house capabilities for
business support functions has softened                                  services, construction, real estate and technology.          the long-term.
and more organisations are realising the                                 The technology industry is a standout and with
                                                                         numerous projects underway lawyers with                      Where contract opportunities do arise they
cost efficiencies of an internal legal function.
                                                                         software licensing, contract management and                  are typically for experienced in-house solicitors
All of this is good news for the in-house
                                                                         commercial skills are in high demand.                        with three years plus corporate commercial
market and we predict the positive
                                                                                                                                      experience. Contract lawyers are being used
environment will continue for the year ahead.
                                                                         There is a skills shortage across the board                  to support major projects such as mergers
The attraction of a move in-house is a trend                             although this is most acute at the junior level and          and acquisitions, as well as to cover parental
that continues to strengthen for lawyers in                              also at 5–7 years PAE. High calibre lawyers are              leave. In some instances employers are
private practice. Perceived benefits such                                 sought after and employers are well advised                  turning to the contract market as a means
as reduced administrative requirements and                               to speed up their hiring decisions or risk losing            to source skill sets that are difficult to secure
diversity of work ensure a consistent stream                             candidates to competitors. Multiple job offers are           on a permanent basis.
of candidates for the in-house market.                                   a feature of the current employment market.
                                                                                                                                      Contracts are typically for a period of six
Despite this source of talent, the demand
                                                                         At the senior end of the market we have                      months. If the candidate proves themselves
for high quality lawyers still outstrips supply
                                                                         seen an escalation in recruitment following                  during the course of the contract an offer of
and there are exciting opportunities for
                                                                         increased candidate movement and new                         full-time employment is generally forthcoming.
proven performers.


  COMMERCE, INDUSTRY & PUBLIC SECTOR SALARY TABLE 2006
  State                                              NSW                VIC                 NSW           VIC            NSW              VIC             NSW             VIC
  Experience                                         0–2 years          0–2 years           2–5 years     2–5 years      6–10 years       6–10 years      10 years+       10 years+
  Salary                                             $’000              $’000               $’000         $’000          $’000            $’000           $’000           $’000
  CORPORATE COUNSEL
  IT/Telecommunications                              55–85              50–80               65–137        70–130         120–200          110–180         140–160+        125–250
  Retail/Distribution                                50–75              50–75               75–135        70–135         120–200          110–160         120–140+        130–200
  Commercial Services                                52–70              50–70               65–110        70–105         105–170          90–140          120–140+        120–160
  Manufacturing                                      55–75              50–70               60–110        65–110         100–150          100–140         120–140+        120–160
  Energy/Resources                                   55–75              50–75               70–135        70–120         120–180          90–150          140–160+        110–180
  Property/Construction                              55–75              50–75               70–120        70–120         110–180          90–140          150–170+        120–170
  Public Sector                                      45–68              50–70               50–70         50–75          60–100           70–100          80–100+         80–110



  COMMERCE, INDUSTRY & PUBLIC SECTOR SALARY TABLE 2006                                                                                 State                NSW            VIC

  State                                            NSW                   NSW                    VIC         VIC                        Salary               $’000          $’000

  Size of company                                  Sml/Med               Top 200                Sml/Med     Top 200                    ASSISTANT COMPANY SECRETARY
  Salary                                           $’000                 $’000                  $’000       $’000                      0–2 years            40–60          40–60

  GENERAL COUNSEL                                                                                                                      4–6 years            60–80          60–80

  IT/Telecommunications                            140–220               250–350                150–220     220–300                    6–10 years           80–120         80–120

  Retail/Distribution                              175–250               250–350                150–220     200–250                    10 years+            120–150        120–150

  Commercial Services                              160–220               200–275                150–220     200–250
  Manufacturing                                    160–220               180–300                150–220     180–250
  Energy/Resources                                 220–270               240–350                200–260     250–300
  Property/Construction                            180–220               250–350                170–220     200–250
  Public Sector                                    125–150               160–200                100–120     120–150
Salaries indicated are inclusive of superannuation, but exclusive of bonus/incentive schemes.
6 MICHAEL PAGE LEGAL SALARY SURVEY




                                                                                                                                 Salary increases in the 10%–15% range
                                                BANKING &                                                                        are likely for high calibre lawyers in
   WHAT WAS THE MAIN REASON                     FINANCIAL SERVICES                                                               investment banking, retail banking and funds
   FOR YOUR LAST JOB CHANGE?                                                                                                     management as a result of the tightening
                                                MARKET OVERVIEW
                                                                                                                                 labour market. As an industry average
   When asked to nominate the main              A surging sharemarket and outstanding profit
   reason for their last job change, 30% of
                                                                                                                                 however, we anticipate salary increases
                                                results in the banking sector have driven                                        of 3%–5%.
   employees listed career advancement,
                                                employment activity to new heights in the first
   15% listed redundancy and 12%
   highlighted travel.
                                                half of 2006. The Australian Stock Exchange                                      COMPLIANCE
                                                has broken through the 5000 point as an                                          Regulatory changes in areas such as
                             5%                 indication of business confidence levels                                          superannuation and anti-money laundering
              18%
                                                and the quality of corporate performances.                                       continue the demand for legal professionals.
                                       15%
                                                                                                                                 The crucial business functions that compliance
                                                Demand for lawyers in superannuation and
                                                                                                                                 teams perform are well understood by senior
                                                funds management continues to escalate
   8%                                                                                                                            management and companies are willing to
                                                following the introduction of Super Choice
                                                                                                                                 offer attractive salary packages to secure
                                                on 1 July 2005. Investment banking is another
                                                                                                                                 the services of top performers.
   5%                                           growth area for legal professionals and we
                                                anticipate this trend will continue as we move                                   Operational compliance is a particular area
     6%                                   30%   through the second half of 2006.                                                 of growth. Employers regard compliance
                                                                                                                                 as an integrated business function, not one
                12%                             From a regional perspective we are seeing
                        1%                                                                                                       that simply analyses regulatory changes and
                                                global investment banks choosing Singapore
                                                                                                                                 advises senior management. Compliance
        5%    – Lifestyle change/Downshifting   as their Asia Pacific head office. Many of
                                                                                                                                 teams are expected to play a key role in
        15%   – Redundancy/Retrenchment         these organisations are US-based and it is far
        30%   – Career advancement                                                                                               communicating and implementing regulatory
                                                more cost effective to develop capabilities in
        1%    – Maternity leave                                                                                                  changes across the business. Demand is also
        12%   – Moved/Gone travelling
                                                Singapore as opposed to the US or UK.
                                                                                                                                 strong for regulatory lawyers with the ability
        6%    – Change of industries
        5%    – Disagreement with management    It is becoming more common for private firms                                      to communicate complex requirements to
        8%    – More money                      to target in-house lawyers. We predict this                                      the broader business.
        18%   – Other                           will increase during the next 12 months and
                                                intensify candidate shortages in the banking
                                                and financial services sector.


                                                  BANKING & FINANCIAL SERVICES SALARY TABLE 2006
   KEY MARKET TRENDS
                                                  State                                               NSW                      VIC                     NSW                        VIC
   Banking & Financial Services                   Salary                                              $’000                    $’000                   $’000                      $’000
   • Strong demand for lawyers                    IN-HOUSE COUNSEL
     in superannuation and funds                  Experience                                          0–2 years                0–2 years               3–5 years                  3–5 years
     management
                                                  Insurance                                           45–72                    50–72                   60–120                     60–100
   • Private firms targeting in-house              Funds Management                                    65–90                    60–90                   85–150                     80–130
     lawyers because of tight labour
     market                                       Retail Banking                                      50–90                    50–85                   75–120                     65–110
                                                  Investment Banking                                  60–100                   55–85                   100–165                    75–140
   • From regional perspective strong
     growth in Singapore as preferred             Experience                                          6–10 years               6–10 years              10 years+                  10 years+
     Asia Pacific head office for                   Insurance                                           100–185                  85–140                  150–200                    100–200
     investment banks                             Funds Management                                    135–200                  100–180                 180–250                    140–250
   • Continued demand in compliance               Retail Banking                                      110–185                  140–260                 150–220                    130–250
     to address regulatory changes
                                                  Investment Banking                                  150–220                  110–200                 200–250                    140–250
   • Operational compliance a particular
     area of growth

                                                  State                                                                                                NSW                        VIC
                                                  Salary                                                                                               $’000                      $’000
                                                  GENERAL COUNSEL
                                                  Insurance                                                                                            200+                       200+
                                                  Funds Management                                                                                     275+                       275+
                                                  Retail Banking                                                                                       300+                       300+
                                                  Investment Banking                                                                                   275+                       250+
                                                  COMPLIANCE
                                                  Compliance Analyst                                                                                   60–90                      70–85
                                                  Compliance Manager                                                                                   85–130                     95–130
                                                  Senior Compliance Manager                                                                            120–180                    120–170
                                                  Head of Compliance                                                                                   160–300                    200+
                                                Salaries indicated are inclusive of superannuation, but exclusive of bonus/incentive schemes.
                                                Due to the wide variation of remuneration structures within financial institutions the salary levels included are averages only.
                                                                                                                           MICHAEL PAGE LEGAL SALARY SURVEY 7




GLOBAL TRENDS                                        UNITED KINGDOM                                           HONG KONG SALARY TABLE 2006
                                                     BANKING & FINANCIAL SERVICES                             Salary                               HK$’000 per month
HONG KONG
                                                     The financial services sector saw increased               COMMERCE & INDUSTRY
BANKING & FINANCIAL SERVICES                         activity across the board in 2005, with                   Newly Qualified                      45–55
Banks have increased their headcount most            continued growth in the asset management/                 1 year PQE                          50–65
notably in respect of adding derivatives and         funds sector in particular. Candidates with
                                                                                                               2 years PQE                         55–70
corporate finance lawyers. There has definitely        solid funds experience and in the areas of
been a shortage of derivatives lawyers and                                                                     3 years PQE                         58–80
                                                     derivatives are still in high demand and we
the problem has been exacerbated by banks            have seen the market grow significantly for                4 years PQE                         60–90
requiring these lawyers to have the ability to       general capital markets lawyers (both ECM                 5 years PQE                         65–100
read and write Chinese. This demand has              and DCM) in the 1–6 years PQE bracket.                    6 years PQE                         70–105
not been satisfied by the pool of law firm                                                                       7 years PQE                         75–125
secondees from which banks traditionally hire.       The salary table gives a general reflection
                                                                                                               8 years PQE                         80–140+
Given product availability, it is anticipated that   of the whole of the financial services market,
                                                     although different institutions’ compensation            PRIVATE PRACTICE
lawyers with experience in dealing with REIT
                                                     packages do vary a great deal. Bonuses can                Newly Qualified                      55–68
products will also be sought after through
2006. Overall, the recruitment market has            also vary greatly depending on the institution,           1 year PQE                          60–75
been active on all fronts.                           area within that institution and level of seniority.      2 years PQE                         65–85
                                                                                                               3 years PQE                         70–90
Barring any external shocks to the economy,          Bonuses paid in 2005 and the beginning
                                                                                                               4 years PQE                         75–100
it is forecasted that hiring through 2006 will       of 2006 tended to be better than in the
                                                     preceding three years and broadly ranged                  5 years PQE                         78–110
continue to remain top of the agenda.
                                                     from 10% to 60%. The outlook for 2006 is                  6 years PQE                         85–130
COMMERCE & INDUSTRY                                  a positive one, with growth anticipated in                7 years PQE                         87–140+
In-house teams have either expanded or               most specialist areas.                                    8 years PQE                         90–150+
created new legal functions, particularly at
                                                     COMMERCE & INDUSTRY                                    The above figures are base salary only, excluding bonuses
the mid-level and senior end of the in-house                                                                and other benefits. Salaries within the banking sector vary
market. Despite a traditional 10%–20%                In London, the energy, technology,                     significantly and are not reflected in the above guide.

pay-cut being offered for in-house roles,            pharmaceuticals and media markets continue
lawyers still perceive that in exchange, they        to show growth, with the majority of activity
will gain more job satisfaction and business         being at 3–6 years PQE.                                  UNITED KINGDOM SALARY TABLE 2006
exposure as well as a better work/life balance.                                                               Salary                                 £’000
                                                     The desire to move in-house remains as
Keen to secure high calibre candidates,                                                                       BANKING & FINANCIAL SERVICES
                                                     strong, with lawyers keen to move into a role
corporates have been offering salaries and                                                                    Paralegal                              27–50
                                                     which will develop their awareness of key
packages that are competitive with law firm                                                                    0–2 years PQE                          48–70
                                                     business issues, as well as ideally retaining
rates. Lawyers who have general corporate
                                                     a specialist knowledge of an area of law.                2–5 years PQE                          55–85
(joint-venture and mergers and acquisitions)
                                                                                                              5–8 years PQE                          70–115
experience as well as general commercial             The market remains jobs driven and therefore
drafting skills remain in demand.                                                                             9+ years PQE                           80–150
                                                     if marketed well should give companies a
                                                     good choice of candidates. Salaries and                  COMMERCE & INDUSTRY
Mandarin language skills have increasingly                                                                    Newly Qualified – Basic                 35–54
                                                     packages remain relatively static, reflecting
become essential for many in-house roles.
                                                     a market where there are still more                      1–3 years PQE – Basic                  35–56
In recognition of the importance of corporate        candidates than vacancies.                               1–3 years PQE – Package                35–63
governance and compliance matters,                                                                            3–5 years PQE – Basic                  52–75
multinational corporations have been creating                                                                 3–5 years PQE – Package                55–90
new legal functions based in their Greater                                                                    5–7 years PQE – Basic                  57–97
China offices.                                                                                                 5–7 years PQE – Package                62–125
PRIVATE PRACTICE                                                                                              7+ years PQE – Basic                   62–130

Across the private practice sector, recruitment                                                               7+ years PQE – Package                 67–150
activity remains strong .Top and mid-tier private                                                             Head of Legal – Basic                  66–310
practice law firms have been actively hiring.                                                                  Head of Legal – Package                72–369
Corporate finance and general corporate                                                                      The salary tables give a general reflection of the whole
lawyers with Chinese language skills and                                                                    commerce and industry and financial services markets as
                                                                                                            different institutions’ compensation packages vary a great
business exposure remain highly sought after.                                                               deal. Bonuses can also vary greatly depending on the
Disillusioned with partnership potential and                                                                institution, area within the institution and level of seniority.
prospects, mid and senior level corporate
finance lawyers have moved to the in-house
sector. Firms have had to either rely on returnees
or seek out talent with language capabilities from
other jurisdictions such as Singapore.
OFFICE LOCATIONS

SYDNEY
Level 7, 1 Margaret Street, Sydney NSW 2000
t 02 8292 2000 f 02 8292 2001 e enquiry@michaelpage.com.au

PARRAMATTA
Level 9, 79 George Street, Parramatta NSW 2150
t 02 8836 0700 f 02 8836 0701 e enquiry@michaelpage.com.au

CHATSWOOD
Level 18, Tower A, Zenith Centre, 821 Pacific Highway, Chatswood NSW 2067
t 02 8292 2500 f 02 8292 2501 e enquiry@michaelpage.com.au

MELBOURNE
Level 19, 600 Bourke Street, Melbourne VIC 3000
t 03 9607 5600 f 03 9607 5666 e enquiry@michaelpage.com.au

WHEELERS HILL
Suite 10, Level 2, 622 Ferntree Gully Road, Wheelers Hill VIC 3150
t 03 8562 5400 f 03 8562 5499 e enquiry@michaelpage.com.au

BRISBANE
Level 24, 71 Eagle Street, Brisbane QLD 4000
t 07 3414 6100 f 07 3414 6101 e enquiry@michaelpage.com.au

PERTH
Level 6, 216 St George’s Terrace, Perth WA 6000
t 08 9215 9500 f 08 9215 9599 e enquiry@michaelpage.com.au



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