SALARY SURVEY 2013 - Robert Walters Singapore

LONDONLEGAL-PRIVATEPRACTICELONDONLEGALPRIVATEPRACTICEOurprivatepracticedivisionspecialisesinrecruitingtemporary,contractandpermanentlegalprofessionalsfromparalegalstopartnersforleadingUK,US,City,internationalandWestEndfirms.MarketOverviewWhilewesawamarginalincreaseinprivatepracticerecruitmentlevelsin2012,themarketreflectedoverallmarketconditions.Asaresult,specificlegaldisciplinesweremoreindemandthanothers.Inparticular,wesawasignificantincreaseindemandforlitigationlawyers,primarilyduetoeventssuchastheLIBORscandalandworld-famousRussianandKazakhstanHighCourtandarbitrationcases.Specifically,wesawgrowthininvestmenttreatyarbitrationrolesinLondonasincreasingnumbersoffirmslookedtotakemarketshareinthishighlylucrativearea.Whenhiringlitigationspecialists,firmswerebecomingmoreopentoconsideringUSandforeign-qualifiedlawyersastheyconcentratedonsecuringthebesttalent.Withriskandcomplianceremainingakeypriorityacrossthemarket,wesawahighvolumeoflegalvacanciesinthisareafromanalysttomanagerlevel.WhilethishasbeenthecaseinMagicCircleandlargeCityfirmsforsometime,smallerandmid-sizedfirmsalsosoughttohireinthisarea.WiththeseinstitutionsrequiredtohireCOLPsand/orCOFAs,manyrecruitedindividualstoprovidesupportinrunningthecompliancefunction.Becauseofthisactivity,candidateswereincreasinglyrecognisingriskandcomplianceasadisciplineofferingexcellentcareerprospects.Demandwasalsovariedattheparalegallevel.Continuingdocumentationreviewprojectsacrossarangeofpracticeareassuchaslitigation,arbitration,EUcompetition,bankingandfinancemeanttheseprofessionalswerebeinghiredenmasseonatemporarybasisinthemajorityofcases.Litigationandarbitrationexperiencewasalsosought-afterforpermanentparalegalroles,particularlybyUSfirms.Wealsosawcontinueddemandintransactionalfocused-areas,suchascorporateM&A,projectfinanceandgeneralbanking,asmorefirmssoughttoutiliseparalegalsinajuniorfee-earningcapacity.Salariesmarginallyincreasedinsomeareas.Indicativeofthistrend,alawyerwith3years’PQEworkingforaNewYork-basedfirmcanexpectabasicsalaryofatleast£115kin2013(comparedto£109kin2012).Inotherfirms,therehasbeenamarginalre-bandingoflock-steparrangementsandthishascausedsalariestofallslightly.Weexpectthistoresultinagreaternumberofmerit-basedpaystructuresbeingimplemented.Outlookfor2013Somemajordevelopmentsarelikelytoimpactthejobsmarket.Firstly,weareseeingmultiplemergersoflargeCityinstitutionswithglobalfirmstocreate‘supersize’organisations.ThishasalreadyledtosignificantmovementatPartnerlevelandweexpectthistrendtocontinue.Secondly,withtheSolicitorsRegulationsAuthorityauthorisingalternativebusinessstructures,privateequityfirmsmaycontinuetoinvestinlawfirms.Whilethewiderimplicationsofthisareunknownatpresent,ithasthepotentialtotransformthemarketbystimulatingcompetition,offeringincreasedconsumerchoiceultimatelyleadingtogreaterjobopportunity.WithincreasedEuropeanregulatoryrequirementsandcontinuedlitigationactivity(causedbyeventssuchasLIBOR),weanticipatedemandforprofessionalsspecialisingintheseareas.LONDONLEGAL-PRIVATEPRACTICEROLEPERMANENTSALARYPERANNUM£UKCONTRACTRATEPERHOUR(PAYE)£UK2012 2013 2012 2013WestEndFirm7yrs'PQE-Partner £85k+ £85k+ £35+ £35+6yrs'PQE £68-85k £66-86k £29-32 £30-355yrs'PQE £56-77k £56-79k £27-29 £28-304yrs'PQE £52-70k £52-72k £25-28 £25-293yrs'PQE £47-68k £47-69k £22-27 £22-282yrs'PQE £44-63k £45-64k £21-26 £22-271yrPQE £40-57k £38-58k £19-24 £19-24Newly-qualified £36-50k £36-50k £18-22 £18-22Paralegal £19-25k £19-27k £13-21 £12-1827NB:Figuresarebasicsalariesexclusiveofbenefits/bonusesunlessotherwisespecified.RobertWaltersGlobalSalarySurvey2013