Fintech / Financial Services
As such, fintech organisations have given the regulatory changes affecting all financial institutions and even companies offering certain financial products, the competition has been fierce for candidates with regulatory skillsets to join in-house legal teams. As such, we saw many hiring managers facing challenges sourcing legal talent. Two factors became a clear contribution to the challenges for fintechs: attracting candidates to join their high growth organisations during the current economic climate, and competing with banks or other established organisations offering more stability and better salary packages. Salaries continue to be a challenge for fintechs, which have historically been known to be on the lower end of the spectrum on salary. However, some of the key players have been able to offer very competitive basic salaries for junior to mid-level lawyers and we’ve seen basic salaries range from £100,000 - £130,000 for the 1 – 5 year PQE level. Consequently, many organisations offering below £100,000 for junior roles have had most difficulty attracting top legal talent.
As a solution, we found some organisations becoming more open on candidate background and PQE level, hiring at a more junior PQE level and offering training or promising better progression prospects in order to attempt talent away from hierarchical structures at banks and larger legal teams. Fintechs are also still offering very competitive benefits which include company wide employee trips, employee shares and fully remote working options. Historically, fintech and payment companies were the ideal for top legal talent as they offered something new and exciting to those who were not as interested in moving to large organisations but, during economic downturns, they struggle to hire due to their uncertainty at a time where everyone is seeking stability. As such, they have had be more open to level of experience and use competitive benefits, salaries and progression prospects to attract talent.
“Some of the key players have been able to offer very competitive basic salaries for junior to mid- level lawyers”
Market Overview London
11
2023
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