Introduction Salary has continued to be a talking point across the legal market when it comes to recruitment this year, with the majority of Magic Circle firms now paying NQ’s £125,000 basic salary and Silver Circle firms paying NQs £100,000+. Most leading financial organisations have increased salary bandings for junior to mid-level hires by an average of £5,000 – £15,000 in order to remain competitive and increase chances of securing the best talent in the market. Hybrid working has remained one of the top considerations for candidates when moving jobs. This year, we’ve increasingly seen more formal policies put in place by organisations in comparison to 2022, when arrangements were not as clear cut. This has offered new joiners more flexibility. On average, we’re seeing lawyers required to spend 2-3 days in the office per week. Organisations requesting for more than 3 days in the office have had to consider limited candidate pools when hiring. “Hybrid working has remained one of the top considerations for candidates when moving jobs.”
In this market overview, we will be discussing legal hiring trends we’ve seen across the financial services sector this year, specifically across banks, investment managers and fintech organisations. Our thrive spotlight feature (page 11) will focus on a key issue we’ve seen change the legal world that has become an increasingly popular topic of discussion amongst lawyers in 2023. We conclude with an outlook for the rest of the year and 2024 alongside our recently updated salary and bonus benchmarking guide for your reference.
Market Overview London
4
2023
Made with FlippingBook Digital Publishing Software