Banks Lawyers based at leading regional firms will be on lower salaries and in some cases, a move to a London-based bank can lead to a salary increase for them. Targeting candidates at these firms have helped reduce the salary related difficulties that banks have faced when hiring over the last couple of years. Lawyers based outside of London at firms with multiple branches across the UK may also have access to high quality work that has been outsourced from London offices due to cost/capacity; a good example of this is within the consumer finance regulatory space where there is little trade off in terms of quality of experience when hiring outside of London, as many top firms in the space are located regionally and provide an excellent alternative to London based lawyers. However, in order to tap into this market, hiring managers must be open to lawyers working in the office fewer days per month. The banks who have been able to offer this have successfully managed to recruit top lawyers whilst remaining inside their previously restrictive budgets. Many banks still embrace the shift towards hybrid working. Over the last few years, we have seen an increasing number of cases where organisations seek to reverse that trend and request their workforce to come in more often.
Nevertheless, the message from candidates has remained very consistent as hybrid working is still a high priority when considering a new role, with many candidates reluctant to consider a role which would reduce their hybrid working options even when an increase in salary is on offer. As such, we have seen banks who have remained consistent in their hybrid working arrangements better able to retain their existing workforce as well as attract new talent.
Market Overview London
9
2023
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