Despite bonuses lawyers feel their glass is half empty
City lawyers have expressed pessimism about the future—despite receiving bumper bonuses and a salary rise.
On average this year, City lawyers received bonuses of about £35,500 or nearly a third of the average salary, up from a quarter of the average salary last year.
Base salaries rose four per cent to £111,000. This compares with a two per cent salary rise among accountants. The vast majority (86.5%) of lawyers feel their job is secure.
Despite the extra cash in their pockets, however, more than half say they are pessimistic about their earning prospects in 2012, according to a survey by legal recruiter Laurence Simons.
Lucinda Moule, managing director of Laurence Simons, says: “Even though lawyers are naturally cautious creatures, the extent of their pessimism in 2011 is hard to understand when you look at their pay. 2011 also saw bonuses grow.
“Of course, there are some reasons for lawyers to feel concerned about the economic future. The memory of 2009’s pay and hiring freezes seems to have stuck in the minds of legal professionals, even if at the moment they are enjoying the financial consequences of their growing prominence in their clients’ and employers’ operations.”
The survey, of 1,200 corporate lawyers, also showed men would require a higher salary jump in order to move jobs than women, and also had greater experience, on average, in their roles.
Legal salaries abroad have performed as strongly as in the UK, say Laurence Simons. In Brazil, for example, the average lawyers’ salary is £175,000, 57% higher than the UK average.
