Salaries for lawyers and accountants are more evenly matched than before the financial crisis, analysis by accountants Nixon Williams has shown.
Just 13.7% separates the salaries of accountants and lawyers. Average pay jumped 2.8% in 2015 to £35,923 while median pay for legal professionals at £41,602 remained 2.4% below its 2009 peak of £42,633.
Simon Curry, chief executive officer of Nixon Williams, says: “Compared to the legal profession, demand for accountants held up reasonably well during the recession and has picked up markedly since.
“Pay for accountants and finance professionals has pushed past its pre-recession peak and is continuing to rise while lawyers are still struggling to come to terms with the post-recession market. Law firms are facing intense competition from accountants who are moving into process-oriented, high street work.
“Accountancy firms are increasingly able to undercut law firms by offering a fixed fee pricing model. This is appealing in a market which has become less willing to accept the billable hours charged by many law firms.”
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