Taylor Root’s Kathryn Parry looks at how law firms are likely to approach the salary review period.
No other topic generates more phone calls to recruitment agents than that of salaries and with the review period for private practice law firms just about complete, this year has been no exception.
Expectations across the market were high and many, particularly mid-level lawyers, anticipated they would be given a significant uplift as they have been frozen for two of the last four years.
These expectations were far from being met.
This was further exacerbated by changes to compulsory superannuation.
There have been two schools of thought when it comes to salary reviews this year.
Some firms have offered uplifts in the region of five to ten per cent, whilst others have keep salaries relatively stagnant. The disparity between what a lawyer could earn at a certain level of PQE has cut across the traditional notion of ‘tiers’ with many of the traditional mid tiers now out paying their global and bigger firm rivals.
This has occurred at a time when the local market is particularly buoyant and coincided with international markets warming to Australian talent with many global giants keen to lure Australian talent off shore to the Middle East, Europe and Asia.
It is clear that there is a talent war to be waged as 2014 comes to a close, with M&A activity up and all signs leading to increased demand across the board and a fair amount of movement looking likely.
The second half of 2014 is promising to anyone looking to assess their options- as there are now many active roles in almost every area of practice.
Kathryn Parry (pictured) is a director with Taylor Root
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