Personal earnings hit amid COVID-19
New research reveals how many Australian in-house lawyers have seen impacts to their personal earnings in the age of coronavirus.
Global legal recruitment firm Taylor Root has just released its 2020 Global In-House Market Report & COVID-19 Impact Survey, which outlines the effects of and opportunities emerging from the past year for legal counsel around the world.
According to the report, corporate counsel in Australia have not seen their personal earnings impacted as badly as their global counterparts since the outbreak of COVID-19.
One-third (34 per cent) of corporate counsel around the world who responded to Taylor Root’s survey have seen hits to their personal earnings. Of those seeing such impacts, 39 per cent will not receive a bonus this year, 30 per cent have had to take a company-enforced pay cut, 22 per cent have taken a voluntary pay cut, and the remaining 9 per cent have been furloughed.
Globally, corporate counsel in North America have fared the worst with such impacts, with 39 per cent reporting hits to their personal earnings. They were closely followed by those in the Middle East (35 per cent), the UK (34 per cent) and continental Europe (33 per cent).
The Asia-Pacific region has been kinder to in-house lawyers, however, with 29 per cent of counsel in Asia taking hits to their personal earnings, with those in Australia faring best globally, with just 27 per cent seeing such hits.
The report also found that two in five (40 per cent) of legal teams have seen an increase in their workloads, with most of those witnessing such an uptick in work uncertain about how long they will have to endure it.