Salaries for lawyers have stabilised over the last 12 months, signalling the end of the post-pandemic boom, according to our Spring 2024 salary research.
On average, pay for legal professionals has been outpaced by inflation and has increased by just 2% since 2023.
However, firms are still willing to pay more for lawyers with the right level of experience. Across nearly all legal practice areas, salaries have increased for those with between four and six years of post-qualified experience, with the biggest increases within private family and Court of Protection. These lawyers are often sought after by firms, as they can competently bill, manage client relationships and coach junior colleagues, but don’t expect a huge salary and partner title.
Salaries for non-qualified fee earners have also risen, particularly in private client, as firms recognise the value that these individuals can bring to a team.
Senior lawyers and partner salaries continue to rise, with the biggest increases in catastrophic personal injury (15%), litigation (9%) and private client (12%).
Our research was based on placement data from the last 12 months and supplemented by insight from our practice-area specialists.
Kelly Reid, Associate Director and Private Client recruitment specialist comments:
“While pay remains a top priority for lawyers looking to move, economic pressures and rising overheads mean that law firms can no longer afford to offer the pay increases we saw in 2021/22 if they are to reach their profitability targets.”
“While lawyers can still achieve a pay rise by moving firms and there will still be a swathe of lawyers who are vastly underpaid for the work they do, it is much less common to see someone move for a 15% salary increase in 2024.
Lawyers who are keen to increase their earnings should take a long-term approach and evaluate whether they are working at a firm with a strong growth trajectory where they can demonstrate their value in helping to facilitate that growth.”
When was the last time you benchmarked your salary with the rest of the market?
We’ve just released the latest edition of our Salary Guides, to help you better understand how your salary stacks up and advise you on what you can do to boost your earning potential.
You can request a copy of our Salary Guide for your practice area below.
