In-house salaries climb 7%, finds poll
In-house lawyers in the UK are earning more than ever before, according to new research that reveals salaries for corporate counsel in the UK are rising at an inflation-busting average of almost 7%. The survey, conducted by Incomes Data Services (IDS), found that the average salary for in-house lawyers in the UK was £114,658 - representing an increase of 6.8% on the year before. The highest salary referred to in the poll was £277,000.
January 22, 2008 at 07:21 AM
2 minute read
In-house lawyers in the UK are earning more than ever before, according to new research that reveals salaries for corporate counsel in the UK are rising at an inflation-busting average of almost 7%.
The survey, conducted by Incomes Data Services (IDS), found that the average salary for in-house lawyers in the UK was £114,658 – representing an increase of 6.8% on the year before. The highest salary referred to in the poll was £277,000.
The annual bonus received by senior in-house lawyers was found on average to be worth more than a third of yearly salary, with respondents citing increases in their annual bonuses of between 3% and 20%.
Commenting on the findings, IDS Executive Compensation Review editor Steve Tatton said: "Our survey shows that the battle for legal talent is not confined to big City law firms. It seems that industrial and commercial employers also have to pay over the odds to ensure they recruit the best people."
The news comes after recruitment consultancy Hughes-Castell published details of the salaries of in-house lawyers working at investment banks.
According to the poll, lawyers of six years' post-qualification experience working at investment banks can expect to receive total compensation of more than £160,000 on average, while their contemporaries in private practice average around £125,000.
However, the findings suggest that while overall compensation at banks remains higher than at law firms, financial institutions' reliance on large bonuses to top up salaries could make it more difficult to recruit in the current market.
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