Firms must be prepared to up pay, as one-third of lawyers achieve 20%+ increase by leaving, says research
Firms must be prepared to up pay, as one-third of lawyers achieve 20%+ increase by leaving, says research
Law firms should expect to experience further pressure on salaries, as pay has once again overtaken flexibility as the top factor for retaining and attracting lawyers, according to new research by legal recruitment consultancy, Realm Recruit.
Duane Cormell, managing director of Realm Recruit
As part of its annual market research conducted in June 2022, Realm Recruit surveyed lawyers on topics including jobseeker status, job satisfaction, employee engagement and pay. It found that pay was not only the top factor when considering a move, with 87% saying that securing a salary increase would pique their interest in a new opportunity, but the most important priority overall in a list that included culture, quality of work and promotion opportunities.
Money was also the top motivating factor in terms of lawyers’ careers, beating the love of the law, being challenged, and the prestige of the profession to the top spot. This was particularly true of millennial lawyers (typically those with between 4 and 7 years of PQE), with 90% of lawyers in that age group saying that they were driven by what they earn.
Flexibility, which was ranked as the top priority for the first time ever in last year’s research, dropped to the fifth position. Realm saw the results of its 2021 research play out in the market, as lawyers said “achieving greater flexibility” was the top reason they moved jobs in 2022.
Realm Recruit has recently published the results of its research in full along with recommendations for law firms in a new report, Attracting and retaining legal talent in a world where nobody is moving, but everybody seems to be leaving, the findings of which will be presenting at the TAG Alliances international legal conference on 20th October.
Other key findings include:
- 80% of lawyers who moved in the last 12 months secured a pay rise, with 48% securing an increase of more than 10%. In contrast, 41% of those staying with their current firm achieved an increase of less than 5%
- Just 15% of lawyers describe themselves as active jobseekers; this drops to just 10% for the Millennial demographic – the most in-demand group of lawyers with firms
- 85% of lawyers said they were concerned about job security, up from 42% in 2021
- 91% of lawyers would like a more manageable caseload, compared to 62% in 2021
- 84% said they believed firms should offer flexible working as standard
Realm Recruit’s managing director, Duane Cormell, comments:
"We can see that pay has overtaken flexibility once again as the top priority for lawyers, no doubt vastly influenced by the cost of living, and the fact that lawyers know their worth in the current market. It’s also clear that it pays to move; eight out of ten lawyers who moved in the last 12 months achieved a higher salary in doing so and 29% achieved an increase of 20% or more.
“With just 15% of lawyers currently identifying as active jobseekers, law firms have to work harder than ever before to pique the interest of prospective employees. Firms must assess their employer value proposition and ensure that they are paying their lawyers properly – in addition to a range of other factors – if they are to attract, recruit and retain the best people for their business.”
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About Realm Recruit
Realm Recruit is a specialist legal recruitment consultancy offering a refreshing approach to legal recruitment. At Realm, we believe in treating lawyers like people, not candidates. And we believe in treating law firms like valued partners, not just transactional customers.
Each of Realm’s consultants are ultra-specialist and work in a particular niche of the legal profession; we have specialists in all core legal practice areas. Their thorough understanding of the state of the market means that they are perfectly placed to advise those working in their specialist area.
For more information, visit www.realmrecruit.com or find us on LinkedIn.
For press information, please contact Katherine Memery at Realm Recruit on 03300 245 606 or email katherine.memery@realmrecruit.com