The best of all worlds: can it be done?

By Emily Oakes

Associate (London & International)
 

Balancing job satisfaction, work life balance and compensation is always a tricky juggling act. Add into this the different types of culture promoted by employers through incentives like bonus schemes and you can wonder whether the perfect balance is ever achievable.

As I speak to lawyers on a day-to-day basis, I regularly find myself in conversation with people striving for a better quality of work, a better work/life balance and wanting a competitive remuneration package. This is the dream role, in principle, and particularly in the last 12 months it has been achievable. As salaries continue to rise however, and some law firms look to reduce flexible working, we might be approaching a point where something has got to give. Will that role still exist where you can have excellent work, a good work/life balance, a good salary AND a good bonus?

 

Quality of work

The quality of work on offer by firms is something every lawyer speaks about. There can be a perception that a big international brand with a big marketing budget is the only type of law firm capable of attracting high calibre clients and matters. It is certainly true that the global law firms draw in excellent work, however there are a vast number of smaller or boutique firms who often surpass expectations.

Whilst the size and public profile of an international firm may suggest high quality work, a good recruitment advisor will also be able to identify firms who might be less well known but can provide their lawyers with an equivalent level of quality.

 

Work Life Balance

Since Covid totally restructured working life, making home working the norm, there has been more of a focus on delivering a work life balance for employees.

Getting the right work life balance is something which all lawyers discuss with me.

What the right work life balance looks like is a very individual matter, taking into consideration a wide range of personal factors, however an agent with a wide view of the market will know which firms can deliver for your specific circumstances.

 

Salaries

Of course, salaries are important, and everyone is driven by money in some way, shape or form, yet it’s certainly not the only factor in any conversation I have and, in many cases, it is not the main one.

There have been some significant salary increases across the whole range of firms from the West End to the top US players. Law firms who we work with are making a commitment to pay their staff fairly and pay them based on the value they add to the firm. This means that top performers have been able to achieve some excellent jumps in base salary over the last 12 months.

An agent who is aware of these changes will be able to advise a client on the current competitive market rates and ensure you are getting the best possible starting salary.

 

Bonuses

“What does the bonus look like” is another question which comes up regularly when discussing new roles with a candidate. These schemes have the potential to dramatically increase a lawyers compensation package, sometimes up to 40%, but, managed in the wrong way, they can create a toxic working environment which disincentivises teamwork.

Having good advice about the different types of schemes, and what this can mean for your compensation as well as the firm’s culture, will enable you to match up with a bonus culture that suits your career goals.

 

Balancing motivators

There is of course no single right balance between all of these factors mentioned above. The weight of importance will always change depending on what an individual is truly driven by.

Problems can arise when a person, without the best advice, isn’t aware of the interplay between these factors. The highest imaginable salary with a booming bonus is unlikely to offer a collegiate culture and work life balance for example. On the other hand, a firm which doesn’t offer the highest bonus may offer a very good quality of work or a wonderfully supportive environment that offers the ideal platform to enhance one’s career, or both!

With higher salaries and bonuses come bigger commitments but the rewards can be worth it for some.

So, can it be done?

In short, yes, but it is not easy to achieve. To identify positions offering your ideal mix of work life balance, high quality work, good base salary and bonus, you should enlist the help of a legal recruitment specialist who is aware of the full breadth of market options available to you. Then you will be able to find the niche opportunities which can specifically deliver what you need, and you will also receive the market information needed to most effectively negotiate a great package.

 

 

Take a look at current opportunities from Chadwick Nott

 

In association with Chadwick Nott: