Totum Law Firm Salary and Benefits Survey 2014: money talks?
The UK’s economic outlook through 2013 improved significantly. Figures at last suggested improved business prospects and higher-than-expected growth into 2014. The recruitment market is getting busier too, with rising numbers of jobs on our books reflecting the return of a more buoyant mood in the legal sector.
But there remains some reticence when it comes to salaries, according to Totum’s latest Law Firm Salary and Benefits Survey 2014 — Business Services Roles. In this, Totum’s ninth annual survey, firms reported a slow growth in salary increases through 2013.
Of the 83 international, city, national, regional and US firms that took part in this year’s research, as many as 14 per cent stated that their salaries were frozen in 2013–14, a rise of five percentage points on the previous year. Furthermore, 32 per cent reported salary increases of less than two per cent, compared with 29 per cent in 2012–13. No wonder, therefore, that average salaries across the individual functions of finance, HR, IT and marketing and BD, appear, if anything, to have dropped slightly in the past year — as the figures are knocked back by these prevailing winds of caution…
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