SOME senior in-house lawyers can now expect to earn as much as partners in top 20 firms, according to a survey published by recruitment company Michael Page.
On average, remuneration levels for heads of legal now range from £98,203 to £103,842, with a maximum amount of £150,000. That is more than partners at the bottom of equity are paid at a range of City firms, including Eversheds, Simmons & Simmons and Richards Butler.
According to Michael Page, the biggest payers are banking, financial services and insurance and entertainment and leisure, where heads of legal are paid up to £250,000. Last year the maximum was £175,000.
But head of legal recruitment at Michael Page Peter Thompson warns: “You can’t have increases of this size year-on-year – it will all be determined by what happens to the economy over the next few months.”
The survey says that newly-qualifieds working across all sectors can earn up to £32,200, while those in City firms can get £10,000 more.