Pay overtakes flexibility for lawyers’ top priorities
According to the latest research, pay is the most important factor for lawyers when choosing who to work for.
The research, conducted by Realm Recruit, claims to show that salaries have overtaken job flexibility as the most important factor for lawyers when looking for a new position.
As part of its annual market research conducted in June 2022, lawyers were surveyed on topics including jobseeker status, job satisfaction, employee engagement and pay.
Results showed 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 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 four and seven years of PQE), with 90% of lawyers in that age group saying that they were driven by what they earn.
This could potentially put more pressure on law firms looking to retain their staff as firms could expect to experience further pressure on salaries.
Flexibility, which was ranked as the top priority for the first time ever in last year’s research, dropped to fifth position.
Other key findings included:
- 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, commented:
“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.”
