IRELAND MARKET OVERVIEW & SALARY SURVEY THOMSON LEGAL RECRUITMENT COMPANY

Transcription

1 IRELAND 2018 MARKET OVERVIEW & SALARY SURVEY THOMSON LEGAL RECRUITMENT COMPANY

2 MARKET OVERVIEW PRIVATE PRACTICE GROWTH STRATEGY The Irish private practice firms continue to go from strength to strength. However, competition for talent remains challenging for the best Associates. Hiring from direct competitors, attracting returning lawyers from London and Overseas and up-skilling lawyers from medium-sized firms are all strategies being adopted by the larger commercial firms. Mid-tier and boutique firms can promote better progression prospects and work/ life balance, however a substantial increase in salary to move firm, can often be too tempting to refuse in the current market in Ireland. INCREASE IN REGULATORY As with the UK, the Irish market is currently being effected by recent regulatory changes and the demand for lawyers with experience in this area is increasing. Many companies are bolstering their teams with internal advisors on issues such as data privacy and GDPR. Private practice firms are also accelerating their recruitment in this niche field to better service their clients- notably within the highly regulated industries such as financial services, technology, telecoms, biotech and pharmaceutical. BREXIT The legal market in Ireland has already embraced the potential positives of Brexit. To date, several UK based multinationals have relocated their businesses to Dublin and we expect to see more over the next 18 months. Both the private practice and in-house sectors recognise that Brexit is going to result in an increase in the demand for legal services. Additionally, new law firms opening in Dublin has also created more opportunities and it is another trend we expect to see continue into 2018/19. INCREASED INTEREST FROM LONDON/ OVERSEAS In 2017 we saw an increase in the number of Irish lawyers making the move to London. In 2018 we are seeing more top-tier firms in the City actively targeting the Irish market. We have also seen renewed interested in Irish lawyers from Overseas law firms, in particular those in the Middle East looking for projects, construction and infrastructure lawyers. Additionally the top-tier firms in the Asia Pacific and Offshore regions are interested in Irish lawyers with banking, finance and investment funds experience. 2

3 PRIVATE PRACTICE 2017 was a highly positive year for the private practice law firms in Ireland with growth across the majority of all legal disciplines. Many of the large commercial firms in Dublin continue to take advantage of the foreign investment in Ireland from the US and Europe. Like other jurisdictions in the world, the challenge for Irish law firms remains the balance of retaining key lawyers and their specialist experience and forward-planning with ambitious hiring plans. Scope for progression remains high within most of the Irish top-tier firms and year-on-year we have witnessed an increase in the number of Partner promotions in Ireland. However, with most of the firms competing for similar client business, it means that competition remains high for lawyers with specific in demand skill sets including: corporate, banking & finance, IT/IP, aviation, investment funds and employment law. Recruitment in the private practice market in Ireland is currently being uniquely fuelled by both replacement and expansion hiring. Many firms are recognising that in order to hire the best talent laterally, the motivator is often financially-led or facilitated by offering a promotion to make a move. The market is also demonstrating an increase in the number of Irish lawyers currently working in London considering a return home. We expect this to increase into 2019 as the implications of Brexit become clearer. High quality work on offer and more comparable salary levels is also catching the eye of lawyers thinking about a return or relocation to Ireland. Irish law firms are also now more readily recognising the need to move efficiently and effectively when hiring. This is particularly the case when hiring from direct competitors where lawyers are likely to have multiple options and also face counter-offers from their current employers. 37% Private Practice lawyers feel happy with their current financial package 14% Increase in Irish lawyers considering a return home in % Average increase in salaries across Private Practice in Ireland 18% Associate level lawyers in Ireland considering a move to London in

4 IN-HOUSE The Irish in-house market continues to offer plentiful opportunities for lawyers seeking a move into industry. While the banking and financial services organisations remain relatively muted in hiring terms, opportunities for commercial lawyers to make a move into sectors including technology, telecommunications and pharmaceutical are at an all time high level in Equally so, in 2018 we are also seeing significant growth in the availability of roles in these sectors at a junior level which we have not witnessed in previous years. For ambitious lawyers with relevant experience, there is now a far greater opportunity to move in-house on qualification. When making a move in-house, Irish lawyers are now almost equally as concerned about employer brand as financial reward. Companies are recognising that being able to promote a better working culture and work/ life balance can be highly beneficial when hiring from the demanding private practice market. Demand for in-house regulatory lawyers (notably with GDPR experience) is without question going to outstrip supply. Many inhouse legal teams are now looking to bring in specialist regulatory lawyers on a permanent basis as opposed to fixedterm or project based hires as was the case in While the final impact of Brexit for Ireland remains uncertain, we do expect to see more organisations relocating to Ireland over the next 18 months. Irish businesses with trading agreements primarily with the UK are likely to have more modest recruitment plans, at least until the UK/Irish relationship post-brexit is clarified. 37% Irish Lawyers in Private Practice would consider an In-House move in % Expected increase in relocating banks/ FS companies from the UK in % In-House Lawyers motivated by promotional prospects in current role 81% Irish Lawyers feel that In-House delivers on better work/life balance 4

5 7% THE AVERAGE INCREASE IN SALARIES WITHIN THE LEGAL SECTOR IN IRELAND EXPECTED IN

6 47% IRISH LAWYERS FEEL A FLEXIBLE WORKING POLICY IS KEY TO THEIR DECISION- MAKING PROCESS WHEN MOVING ROLES 6

7 19% INCREASE IN NQ-3 YEAR S PQE POSITIONS IN THE IN-HOUSE MARKET 7

8 SALARY FIGURES- IRELAND 2018 PQE LEVEL MINIMUM MAXIMUM NQ 62,000 65,000 1 YEAR PQE 67,500 75,000 2 YEARS PQE 75,000 81,000 3 YEARS PQE 80,000 85,000 4 YEARS PQE 86, ,000 5 YEARS PQE 90, ,000 6 YEARS PQE 95, ,000 7 YEARS PQE 100, ,000 IN-HOUSE NQ 50,000 60,000 JUNIOR LEGAL COUNSEL 55,000 80,000 SENIOR LEGAL COUNSEL 75, ,000 HEAD OF LEGAL 100, ,000+ Please note our salary survey figures are indicative and are intended to be used for guidance only. Salary figures are based on our existing specialist market knowledge gained in the Irish market. The above figures are based on salary only and do not include bonus or benefits. For the purpose of this salary, figures are based on positions within commercial law firms and large commercial organisations. Regional salaries and those within smaller law firms and companies will differ. Market commentary is based on discussions with our client and candidate population. Should you wish to have a private and confidential discussion on salaries, packages and market conditions please contact us at info@thomsonlrc.com 8

9 2018 IRISH MARKET PREDICTIONS Competition for Lateral Associate Hires Law firms in Ireland are now in fierce competition for the best Associates/ Senior Associates. Firms now recognise that financial packages, flexible working, firm brand, career progression and recruitment processes all play a part in influencing decisions. In 2018, law firms will continue to attempt to differentiate to attract candidates as well as looking at alternative hiring routes both domestically as well as outside of Ireland. Increase in Demand for Risk & Regulatory For many industries recent changes in legislation is only the beginning in changing the way businesses operate. In both practice and in-house we will see more permanent opportunities for regulatory and risk specialists. In 2018, many of these roles will expand and will lead to the further development of larger teams, playing an integral part in wider risk management groups, notably within the in-house sector. Continued Rise in Financial Packages In 2017, legal salaries went up on average 5% and we are likely to see financial package in the legal sector in Ireland continue to rise in Law firms in particular are recognising that in order to develop and exploit new business revenue streams, hiring key individuals requires attractive and competitive offers. Passive candidates are also more likely to be motivated to make a lateral move, if the upward trend in salaries continues. Increase in Irish Returners Since the Brexit result, we have seen a steady rise in Irish lawyers working in London considering their timing for a return home. While the decision to return still remains personal and is often motivated by family reasons, we expect to see the numbers continue to rise in 2018/19 as we moves closer to the UK leaving the EU. 9

10 ABOUT THOMSON LEGAL Thomson Legal was founded by David Thomson, a veteran and leading expert in the legal recruitment market in Scotland. Having worked internationally and with a network of Scottish and global clients, the aim of Thomson Legal is to help candidates with their career moves both domestically and internationally. Thomson Legal is regarded as an innovative and market leading consultancy by clients and candidates alike. Image Placeholder After graduating in Law & Modern Languages from University of Glasgow and working in-house, David moved into legal recruitment in 1999, initially working with legal recruitment specialists Mahlab in Sydney, Australia. After returning and working in the UK and Ireland, David has built up the reputation of being an expert in his field working with leading global recruitment companies including Taylor Root, Hays Legal and Hudson. David provides strategic advice and recruitment assistance to major international law firms and FTSE 100 companies and works with market leaders in the UK, Ireland, Europe, Offshore, the Middle East, Australia and Asia Pacific. For more information of to discuss how Thomson Legal can help you with your legal career, please get in touch. CONTACT THOMSON LEGAL: Dublin: (0) London: + 44 (0) Aberdeen : + 44 (0) Edinburgh: + 44 (0) Glasgow: + 44 (0) Mobile: + 44 (0) Thomson Legal Recruitment Company Web: david@thomsonlrc.com 10

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