GUIDE TO SALARY SURVEY - alaspersonnel.co.za · GUIDE TO SALARY SURVEY The salary survey is an...

GUIDE TO SALARY SURVEY

The salary survey is an extremely powerful compensation and benefits benchmarking tool. It is important for the setting of correct compensation strategies and for following and monitoring the desired salary market. At Alas Agisa, we have consolidated years of specialised experience and an unwavering commitment to comprehensive and value-added client services, into a salary survey with factual insight into the salary trends and benefits within the legal fraternity. The globalisation of today's workforce, skills shortages and the challenges companies face to attract and retain top talent and specialised skills, makes this salary survey a vital source of information for both employers and employees, therefore enjoying national recognition. We have gathered compensation information and salary details from more than 22 500 legal professionals; predominantly based in the Gauteng and Western Cape regions and to a lesser extent, KwaZulu-Natal. The knowledge we gained has been matched to the relevant salary market and structures and subsequently feedback has been generated in a series of tables and graphs. Our survey findings are supported by data retrieved from our existing database of candidate CV's and their remuneration details as well as the letters of offer we have received for a particular time period, juxtaposed against the current market levels and trends. Laurence Simon's International with whom we share a good working relationship, has given us the privilege of linking their Global Salary Survey, so that we may arm you with as much comparable knowledge as possible. This powerful measurement tool aims to reduce the gap between realistic salary expectations and compensation offers from employers. Whether you are an opportunity seeker or employer, this salary survey will give you clear, comparable information regarding compensation structures, geographical salary differences and benefits within the following industry sectors:

• Niche Commercial Practice • General Legal Practice • Auditing / Consulting • Banking / Financial Services • Company Secretarial • Compliance • Construction • Corporate Governance • FMCG - Fast Moving Consumer Goods • ICT - Information & Communications Technology • Leisure & Hospitality • Manufacturing • Media & Entertainment • Mining • Parastatals • Petrochemical / Energy • Pharmaceutical & Healthcare • Specialised Finance (i.e. Structured, Project, Corporate and Treasury) • Telecommunication •

http://www.laurencesimons.com/global-legal-salary-survey-2011-2012

UNDERSTANDING OUR SALARY SURVEY

The abbreviation, PQE, represents POST QUALIFICATION EXPERIENCE, meaning after admission as an Attorney or Advocate. All salaries in this survey are reflected as Total Cost To Company (TCTC). Broken down into different segments, it would represent the following categories: Basic Salary Car Allowance / Company Car Provident / Pension Fund Medical Aid (Normally on a 50/50 contribution base) Group Life Insurance * Note: TCTC excludes any potential performance bonus / bonuses and 13th Cheque

GLOBAL SALARY SURVEY

Information is courtesy of Laurence Simon's International

http://www.laurencesimons.com/global-legal-salary-survey-2011-2012

LONDON - UK Private Practice

Overview Salaries have been the subject of much debate this year amongst all firms. With the economy seeming to make positive steps at the start of 2011 there was much anticipation as to how this perceived recovery was to impact Associate salaries throughout the market. The debate clearly continues in uncertain times once again. Many salaries were frozen in 2008 and have seen little movement. These findings are accurate and the ranges reflect those firms that have increased their Associate salaries as well as those that have remained static. There are positives to note throughout these findings and the market generally. 2011 may have been a year of two halves; however, with many law firms posting increases in both revenues and PEP all is certainly not the doom and gloom experienced in previous years. 2012 could tell another story with some areas recovering faster than others (e.g. Regulatory). Mainstream transactional areas at certain firms are also seen to be busy and getting busier.

"There does seem to be a discretionary element when it comes to salary, with some firms paying more to attract and retain the best talent."

Magic & Silver Circle Firms Certain trends and facts need to be considered when analysing these salary ranges. Firstly, the biggest trend to emerge in 2011 is the merit-based pay system which has been entering the market slowly over the past few years. We are now seeing more and more firms implementing this remuneration structure. There can be a number of reasons as to why this is becoming more popular with law firms. Whilst it is unlikely to replace the traditional PQE based system, it gives law firms the advantage to effectively pay Associates what they are worth. This can be viewed as a double edged sword for Associates. It is possible to earn above your PQE band if you are both exceptionally technical and commercially minded, however if this is not thought to be the case, you are in danger of earning comparatively less than you were before the merit-based system was put in place. Similarly, there is no more hiding behind billable hours and an emphasis has been put on adding value, both to the client and to the firm. In addition, by switching to the merit-based system, law firms are seen to be catching up from the static salaries that were seen in 2008 and 2009.

Private Practice – Magic CirclePQE Median Salary Range NQ £61,000 - 61,500

1 £68,000 - 69,000 2 £75,000 - 77,000 3 £85,000 - 88,000 4 £92,000 - 97,000

5 £95,000 - 110,000 6+ £110,000+

Private Practice – Silver CirclePQE Median Salary Range NQ £60,000 - 64,000

1 £64,000 - 70,000 2 £70,000 - 78,000 3 £76,000 - 86,000 4 £82,000 - 90,000

5 £88,000 - 95,000 6+ £90,000+

City & West End/Niche Firms Another trend has been an increase in mergers during 2011, whereby US and UK counterparts have married to form transatlantic firms. In terms of salaries, Associates have either won or lost depending on which side of the Atlantic their employer sat pre-merger. Some firms have decided to keep the US salaries and amend the UK pay respectively, whilst others have found a medium ground between the two. Generally these firms have been seen to pay ‘City’ rates. Despite seeing a slowdown in some recruitment activity during the second half of 2011, there appears to remain a need for the elusive mid-level Associate, as well as those that are able to effectively hit the ground running and in addition, are not expecting Partnership in the next three years. For this reason, there does seem to be a discretionary element when it comes to salary, with some firms paying more to attract and retain the best talent. Additionally bonuses, or lack thereof, have led some firms to compensate salaries by going above and beyond for top Associates within the market. The West End and Boutique firms have held their ground when it comes to salaries; attracting Associates as a result of their quality of clients, smaller teams (and therefore greater responsibility and potentially Partnership prospects) and work-life balance.

Private Practice - CityPQE Median Salary Range

NQ £56,000 - 62,000 1 £62,000 - 67,000 2 £66,000 - 70,000

3 £68,000 - 77,000 4 £72,000 - 80,000 5 £78,000 - 86,000

6+ £80,000 - 95,000

Private Practice - West End/NichePQE Median Salary Range

NQ £45,000 - 55,000 1 £50,000 - 60,000 2 £55,000 - 65,000

3 £60,000 - 70,000 4 £65,000 - 75,000 5 £70,000 - 75,000

6+ £75,000+ NY Rates Our data shows that NY pay rates of elite US firms continue to soar above that of top UK payers. The most startling comparison comes when looking at the increasing number of US firms paying NQs starting salaries of £100,000. This high level of remuneration is only reached by Magic Circle Associates in their fifth year of post qualification experience. Commentaries in the media tend to cast criticism on the NY firms for what is deemed to be an overpayment of Associates at the junior end. However with continued growth and expansion (some firms have increased headcount by as much as 50%) in the past year, these firms seem well placed to justify the value that they put on Associates at all levels. Furthermore, following on from earlier observations regarding the transatlantic merger firms difficulties in unifying differing levels of pay between the US and UK based firms, it seems reasonable that NY firms should maintain a level of continuity between Associate salaries in the US and London (they are after all part of the same firm).

Private Practice - NY RatesPQE Median Salary Range

NQ £88,000 - 100,000 1 £94,000 - 109,000 2 £100,000 - 116,000 3 £112,000 - 125,000

4 £127,000 - 138,000 5 £130,000 - 152,000

6+ £150,000+

"A merit based pay system also provides a tool for

attracting talented Associates."

Mid-Atlantic Rates In the past 18 months a number of Mid-Atlantic firms have moved into a merit based pay structure. Whilst some have argued this is symptomatic of the fall out in pay from the recession, others have argued that it is a reflection of the firms more commercial outlook on remuneration. A merit-based pay system also provides a tool for attracting talented Associates who may also be considering firms paying NY rates. It is a system whereby the most ambitious and talented Associates can truly thrive and be recruited at higher levels than previously possible, when following strict PQE based pay bandings.

Private Practice – Mid-Atlantic RatesPQE Median Salary Range

NQ £68,000 - 75,000

1 £70,000 - 83,000

2 £78,000 - 88,000

3 £86,000 - 98,0000

4 £92,000 - 110,000

5 £110,000 - 125,000

6+ £125,000+

Offshore Firms The Offshore market is increasingly becoming one of much activity and interest. Laurence Simons Offshore service extends throughout the region including: the Cayman Islands, BVI, Bermuda and the Channel Islands (please note that the Hong Kong and Dubai markets are covered by our local offices). With favourable tax regimes and a lifestyle a world away from the changeable and inevitably bad weather, long commutes and political quagmire, the offshore jurisdictions offer a different and exciting alternative. Salaries are generally very favourable, although there are a few factors to consider when looking at the various locations. The Cayman Islands offer generous starting salaries, for three years PQE (necessary for the visa requirements) salaries range anywhere from USD 130,000 upwards, depending on the firm and relocation package. Salaries in the BVI tend to be slightly less, however this is reflective of the overall living costs of the islands, which do tend to be less expensive. At the Senior Associate level salaries can be in excess of USD 200,000. Clearly due to the fact that many of the Offshore firms recruit from the UK, the London salary survey is a useful benchmark for these markets. It should however be noted that there is also quite a lot of movement between Offshore firms and jurisdictions, and this appears to be an increasingly positive trend moving into 2012.

"Laurence Simons Offshore service extends throughout the region including: the Cayman Islands, BVI, Bermuda & the Channel Islands."

Banking & Finance The first half of 2011 saw the Banking and Financial Services recruitment market remain active. During the second half of the year, the slow recovery stalled due to strain in the Eurozone which has led to a sharp drop in the level of vacancies as a whole, however key hires remain constant. In the Investment Banking arena dominant areas of recruitment during 2011 were: Derivatives, Prime Brokerage, Commodities, Funds and Regulatory. A number of institutions have started to take an initiative within the OTC clearing space as the pressure of increasing regulation within the area started to take its toll. This is expected to continue in 2012 with a higher demand for these skills. Unsurprisingly, with continued media attention and pressure, salaries have remained flat within Investment Banking. Expectations around bonuses remain pessimistic, although highly skilled and valued candidates are still receiving a good level of compensation and are expected to be rewarded suitably in the face of continued competition for their skills. Due to increased regulations (UCITS IV, AIM Directive and Dodd Frank Act) within the Funds sectors, there are more onerous requirements on Asset Managers than ever before. This certainly explains the demand throughout 2011 for Fund lawyers to advise on regulatory issues, in addition to products. As a sought after skill set in this sector, salaries have increased to reflect this. Demand is set to continue into 2012.

In-House Banking - Investment BankingPQE Median Salary Range 0-1 £51,000 - 60,000 2-3 £61,000 - 84,000 4-5 £79,000 - 98,000 6-7 £97,000 - 121,000 8-9 £119,000 - 132,000 10+ £128,000 - 151,000

Head of Legal £150,000+

In-House Banking – ISDA Negotiators/LawyersPQE Median Salary Range 0-1 £48,000 - 54,000 2-3 £54,000 - 64,000 4-5 £64,000 - 84,000 6-7 £80,000 - 92,000 8-9 £90,000 - 135,000 10+ £120,000 - 135,000


In-House Banking – Asset Management/Funds PQE Median Salary Range 0-1 £54,000 - 61,000 2-3 £60,000 - 74,000

4-5 £74,000 - 83,000 6-7 £82,000 - 94,000 8-9 £92,000 - 112,000 10+ £115,000 - 125,000

Head of Legal £125,000+ With a relatively smaller number of major players operating in the UK Retail Banking sector, the battle for key talent remains fierce with firms prepared to pay higher salaries for exceptional lawyers who have worked extensively in this area. Furthermore, as the Regulatory environment continues to present new challenges, there remains a consistent demand for high quality Regulatory lawyers at all levels. The outlook for 2012, whilst cautious, looks positive with Retail Banks intending to make key strategic hires and those candidates with a proven, successful track record in Retail Banking remaining in high demand. The insurance recruitment market has been buoyant throughout 2011. The biggest volume of vacancies has been around the two to five PQE level as legal departments looked to bolster their Commercial and Regulatory expertise. Despite the relatively high levels of recruitment taking place, salaries remained stable as companies maintained a cautious approach throughout the year. This was reinforced as firms typically chose to recruit directly from Private Practice, rather than from their competitors where they can often expect to pay inflated salaries. The Banking and Financial Services market has historically always been a candidate short market and 2012 will be no different. Due to the diverse nature of most roles within this huge sector, transferrable skills are few and far between and hiring managers are willing to wait for candidates with the right skill sets and experience. Whilst the European bail out takes effect, the Banking market is likely to remain fairly stagnant for the first quarter of 2012. Apprehension will remain in the market thus affecting hiring and normal turnover. Hiring is expected to increase in the second quarter of 2012 and the demand for candidates within Derivatives, Prime Brokerage, Commodities, Funds and Regulatory will remain a key focus for those recruiting.

In-House Banking – RetailPQE Median Salary Range 0-1 £48,000 - 56,000 2-3 £55,000 - 64,000 4-5 £65,000 - 83,000 6-7 £84,000 - 97,000 8-9 £95,000 - 103,000 10+ £102,000+


In-House Banking – InsurancePQE Median Salary Range 0-1 £50,000 - 57,000 2-3 £56,000 - 64,000 4-5 £64,000 - 82,000 6-7 £80,000 - 94,000 8-9 £90,000 - 99,000 10+ £98,000+

Head of Legal £118,000+ In-House – Overview 2011 began positively in almost all sectors across Commerce and Industry worldwide, including the UK. The cautious optimism of 2010 developed into a more expansive strategy in 2011 and saw healthy levels of recruitment, particularly in the first half of the year. Notable pockets of activity were seen in Technology, Media and Telecommunications (TMT), where the rapid pace of digitisation and general convergence continued. 2011 also witnessed further consolidation of companies in the Life Sciences sector resulting in a review of existing resources; and despite a strong start to the year, 2011 saw a decline in activity in consumer facing corporates as consumer confidence was eroded and austerity policies in the Eurozone continued to be explored. 2011 saw modest increases in basic salary at inflation levels or less for lawyers across most industry sectors. Basic salary levels remained highly dependant on location, skills, training and seniority. Companies increasingly sought candidates with strong international profiles, including fluency in one or more language and/ or multi-jurisdictional skills. Despite the size and complexity of In-House legal departments, basic salary levels remained behind that of Private Practice in most sectors; however the value of total compensation (including corporate benefits) was positively received in 2011.

As a result of the turbulent economic climate in the UK and internationally, it is particularly difficult to anticipate what lies ahead in 2012. Lawyers with core skills in some areas, for example the Life Sciences sector, are expected to continue to command competitive remuneration as this sector remains largely unaffected by macroeconomic factors. Some disciplines remain more ‘popular’ than others, for example, Compliance is a growing pervasive specialism and we expect to see increased demand for lawyers with knowledge and expertise in this area. Undoubtedly, as 2011 draws to a close we have begun to witness some slowdown. Going forward, we anticipate many In-House legal departments will reduce external legal spend rather than resorting to headcount reductions. It is anticipated that companies and candidates alike will tighten key criteria, preferring to be more exacting in their recruitment requirements. We envisage salaries remaining fairly static throughout 2012 however, even at the most senior levels.

In-House – OverviewPQE Median Salary Range 0-1 £42,000 - 50,000

2-3 £50,000 - 60,000 4-5 £60,000 - 73,000 6-7 £73,000 - 83,000 8-9 £84,000 - 94,000

10-11 £98,000 - 113,000 12-13 £105,000 - 123 14-15 £130,000+

In-House – Life Sciences The Life Sciences market in the UK has experienced a consistent flow of opportunities at all levels during the course of 2011. This is despite the continuous trend of large mergers, and the knock-on effect of integration and re-organisation. Client feedback indicates that headcount has not been adversely affected by turbulent market conditions however; it is worth countering this with the fact that a large majority of the roles Laurence Simons have recruited for within this sector have been replacement hires rather than new positions being created. It is anticipated that this trend will continue into 2012. Candidate supply within the Life Sciences industry is especially short at the junior to mid-level, with only a few having the niche market experience required by so many clients. There has been a increase of specialist skills in demand from an early stage, a contrast to more generalist roles less than five years ago. As a consequence mid-level lawyers are currently warranting a premium, as demand at this level continues to outweigh supply.

In-House – OverviewPQE Median Salary Range 0-1 £42,000- 47,000 2-3 £50,000 - 60,000

4-5 £62,000 - 75,000 6-7 £73,000 - 82,000 8-9 £82,000 - 89,000

10-11 £90,000 - 104,000

12-13 £102,000 - 115,000 14-15 £118,000+

Head of Legal £93,000 - 155,000

General Counsel £195,000+ In-House – Energy Although the current economic situation has weighed heavily on all sectors, the Energy industry as a whole has held up relatively well in 2011. High oil prices underpinned by strong fundamentals have ensured that opportunities remain within Oil and Gas, notwithstanding recent political and regulatory setbacks such as the Chancellor's windfall tax imposed on North Sea exploration.

Turnover in the wider Energy sector, and particularly UK Utilities companies, tends to be lower due to job stability and the geographical disparity between competitors. This in turn has a knock-on effect on the number of roles available within the UK, as well as on salary levels which have remained largely static for another year. Whilst Renewable and Alternative Energy companies are seen as being the big hope for the future, we are not currently seeing this translating into substantial legal hiring but, by contrast, recruitment activity in Energy Trading appears to be relatively buoyant with a consistent demand for lawyers to support this area. Although there can be no denying that this is an uncertain time for the Energy sector with a variety of complex issues including the Eurozone debt crisis and the Arab Spring expected to continue to impact on the market in 2012, the Energy sector is likely to remain resilient. Salaries are generally higher than in other industries and demand for lawyers is expected to remain, albeit that some areas within the sector are likely to fare better than others.

In-House – EnergyPQE Median Salary Range 0-1 £48,000 - 55,000 2-3 £55,000 - 64,000

4-5 £63,000 - 78,000 6-7 £77,000 - 94,000 8-9 £94,000 - 111,000

10-11 £108,000 - 134,000

Head of Legal £135,000 - 190,000 General Counsel £250,000+

In-House – FMCG & Retail FMCG and Retail companies are heavily reliant on consumer confidence which typically lags economic recovery. Accordingly, 2011 has been a year of two halves as early optimism has subsequently given way to a renewed recognition of the economic difficulties we are currently facing, as evidenced by the Consumer Confidence Index which has fallen for the fifth month in a row. As is always the case, some companies have fared substantially better than others with multinationals exposed to emerging markets, luxury brands and companies providing consumer staples tending to come out ahead. Recruitment has continued although has mostly been limited to replacement rather than growth and as a consequence, salaries and benefits have remained largely static. Looking ahead, it is clear that a wholesale change in the overall fortune of the FMCG and Retail sector will really only come about following a substantial shift in consumer spending, which in turn is only likely following sustained economic recovery.

In-House – FMCG & RetailPQE Median Salary Range

0-1 £42,000 - 48,000 2-3 £47,000 - 60,000 4-5 £59,000 - 72,000 6-7 £71,000 - 85,000 8-9 £84,000 - 97,000

10-11 £95,000 - 116,000 Head of Legal £110,000 - 133,000

General Counsel £148,000+ In-House – Traditional Media As a whole, the Media sector continued to go through substantial changes in 2011 with Traditional Media losing momentum and continuing to shrink whilst advertising companies lost revenues. The strongest growth was evident in the digital arena, the most positive trend likely to continue into 2012. Nonetheless, Media continues to be a popular choice from a candidate perspective. A large number of Media companies are located in Central London, making it more appealing, however entrance into this sector continues to be something of a 'closed shop', and competition for roles remains fierce.

Economic uncertainty has definitely had an impact on the Media sector in recent times and in particular in late 2011. Appointments in this area were found to be replacement roles, rather than new hires. Recently we have seen an increase in demand for interim appointments as companies struggle to gain approval for permanent headcount. It is envisaged that this trend will follow through in 2012, although exactly how much remains unclear. Salaries have remained at the lower end of market rate with nominal or no pay increases in recent years and few anticipated in 2012. The gap between Private Practice and In-House remuneration remains most significant in the Traditional Media sectors.

In-House – Traditional Media PQE Median Salary Range 0-1 £40,000 - 48,000

2-3 £48,000 - 61,000 4-5 £58,000 - 71,000 6-7 £70,000 - 82,000 8-9 £80,000 - 91,000

10-11 £90,000 - 106,000 12-13 £105,000 - 118,000 14-15 £121,000+


In-House – Technology, Media & Telecommunications (TMT) Whilst the TMT sector is by no means recession proof, it is generally regarded as a pervasive discipline and 2011 demonstrated this with reasonably high levels of positive recruitment activity throughout the course of the year. Notably, IT consultancies and multinational service companies increased their demand for IT/Outsourcing lawyers – outsourcing skills remaining a priority as a means of improving business efficiencies. As a result, high calibre mid-level candidates were frequently sought, though not easily found and those that were successful sometimes received a salary premium as a result. In 2011 developments in the cloud computing, mobile applications and competitive devices arena saw multinational companies compete to attract suitably qualified candidates from a relatively small talent pool. Candidates with skills in these areas were very much in demand and able to be selective, at times, with their career choices. Digital and e-Commerce lawyers continued to be desirable at all levels, attributed to the continued expansion of online businesses, payment technologies and social media companies. In 2011 we saw a number of first time appointments, particularly in the latter sector and expect to see more in the future. Advancements in the Technology and Telecommunications sectors saw increased EU regulation in 2011 which in turn, led to a boost for Regulatory lawyers and Compliance professionals. Another trend we expect to see more of in 2012. Overall, appetite for highly commercial and technically specialised lawyers in 2011 remained relatively high, however besides the exceptions outlined, basic salaries and corporate benefit packages remained fairly constant throughout the year. It is anticipated that recruitment practices, including compensation discussions in 2012 are likely to be approached with some caution, with companies preferring to protect and retain existing teams and restricting recruitment to replacement appointments rather than growth.

In-House – TMTPQE Median Salary Range

0-1 £45,000 - 52,000 2-3 £52,000 - 65,000 4-5 £58,000 - 73,000 6-7 £75,000 - 85,000

8-9 £85,000 - 93,000 10-11 £87,000 - 108,000 12-13 £110,000 - 134,000

14-15 £128,000+ Head of Legal £110,000 - 155,000

General Counsel £180,000+

In-House – Compliance Recruitment within the Compliance area has continued to grow over the last year. Many companies have made significant structural changes to develop a standalone Compliance function and this trend is likely to continue into 2012. Many multinational organisations view this move as best practice, with the ever increasing spotlight on Compliance functions following recent investigations and in some cases prosecutions, across most sectors within Commerce and Industry. Growth has however been steadier than predicted, with the anticipated spike following the UK Bribery Act being balanced by the cautious approach to the market by many clients. The demand for first time European Head of Compliance roles continues and we do not anticipate this to drop in 2012. Many roles have been recruited at more junior levels (typically from two to five years PQE), however many more roles are being recruited from within, as organisations are keen to develop from a diversity of backgrounds who already have strong commercial awareness of the organisation. As this area develops, the number of suitably qualified candidates based in Europe has also continued to rise but the available pool of talent at the more junior to mid-level remains a challenge. Remuneration for those working within Compliance will continue to rise in-line with the increasing importance and elevation of the discipline and the demand for talent. This can typically be from 10% to 30%. For more senior and strategic roles, candidates, whether from legal backgrounds or not, are being paid in-line with, or in some cases, more than, commensurate In-House Counsel roles.

In-House – CompliancePQE Median Salary Range

0-1 £32,000 - 45,000 2-3 £38,000 - 55,000 4-5 £51,000 - 75,000 6-7 £68,000 - 82,000 8-9 £73,000 - 90,000

10-11 £87,000 - 110,000 12-13 £105,000 - 125,000 14-15 £125,000+


IP Patent Attorney & Trade Mark Attorney Patent attorneys are still very much in demand particularly at the level of newly qualified to five years PQE where skills are at a shortage across all sectors. The number passing EQEs to become European Patent Attorneys (EPAs) has grown in 2011 but not enough to satisfy the increasing demand. We continued to see multinationals appointing their first European Patent Attorneys, seeking out the expertise from those previously in more established teams. The market for Trade Mark Attorneys especially at the mid to senior level continued to be tight, as relevant industry experience also comes at a premium. The salary bandings only reflect an indication of salaries for candidates in the intellectual property arena and can vary considerably. Much will depend on each candidate’s specific experience, technical background, industry sector and geographic remit. Patent Attorneys are required to have a technical degree and therefore their deeper level of technical expertise goes some way in explaining why they are able to command higher salaries than their Trade Mark counterparts. Typically in industry the years of actual practical relevant experience may be considered alongside the actual exam qualification dates. Positions in industry include benefit packages which tend to become more generous at the more senior level and will commonly include some, or all of the following: discretionary bonus scheme, car allowance, healthcare plan, life insurance, pension and share option scheme. Sign on bonuses may sometimes be considered as an incentive. Benefits have remained relatively static over the past three years.

Patent AttorneyLevel of Experience Median Salary Range

Trainee Patent Attorney £20,000 - 29,000 PQ Patent Attorney £27,000 - 41,000 Finalist Patent Attorney £39,000 - 53,000 Patent Attorney >5 years £51,000 - 75,000 Patent Attorney 5-10+ years £68,000 - 91,000+ Head of Department £89,000 - 135,000

Trade Mark AttorneyLevel of Experience Median Salary

Range Trainee Trade Mark Attorney £20,000 - 26,000 PQ Trade Mark Attorney £23,000 - 34,000

NQ Trade Mark Attorney £33,000 - 45,000 Trade Mark Attorney >5 years £44,000 - 66,000 Trade Mark Attorney 5-10+ years

£61,000+

Head of Department £73,000 - 117,000+

DUBLIN - IRELAND In-House

2011 saw several strong pockets of recruitment activity in the Irish market, particularly within Financial Services, Aviation Finance and the Funds arena. Candidates have tended to earn higher salaries due to a short supply of talent within these areas and it is likely that this trend will continue into 2012. There has been an influx of hiring within General Banking as a result of NAMA related work. The Energy and Insurance sectors remain steady. Commerce and Industry has seen a smaller degree of growth and this is largely due to the lack of movement in this area as a result of the reduced number of new roles. Opportunities across the board have tended to be at a mid to senior level. Candidates at the more junior end saw fewer opportunities available in 2011 and therefore there was less movement at this level. There has been an increase in the number of Compliance roles which has resulted in a number of lawyers undertaking diplomas in this area to enhance their skill set.

In-House – IrelandPQE Median Salary Range 0-1 €45,000 - 50,000 2-3 €55,000 - 70,000 4-5 €70,000 - 80,000 6-7 €80,000 - 90,000

8-9 €90,000+ 10-11 €100,000+

Head of Legal €120,000 - 150,000 General Counsel €150,000 - 170,000

Private Practice Generally speaking, salaries in Ireland have remained fairly stagnant over the last two years. However, in areas such as Banking, Funds and Corporate Insurance, firms have been paying outside the standard salary bands as a measure of securing and retaining talent in a competitive market. An introduction of new firms to the Irish market has increased the demand for talent and as a result, these firms have offered competitive salaries to attract candidates. Areas such as Corporate, Tax and Litigation traditionally pay 10% less than Banking, Corporate Insurance and Funds, unless there is a strategic requirement to pay more. We have also seen an increasing number of candidates at the two to four PQE level moving to London and Offshore, following the demand for talent among Magic Circle, Silver Circle, US and Offshore firms, particularly in the areas of Banking, Corporate and Funds. There is also a strong desire from the mid-level Associates to move out of Ireland due to the current economic situation, and seize the opportunity to gain some international experience and exposure to larger transactions. Traditionally it has been the norm for employees within Private Practice to receive minimum bonuses, however this trend has changed in that bonuses are now based entirely on merit and only those performing well are being rewarded accordingly.

Private Practice – Ireland Banking, Funds & Insurance All Other Sectors

PQE Median Salary Range Median Salary Range NQ €50,000 - 60,000 €40,000 - 50,000 1 €60,000 - 70,000 €50,000 - 60,000

2 €65,000 - 80,000 €55,000 - 65,000 3 €75,000 - 90,000 €70,000 - 80,000 4 €80,000 - 95,000 €75,000 - 85,000 5 €85,000 - 100,000 €80,000 - 90,000

6+ €90,000 - 115,000 €85,000+ Salaried Partner €120,000+ €120,000+

PARIS - FRANCE In-House

Post 2009, the French In-House legal recruitment market picked up relatively quickly and has since remained stable. French qualified lawyers continue to be desirable within the market and where internationally qualified candidates are considered, fluency in French generally remains a pre-requisite. Candidate attraction remains a key focus for In-House especially at the mid to senior level (seven to ten years PQE) with commercial or corporate expertise. We have witnessed an increased job flow within the IT, Technology and Life Sciences sectors and as a result the demand for candidates with relevant sector experience has also increased. For the foreseeable future, we would expect compensation to remain similar to 2011 levels.

In-House – FrancePQE Median Salary Range 0-1 n/a

2-3 €45,000 - 58,000 4-5 €58,000 - 71,000 6-7 €70,000 - 83,000

8-9 €81,000 - 91,000 10-11 €88,000 - 104,000 12-13 €94,000 - 113,000 14-15 €112,000 - 135,000

16-20 €124,000 - 146,000 21+ €140,000+

Private Practice The compensation data is a representation of remuneration paid by law firms in Paris, predominantly made up of data from the 50 largest firms. Lawyers at smaller firms in Paris and law firms throughout the rest of France are likely to notice some discrepancies in compensation and can typically be between 10% and 20% lower. Compensation in Paris tends to be tiered, with US firms paying the highest compensation, UK firms following closely behind and national firms paying the least of the three which explains some of the wider salary bands in the table below. Demand in 2011 has been consistent across Tax, Employment, Regulatory, Litigation and Insolvency. Following a drop in 2009/2010 of Finance and Capital Market lawyers; an increase of opportunities within this space across all types of firms in 2011 was a positive change.

It is difficult to anticipate what Corporate lawyers can expect in 2012, however if 2011 is anything to go by, an increase in M&A and Private Equity deals in France will facilitate movement within this space. Growth within emerging markets has led to an increased demand for candidates from Project Finance, Energy and Infrastructure backgrounds. A particularly exciting emerging market is Africa and recruitment for this region is often handled by firms based in Paris. For many firms bonuses have remained the same since the decrease in 2008 and in some cases have been non-existent.

Private Practice – FranceTop 50 law firms in Paris (US, UK & French Firms)

PQE Median Compensation Range 1 €60,000 - 65,000 2 €67,000 - 72,000 3 €75,000 - 80,000 4 €85,000 - 90,000 5 €95,000 - 100,000 6 €110,000 - 115,000 7 €125,000 - 135,000 8 €140,000 - 150,000

Counsel €160,000 - 200,000 Partner £250,000+

ROME - ITALY In-House

Towards the end of 2011, the Italian Private Practice market became relatively quiet in comparison with other European countries. There was a noticeable decrease in the number of job openings and as a result, an increase in the number of candidates looking to move or relocate. Many law firms have begun to restructure and reorganise themselves, moving from the more traditional set-up to a business orientated approach to law firm management. The Partnership track is under review and as a result Partners are being asked to leave. Consequently, a large proportion of senior lawyers are seeking to move into In-House roles, a difficult move to make in the current climate. Alternatively, we have seen a number of Partners who have left big firms to set-up their own individual practices, causing the market to become more fragmented and competitive. Within the In-House market the demand has however remained relatively consistent, as multinationals still need to have a local Legal Counsel to bridge cultural and legislative differences. IT and Technology industries have been recruiting more than others in Italy. Such experience will stand candidates in good stead in 2012. Whilst we have noticed a marked increase in candidates with experience in Banking and Finance looking to make a move, there continues to be a shortage of high calibre lawyers with more generalist commercial backgrounds. Salaries are likely to stay constant through 2012.

In-House – ItalyPQE Median Salary Range 0-1 €29,000 - 38,000 2-3 €38,000 - 52,000 4-5 €55,000 - 63,000 6-7 €62,000 - 70,000 8-9 €69,000 - 85,000

10-11 €86,000 - 100,000 12-13 €99,000 - 114,000 14-15 €110,000 - 124,000 16-20 €118,000 - 149,000 21+ €155,000+

"We have seen a number of Partners who have left big firms to set up their own individual

practices, causing the market to become more fragmented and competitive."

MADRID - SPAIN In-House

The Spanish economy is one of the worst hit by the economic crisis and currently has a very high unemployment rate. As a result, it can be expected that there will be no salary movement in 2012 and clients are likely to proceed with caution when it comes to new hires and recruitment in general.

In-House – SpainPQE Median Salary Range 0-1 n/a

2-3 €33,000 - 47,000 4-5 €42,000 - 61,000 6-7 €54,000 - 64,000 8-9 €62,000 - 71,000

"Businesses in some of Spain's fastest growing sectors hope to maintain their workforces

whilst expanding into new markets."

AMSTERDAM - BENELUX

The economic uncertainty experienced in Q4 of 2011 reduced business confidence, which in turn slowed down new hiring across the Benelux regions. Law firms and companies continue to recruit, albeit more tentatively than in the earlier months of 2011. This is mitigated somewhat by the fact that the region is in relatively better shape than some of it's European counterparts; thanks to a prudent fiscal policy, a competitive workforce and the open nature of the economy. Similar to most other European countries, the Benelux region is uncertain about what to expect in 2012 due to the state of the broader economy. It is believed that 2012 will revolve more around candidates with specialist expertise rather than generalists. An emphasis is likely to be placed on matching the right candidate to the right role. Although this sounds clichéd, we are experiencing long and demanding recruitment processes in order to ensure the perfect person is found for the role. Similarly, candidates want to be reassured that the company they are moving to is both financially sound and willing to invest in their future.

In-House – NetherlandsPQE Median Salary Range 0-1 €26,000 - 34,000 2-3 €45,000 - 59,000 4-5 €60,000 - 68,000 6-7 €68,000 - 75,000 8-9 €80,000 - 94,000

10-11 €90,000 - 103,000 12-13 €100,000 - 118,000 14-15 €135,000 - 156,000 16-20 €143,000 - 162,000 21+ €152,000+

Private Practice – NetherlandsPQE Median Salary Range 0-1 €30,000 - 40,000 2-3 €40,000 - 50,000 4-5 €60,000 - 75,000 6-7 €60,000 - 90,000 8-9 €70,000 - 100,000

10-11 €80,000 - 130,000 12-13 €95,000 - 180,000

In-House – BelgiumPQE Median Salary Range 0-1 €27,000 - 34,000 2-3 €35,000 - 44,000

4-5 €45,000 - 60,000 6-7 €60,000 - 73,000 8-9 €72,000 - 82,000

10-11 €82,000 - 95,000 12-13 €94,000 - 109,000 14-15 €108,000 - 134,000 16-20 €135,000 - 152,000

21+ €150,000+

In-House – LuxembourgPQE Median Salary Range 0-1 €25,000 - 36,000 2-3 €34,000 - 47,000

4-5 €47,000 - 60,000 6-7 €58,000 - 70,000 8-9 €71,000 - 94,000

10-11 €92,000 - 107,000 12-13 €105, 000 - 119,000 14-15 €118,000 - 134,000 16-20 €132,000 - 149,000

21+ €150,000+

BERLIN - GERMANY

The German In-House legal market was active throughout most of 2011 and the activity level was second only to Switzerland in the European market. Whilst only a small number of companies implementing hiring freezes, these are likely to be reviewed in Q1 of 2012. An increasing number of multinationals are looking to coordinate their Central and Eastern European operations from a German hub, as the economic importance of the country as a whole, is further underlined through the increasing number of multinationals based elsewhere in Europe (for instance in Brussels, London, Paris etc) who require German qualified lawyers to join their centralised legal teams. As such, candidates with an international outlook are very much in demand and German language skills are, more often than not, an essential requirement. We have also experienced a significant increase in requirements for Compliance professionals and expect this to continue through 2012. The expectations for the foreseeable future are for continued, albeit cautious, growth within In-House legal teams.

In-House – GermanyPQE Median Salary Range 0-1 €42,000 - 48,000 2-3 €48,000 - 62,000 4-5 €61,000 - 81,000 6-7 €80,000 - 93,000 8-9 €87,000 - 98,000

10-11 €95,000 - 112,000 12-13 €105,000 - 119,000 14-15 €120,000 - 139,000 16-20 €140,000 - 159,000 21+ €160,000+

"The expectations for the foreseeable future are for continued, albeit cautious, growth within In-House legal teams."

GENEVA - SWITZERLAND

The Swiss legal recruitment market has remained active throughout 2011 with consistent demand and growth across all industries, particularly Life Sciences. Companies continue to move European or global headquarters to Switzerland to take advantage of the tax benefits and the ability to attract potential candidates from across Europe. French and German language skills continue to be important. Candidates with experience in Compliance, Regulatory and Data Protection are particularly sought after, especially at the senior end of the market. Conversely, there is less of a demand for more junior lawyers (one to four years PQE) from multinationals.

Salary and bonus levels have remained fairly constant year on year. There has been some uplift for mid-level lawyers but the greatest increases have been at the senior end. The average bonus target for In-House lawyers is around 20%. For those candidates who have been relocated to Switzerland, whilst assistance with relocation is usual, expat benefits are very much the exception rather than the norm. In 2012 we expect to see continued growth and expansion of legal teams with a mix of international, as well as Swiss qualified lawyers.

In-House – SwitzerlandPQE Median Salary Range 0-1 CHF 115,000 - 132,000 2-3 CHF 125,000 - 139,000 4-5 CHF 136,000 - 160,000

6-7 CHF 152,000 - 188,000 8-9 CHF 172,000 - 201,000

10-11 CHF 194,000 - 245,000

12-13 CHF 215,000 - 265,000 14-15 CHF 232,000 - 284,000

"The Swiss legal recruitment market has remained active throughout 2011 with consistent demand and growth across all industries."

MOSCOW - RUSSIA Private Practice

The Russian legal recruitment market in 2011 can be summarised as cautious. Recruitment consisted mainly of replacing leavers rather than aggressively expanding practices on a larger scale. The highest demand was for Associates at the mid-level whilst recruitment at Partner level remained active with firms keen to invest in new business, therefore hiring pre-qualified candidates that were able to bring a client following. Corporate, M&A, Litigation, IP, IT and Energy remain the busiest areas although the hiring of senior Dispute Resolution/ Arbitration lawyers, at both Partner and Counsel level, was also noticed in 2011. The Real Estate and PPP practice areas are two to watch in 2012. Both have grown due to recent changes in legislation and as this trend gains momentum, so too will the demand for candidates with relevant experience at all levels. Although Russia is in a much stronger financial situation than some countries in Europe, the market still tends to reflect that of the global economy and as a result, investment activity into Russia/CIS in 2012 is uncertain. The Russian elections have also caused investors to act cautiously which in turn affects hiring. That being said, salaries are expected to rise by up to 20% in 2012.

Private Practice – Russia | US New York firmsPQE Median Salary Range NQ USD 75,000 - 100,000 1 USD 120,000 - 150,000 2 USD 130,000 - 160,000 3 USD 150,000 - 180,000 4 USD 170,000 - 200,000 5 USD 190,000 - 240,000 6 USD 220,000 - 270,000 7 USD 250,000 - 300,000

8+ USD 280,000+

Private Practice – Russia | US Mid-Atlantic FirmsPQE Median Salary Range NQ USD 70,000 - 90,000 1 USD 80,000 - 110,000 2 USD 90,000 - 120,000 3 USD 110,000 - 130,000 4 USD 130,000 - 155,000 5 USD 140,000 - 170,000 6 USD 160,000 - 190,000 7 USD 180,000 - 220,000

8+ USD 200,000+

Private Practice – Russia | UK Magic CirclePQE Median Salary Range NQ USD 45,000 - 65,000 1 USD 50,000 - 75,000

2 USD 65,000 - 90,000 3 USD 75,000 - 110,000 4 USD 90,000 - 130,000 5 USD 110,000 - 150,000 6 USD 130,000 - 170,000 7 USD 155,000 - 185,000 8 USD 180,000 - 250,000

9+ USD 200,000+

Private Practice – Russia | Other City Firms & Large US FirmsPQE Median Salary Range NQ USD 30,000 - 50,000 1 USD 40,000 - 70,000

2 USD 50,000 - 80,000 3 USD 60,000 - 90,000 4 USD 80,000 - 120,000 5 USD 100,000 - 140,000 6 USD 120,000 - 160,000 7 USD 140,000 - 170,000 8 USD 140,000 - 170,000

9+ USD 180,000+ In-House In-House has seen an increased demand from the Private Equity and Funds markets for transactional lawyers. Another trend to highlight is the emergence of various Pharmaceutical companies in the Russian market over the past two years. Many lawyers previously employed by law firms, were tempted by competitive salaries to move In-House within this sector and as a result, many law firms are now looking to expand or invest in the area and it is anticipated that this will be a key focus for 2012.

In-House – RussiaPQE Median Salary Range 0-1 USD 19,000 - 30,000 2-3 USD 27,000 - 42,000

4-5 USD 43,000 - 64,000 6-7 USD 65,000 - 89,000 8-9 USD 90,000 - 112,000

10-11 USD 113,000 - 149,000

12-13 USD 148,000 - 179,000 14-15 USD 180,000 - 213,000 16-20 USD 215,000 - 263,000

20+ CUSD 265,000+

"Although Russia is in a much stronger financial situation than some countries in Europe, the market still tends to reflect that of the global

economy."

DUBAI - MIDDLE EAST In-House

For In-House, 2011 was a difficult year to ascertain legal recruitment trends in the Middle East as the year was filled with peaks and troughs, not only within local businesses but also the multinational arena, most notably Technology, Energy, Oil and Gas and Pharmaceuticals. General Counsel and Heads of Legal across the Middle East, as well as the US and Europe, are putting a renewed emphasis on bringing in high calibre lawyers to strengthen their Compliance teams and business processes. Candidates with a background in Compliance are highly sought after and salaries within this area tend to command a premium. Considering the financial difficulties facing the US and Europe, it is no surprise that the Middle East is now an area of focus as it offers high potential growth in 2012. As such, many clients seem vigilantly hopeful about the future, however most remain non-committal with regards to recruitment, as a great deal hangs in the balance of the US and European economies. Salary and bonus levels have remained fairly stable in the past year and we would expect the same through 2012. The recruitment market is currently client led and as a result, clients expect only the best talent in the market and are less willing to negotiate on salary.

In-House – DubaiPQE Median Salary Range 0-1 AED 297,000 - 367,000 2-3 AED 367,000 - 478,000 4-5 AED 478,000 - 588,000 6-7 AED 588,000 - 698,000 8-9 AED 698,000 - 808,000 10+ AED 882,000+

* US firms & mltinationals typically pay at a similar rate but in USD.

Private Practice In the Private Practice market there has been little movement in salary levels across the Gulf Region since the downturn. As a general rule of thumb, international firms have increased their salaries between 4% and 6%. Where recruitment has occurred, it has been in the areas of Construction, Projects and Litigation. Salaries at Silver and Magic Circle firms are higher, as one would expect, and a premium is often paid to those lawyers with both international education and law firm backgrounds, as well as Arabic language skills. These salaries are tax free and often return flights and relocation packages are provided in addition to the base salary.

Private Practice – DubaiPQE Median Salary Range

0-1 n/a 2-4 AED 397,000 - 511,000 5-6 AED 600,000 - 654,000

7+ AED 742,000+

"Salaries are tax free and often, return flights and relocation packages are provided in addition to the base salary."

* US firms & mltinationals typically pay at a similar rate but in USD. HONG KONG - HONG KONG & MAINLAND CHINA Private Practice

During the course of 2011 the legal recruitment market in Hong Kong and China remained robust due to the continued growth of the IPO and Banking sectors in the region. Within Private Practice there has been a significant increase in the number of US firms recruiting Hong Kong qualified lawyers, especially to expand either their existing teams or to establish Hong Kong based practices from scratch. This has had a ripple effect on all salary bands as Hong Kong Associates are now generally being paid more. US firms typically pay Hong Kong qualified lawyers an uplift of 20% above that of Magic Circle firms. In 2011 however, all US firms (with a few exceptions) converted to New York rates for their Hong Kong Associates, starting their salaries at USD160,000. This has led to Hong Kong Associates in US firms earning approximately 30% to 40% more than their counterparts in UK firms. Understandably, this has caused a migration of Hong Kong qualified lawyers to US firms over the past twelve months. Corporate Finance remains the key practice area in demand for law firms. The Banking and Finance sector has also experienced an increase thanks to the robust financial institutions in Hong Kong and China posting healthy profits.

Private Practice - Hong Kong, UK and Australian Law FirmsPQE Median Salary Range

NQ HKD 720,000 - 900,000 1 HKD 756,000 - 960,000 2 HKD 840,000 - 1,080,000

3 HKD 900,000 - 1,140,000 4 HKD 960,000 - 1,260,000 5 HKD 1,080,000 - 1,440,000 6 HKD 1,121,000 - 1,680,000

7 HKD 1,200,000 - 1,800,000 8+ HKD 1,320,000 - 2,160,000

Consultant/Of Counsel HKD 1,440,000 - 3,000,000 Salaried Partner HKD 1,680,000 - 3,600,000+

Private Practice – US Law FirmsPQE Median Salary Range

1 USD 160,000 2 USD 170,000 3 USD 185,000

4 USD 210,000 5 USD 230,000 6 USD 250,000 7 USD 265,000

8+ USD 280,000 8+ $280,000

In-House There has also been a noticeable increase within In-House recruitment activity especially in mainland China. This continues to reflect the strong recovery of the Asian economy, as many US and European multinationals have sought to be part of, and benefit from, Asia's growth; particularly at a time when domestic US and European markets remain relatively weak. Mainland China based roles for multinationals have seen a marked increase due to China's staggering growth; this has made PRC qualified lawyers a rare find. Most candidates looking to move in 2012 will be seeking an increase of 20% to 40% on base salary. Bonus payments have shown an improvement averaging two to three months although some companies (mainly HK listed companies) paid out significantly more. As a general rule of thumb, Hong Kong Associates in US firms are paid a flat salary with no cost of living allowance. However US Associates receive a Cost of Living Adjustment (COLA) that covers expenses such as housing, education and home leave expenses. Historically, firms have differentiated the COLA amount based on the tax status and family size (whereby a US tax payer with spouse and children will receive more in COLA payments, in some cases up to USD145,000 per annum) but in more recent years, most firms have moved toward a cash allowance scheme with a flat payment to all Associates. This typically ranges from USD45,000 to USD90,000 per annum with the most common being USD60,000 to USD70,000 per annum. 2012 will remain robust as China will continue to dominate the region with large-scale M&A and Capital Market transactions.

In-HouseHong Kong

PQE Median Salary Range NQ-1 HKD 360,000 - 660,000

2-3 HKD 480,000 - 864,000 4-5 HKD 600,000 - 1,080,000 6-7 HKD 660,000 - 1,500,000

8-9 HKD 936,000 - 1,680,000 10-12 HKD 1,080,000 - 1,800,000 12-15 HKD 1,200,000 - 2,160,000

Head of Legal/ General Counsel HKD 1,440,000 - 3,000,000

In-House – ChinaPRC Qualified Lawyers with Local Experience

PQE Median Salary Range 3-5 USD 22,000 - 45,000

6-8 USD 45,000 - 65,000 9-10 USD 60,000 - 120,000 11-14 USD 80,000 - 150,000

15+ USD 135,000+

In-House – ChinaPRC Qualified Lawyers with Overseas ExperiencePQE Median Salary Range 3-5 USD 55,000 - 85,000 6-8 USD 80,000 - 120,000 9-10 USD 110,000 - 150,000

11-14 USD 125,000 - 160,000 15+ USD 150,000+

In-House – ChinaInternational Lawyers

PQE Median Salary Range 3-5 USD 100,000 - 160,000 6-8 USD 140,000 - 220,000 9-10 USD 180,000 - 240,000

11-14 USD 200,000 - 260,000 15+ USD 230,000+

"Many US and European multinationals have sought to be part of, and benefit from, Asia's growth; particularly at a time when

domestic US and European markets remain relatively weak." SINGAPORE

Businesses in Singapore enjoyed a sustained uplift in 2011, particularly within the IT and Technology sector, where the majority of senior hires occurred. There was a noticeable increase in the number of US and European multinationals in the Technology and Manufacturing sectors looking to build their legal teams, especially within emerging markets such as Vietnam, Thailand and India (Singapore often being used as the regional hub for South East Asia). There has been a significant demand for mid-level candidates. Those with relevant APAC experience and fluency in Mandarin have enjoyed noteworthy salary increases. Requirements for senior level lawyers to focus on Regulatory, Corporate Governance and Corporate Secretarial activities are all on the rise. There has also been a significant increase in demand for candidates with IT, Technology and Commercial experience. Salaries in Singapore have increased by 10% to 20% and candidates are benefitting from sign-on bonuses, a hook used to attract the best talent in the market. The outlook for 2012 remains promising, although there is an understandable element of caution. Hiring managers in Asia are persistently searching for experienced candidates in anticipation of growth in the region; however hiring budgets will most likely be rigorously reviewed during the course of the year.

"Salaries in Singapore have increased by 10% to 20% and candidates are benefitting from sign-

on bonuses; a hook used to attract the best talent in the market."

In-House – Singapore PQE Median Salary Range 0-1 SGD 53,000 - 82,000 2-3 SGD 59,000 - 89,000

4-5 SGD 80,000 - 107,000 6-7 SGD 102,000 - 128.000 8-9 SGD 120,000 - 155,000

10-11 SGD 143,000 - 177,000 12-13 SGD 161,000 - 192,000 14-15 SGD 179,000 - 233,000 16-20 SGD 233,000+

21+ SGD 272,000+ MUMBAI - INDIA

The legal recruitment market in India was buoyant during the course of 2011. There was a steady flow of talent available in the major cities (Delhi, Mumbai, Bangalore and Chennai) where most large US and European multinationals are headquartered. Employers continue to seek high calibre candidates with experience gained from other multinationals who are able to demonstrate evidence of longevity in their careers; as attrition rates remain a key concern in India. As a whole 2012 looks set to be a positive year for India. Companies are likely to continue hiring across the board with many looking to establish core legal functions from scratch. In order to attract candidates of the right calibre, many multinationals are willing to offer significant salary increases. It is not uncommon to see salary hikes for high profile moves of over 50%.

India has been relatively unharmed by the economic uncertainty in Europe and the US. The only sector that has shown signs of unrest is the Finance sector. The one key trend which India displays more than other regions is a great disparity in salaries between cities and foreign versus locally owned entities.

In-House – IndiaPQE Median Salary Range 0-1 Lakhs 4 - 8 2-3 Lakhs 7 - 12 4-5 Lakhs 9 - 18

6-7 Lakhs 11 - 20 8-9 Lakhs 18 - 35

10-11 Lakhs 25 - 48 12-13 Lakhs 36 - 53

14-15 Lakhs 47 - 64 16-20 Lakhs 60 - 113 21+ Lakhs 82 - 143+

"We are delighted to launch our office in Mumbai, to meet the ever increasing demand of our global client base. We are now the only

specialist international legal recruiter on the ground in India."

NEW YORK - NORTH AMERCIA

The legal recruitment market has been considerably more active in 2011, albeit in specific industry pockets and geographic regions. Whilst the market would not be described as robust, certain clients have been hiring aggressively. This could be attributed to organisations experiencing early recession rebounds or others looking to recruit talented lawyers in a less competitive atmosphere. There has been a notable increase in the number of lawyers working within Compliance, and those with international Compliance acumen continue to be highly sought after. Candidates with hybrid backgrounds are reinventing themselves as Compliance experts in order to capitalise on this booming area. Such reinvention is being driven by market demand and is appropriate for some but not for all. Another related dynamic is that commercial lawyers with solid Regulatory skills are also highly valued. These increases are a direct result of a more highly regulated global marketplace. Moving into 2012, employers will continue to hire opportunistically, and will continue to seek out the best possible candidates for their teams. We anticipate that clients will continue to demand incredibly specific skill sets and will take full advantage of the continuation of a candidate rich market. Global corporations with significant investment in emerging markets have been more confident and aggressive in their vision for expansion than those focused on the EU or North America alone. Key industries for 2012 are High-Tech Manufacturing (including Aerospace and Defence), as well as some Heavy Manufacturing. Though slightly tumultuous, positive activity in Technology and the Pharmaceutical industries is also expected. The luxury goods market has also been performing well. Expected growth for 2012 falls within the litigation arena, both In-House and Private Practice, as well as, distressed real estate matters. Bursts of heavy acquisition and project finance activity are anticipated and therefore, roles to support these functions. We have not seen significant changes during 2011 in salaries and bonus structures and we don’t anticipate significant changes for the upcoming year. The Private Practice market has experienced some competition amongst the larger firms to be more aggressive with respect to bonus, but there has otherwise been little change. In New York, several top tier firms paid spring bonuses, a fairly unusual occurrence which is more the exception than the rule. Though notable, these increases in pay were generally perceived as a catch-up from nominal bonus payouts during the recession. Law firms must generally be responsive to their competitors in the market and raise salary and bonus levels in-line with other law firms. These lifts generally come in waves across the US market. Whilst there has been some ‘defrosting’ of salaries since the recession, we do not anticipate that law firms will take the further step of increasing the market salary levels.

The Corporate In-House market which is generally more cost-sensitive has not seen salaries decreased as such, but rather corporate clients skewing towards more junior hires to capture some cost saving. Despite a chill in the air over European economies, the US legal recruitment market is expected to push forward towards a slow but steady recovery. Law firms can anticipate further difficulty finding highly-qualified Associates to manage an increased work load and will need to hire accordingly. The In-House legal market will continue to expand to meet the needs of an increasingly international playing field. As salaries will stay relatively flat for the moment, the competition for lawyers will start to increase as the demand continues on the upswing. We anticipate that employers will see greater recruitment challenges in the next year.

Private Practice – North AmericaPQE Median Salary Range 0-1 $125,000 - 160,000

2-3 $130,000 - 180,000 4-5 $150,000 - 230,000 6-7 $165,000 - 250,000 8-9 $175,000 - 275,000

10-11 $180,000 - 310,000 12-13 $250,000+* 14-15 $250,000+ 16-20 $250,000+ 21+ $250,000+

In-House – North AmericaPQE Median Salary Range 0-1 $105,000 - 127,000

2-3 $115,000 - 143,000 4-5 $142,000 - 160,000 6-7 $159,000 - 183,000 8-9 $176,000 - 248,000

10-11 $223,000+

* The compensation for senior level Associates/Counsel/Partners at law firms will vary wildly. Partners at the same law firm may make anywhere from the mid two hundred thousand dollar mark to millions of dollars per year. Typically, this will depend on the business/client origination.

SÃO PAULO - LATIN AMERICA

Legal recruitment is a developing market in São Paulo especially in comparison to the US and UK, with most companies and law firms handling hiring requirements internally. That being said, the search for high quality talent has become increasingly difficult as the market becomes more competitive and clients are now outsourcing their hiring to specialists like Laurence Simons to ensure they secure the right talent. The legal market in São Paulo has gone from strength to strength in 2011. There has been a distinct increase in demand for qualified lawyers with Corporate, Banking and Capital Markets experience, as well as those with Project Finance, Litigation, Competition and Tax backgrounds. In preparation for the 2014 Football World Cup, as well as the 2016 Olympic Games, infrastructure in general has boomed and as a result there has been an increase in the demand for Regulatory, Energy and Project Finance lawyers. Within the In-House market, General Counsel roles continue to arise and will most likely remain an area of focus in 2012 as the Brazilian operations of international companies have become increasingly important globally.

Private Practice – São PauloPQE Median Salary Range

0-1 BRL 52,000 - 65,000 2-3 BRL 64,000 - 79,000 4-5 BRL 80,000 - 118,000

6-7 BRL 101,000 - 168,000 8-9 BRL 148,000 - 242,000

10-11 BRL 205,000 - 298,000 12-13 BRL 236,000 - 329,000

14-15 BRL 304,000 - 395,000 16-20 BRL 357,000 - 452,000 21+ BRL 447,000+

* Net amounts in BRL, based on top tier law firms

In-House – São PauloPQE Median Salary Range

0-1 BRL 39,000 - 52,000 2-3 BRL 48,000 - 74,000 4-5 BRL 72,000 - 82,000

6-7 BRL 77,000 - 89,000 8-9 BRL 89,000 - 128,000

10-11 BRL 124,000 - 175,000 12-13 BRL 156,000 - 204,000

14-15 BRL 183,000 - 277,000 16-20 BRL 263,000 - 349,000 21+ BRL 347,000+

* Gross amounts in BRL – 25% is discounted for tax purposes There is a distinct shortfall of qualified legal candidates in São Paulo, particularly those fluent in English. However, many Brazilian candidates who had moved abroad are now returning to capitalise on the strong market conditions. In addition, it will be interesting to see what the Brazilian Bar's decision will be towards foreign law firms' arriving in Brazil, as this could have a major impact on the legal market dynamics. Salaries and bonuses are expected to increase in 2012 and candidates in high demand can anticipate substantial pay rises.

Banking & Finance – São PauloPQE Median Salary Range 0-1 BRL 52,000 - 71,000

2-3 BRL 69,000 - 98,000 4-5 BRL 85,000 - 118,000 6-7 BRL 119,000 - 172,000 8-9 BRL 170,000 - 222,000

10-11 BRL 220,000 - 282,000 12-13 BBRL 279,000 - 384,000 14-15 BRL 351,000 - 446,000 16-20 BRL 434,000 - 520,000 21+ BRL 510,000+

* Gross amounts in BRL – 25% is discounted for tax purposes; based on Investment Bank and top Retail Banks

RIO DE JANEIRO - LATIN AMERICA

Like São Paulo, the legal recruitment market in Rio de Janeiro has differed quite noticeably in 2011 from other countries. Although most of the world is cautiously awaiting the outcome of the European bailout, Rio seems unscathed. 2011 has been a successful year and there remains a continued and consistent high demand for experienced lawyers in Rio. Energy and Litigation are the two main areas in demand at present. Lawyers specialising in Oil and Gas and Infrastructure (EPC contracts) will have a good selection of options available to them in their next career move. This is largely due to investors setting up operations in Rio to assist with infrastructure projects that are necessary in delivering the 2014 Football World Cup and the 2016 Olympic Games. Legal teams which once had only two lawyers now have five or more. Professionals with relevant experience are hard to come by and are therefore able to command higher salaries than normal. The only industries to have experienced a decrease in demand are Banking and Capital Markets.

Qualified lawyers in Rio with fluency in English continue to be a rare commodity. The traditional model of supply and demand comes into play, with the number of jobs far exceeding the number of qualified candidates in the market. This has led to law firms paying extremely high salaries to retain staff and keep them from joining the competition, even at a junior level. The shortfall of high quality lawyers will continue throughout 2012 and therefore salaries will continue to rise.

Private Practice – Rio de JaneiroPQE Median Salary Range

0-1 BRL 35,000 - 48,000 2-3 BRL 49,000 - 72,000 4-5 BRL 71,000 - 94,000 6-7 BRL 91,000 - 137,000 8-9 BRL 131,000 - 174,000

10-11 BRL 171,000 - 210,000 12-13 BRL 211,000 - 249,000

14-15 BRL 251,000 - 327,000 16-20 BRL 321,000 - 379,000 21+ BRL 380,000+

* Net amounts in BRL, based on top tier law firms

In-House – Rio de JaneiroPQE Median Salary Range

0-1 BRL 31,000 - 47,000 2-3 BRL 46,000 - 59,000 4-5 BRL 60,000 - 77,000 6-7 BRL 76,000 - 94,000 8-9 BRL 90,000 - 120,000

10-11 BRL 121,000 - 174,000 12-13 BRL 170,000 - 209,000

14-15 BRL 211,1000 - 267,000 16-20 BRL 270,000 - 318,000 21+ BRL 320,000+

* Gross amounts in BRL – 25% is discounted for tax purposes

Banking & Finance – Rio de JaneiroPQE Median Salary Range 0-1 BRL 38,000 - 55,000 2-3 BRL 56,000 - 72,000 4-5 BRL 73,000 - 95,000

6-7 BRL 96,000 - 148,000 8-9 BRL 141,000 - 173,000

10-11 BRL 169,000 - 209,000 12-13 BRL 209,000 - 261,000

14-15 BRL 261,000 - 333,000 16-20 BRL 337,000 - 407,000 21+ BRL 401,000+

* Gross amounts in BRL – 25% is discounted for tax purposes; based on Investment Bank and top Retail Banks

STATISTICS Total number of placements within each industry sector 2011/12

How many Males and Females did we recruit during 2011/12?

Race and gender recruitment statistics 2011/12

COMMERCIAL AND GENERAL PRACTICE Small, Medium to Large General Legal Practice

Position PQE Low Range Medium Range High Range Article Clerk Not Applicable R185 000 ctc R210 000 ctc R230 000 CTC Associates 1 - 2 year R360 000 CTC R400 000 CTC R450 000 CTC Senior Associate 2 - 4 years R500 000 CTC R550 000 CTC R600 000 CTC Junior Partner Senior Partner Equity Partner

5 - 10 years 10 + years 10 + years

R700 000 CTC R900 000 CTC R1 200 000 CTC

R750 000 CTC R975 000 CTC R1 350 000 CTC

R810 000 CTC R1 100 000 CTC R1 800 000 CTC

Compared to the commercial legal practice and compensation packages of previous years, salaries have dropped within the Small, Medium to Large General Legal Practice, due to economical and financial pressures encountered within this sector. This has resulted in a lower profit turnover in comparison to previous years subsequently resulting in lower salaries for employees.

Small, Medium to Large Niche Commercial Practice

Position PQE Low Range Medium Range High Range Article Clerk Not Applicable R220 000 CTC R250 000 CTC R270 000 CTC Associates Associates

1 year 2 year

R420 000 CTC R580 000 CTC

R450 000 CTC R650 000 CTC

R520 000 CTC R680 000 CTC

Senior Associate 2 - 4 years R680 000 CTC R725 000 CTC R750 000 CTC Junior Partner Senior Partner Equity Partner

5 - 10 years 10 + years 10 + years

R100 000 CTC R1 200 000 CTC R2 150 000 CTC

R1 050 000 CTC R1 500 000 CTC R2 600 000 CTC

R1 200 000 CTC R1 800 000 CTC R3 000 000 CTC

AUDITING / CONSULTING FIRMS, COMPLIANCE AND CORPORATE GOVERNANCE Auditing Consulting Firms

Company Secretary

Compliance & Corporate Governance

Position PQE Low Range Medium Range High Range Auditing/Consulting Firms 1 - 3 years

3 - 6 years 6 - 10 years 10 + years

R450 000 CTC R575 000 CTC R750 000 CTC R1 025 000 CTC



Company Secretarial 1 - 3 years 3 - 5 years 6 - 10 years 10 + years

R460 000 CTC R620 000 CTC R800 000 CTC R1 000 CTC



Compliance & Corporate Governance 1 - 3 years 3 - 5 years 6 - 10 years 10 + years

R450 000 CTC R550 000 CTC R750 000 CTC R910 000 CTC



CORPORATE CLIENTS Industry Sectors

• Banking & Financial Services • Compliance • Construction • Corporate Governance • FMCG - Fast Moving Consumer Goods • General Legal Practices • ICT - Information & Communications Technology • Leisure & Hospitality • Manufacturing • Media & Entertainment • Mining • Parastatals • Petrochemical / Energy • Pharmaceutical & Healthcare • Specialised Finance • Telecommunication

Banking and Financial Services

PQE Low Range Medium Range High Range

Banking and Financial Services 1 - 3 years 3 - 6 years 6 - 10 years 10 + years




Construction Industry


Construction Industry 1 - 3 years 3 - 6 years 6 - 10 years 10 + years



R550 000 CTC R795 000 CTC R1 000 000 CTC R1 750 000 CTC

FMCG – Fast Moving Consumer Goods

PQE Low Range Medium Range High Range FMCG 1 - 3 years





ICT – Information & Communications Technology

PQE Low Range Medium Range High Range ICT 1 - 3 years





Leisure & Hospitality

PQE Low Range Medium Range High Range Leisure / Hospitality 1 - 3 years





Manufacturing

PQE Low Range Medium Range High Range Manufacturing 1 - 3 years





Media & Entertainment

PQE Low Range Medium Range High Range Media & Entertainment 1 - 3 years





Mining

PQE Low Range Medium Range High Range Mining 1 - 3 years





Parastatals

PQE Low Range Medium Range High Range Parastatals 1 - 3 years





Petrochemical / Energy Industry

PQE Low Range Medium Range High Range Petrochemical / Energy Industry 1 - 3 years





Pharmaceutical & Healthcare

PQE Low Range Medium Range High Range Pharmaceutical / Healthcare 1 - 3 years





Specialised Finance

PQE Low Range Medium Range High Range Specialized Finance (i.e. Structured Project, Corporate and Treasury)

1 - 3 years 3 - 6 years 6 - 10 years 10 + years




Telecommunication


Telecommunications 1 - 3 years 3 - 6 years 6 - 10 years 10 + years




Date post:	20-Jun-2020
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