UK Banking and Financial Services Market Report and Salary Guide 2019

Nikki Newton Salary Guide, Market Insight, Banking & Financial Services...

We are delighted to present Taylor Root’s Banking and Financial Services UK Market Report & Salary Guide for 2019. Taylor Root has been producing salary guides for over 15 years and our data and market information is relied upon by General Counsel and HR teams across all sectors of industry to provide accurate benchmarking. The information in this guide is compiled from a number of sources to ensure that it is accurate, up-to-date and relevant.

Our first port of call is the placements we have made over the past 12 months which provide the most accurate reflection of true market data. We also consider the salary and benefits information from the in-house lawyers we work with on a daily basis. We hope you find this guide useful and beneficial. If you require a more detailed discussion or would like more specific benchmarking data for you or your team, please contact me or a member of the Banking and Financial Services team.

By means of an introduction, below is an excerpt from the Financial Services market overview:

Despite the current uncertain political climate around Brexit, the in-house financial services recruitment market has been extremely buoyant. There is a marked increase in the volume of newly created positions and first in-house counsel positions. We believe this is the result of continued increased regulation and the cost of external counsel which has encouraged companies to recruit their own internal lawyers. Notably instructions for new opportunities in-house were up 11% in January this year in comparison to January 2018.

The highest levels of recruitment activity have been in FinTech, Commercial, Asset Management and Regulatory spaces. The hiring landscape continues to be increasingly
candidate-driven with no sign of impact from Brexit. Candidates will often have several opportunities run past them on a consistent basis and often receive multiple in-house job offers at any one time. This buoyant market has caused significantly increased competition for the same candidates. We have seen this most notably in instructions for commercial (IT or otherwise), corporate, funds and regulatory lawyers. The competition is much tougher for junior to mid-level lawyers with the majority of instructions for both newly created positions and replacement roles being between 2-8 years PQE. 

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