Over half (59%) of legal accountancy respondents who work at a small law firm have received a pay rise compared to 78% of respondents who are based in a medium to large law firm, according to research by The Institute of Legal Finance and Management (ILFM) and Balance Recruitment.
The Institute of Legal Finance and Management annual salary survey report also found that staff retention rates are higher (89%) in small firms that have less than 15 partners compared to large firms (81%) who have 50 or more partners.
The research also found:
- 46% of respondents receive a financial bonus.
- 86% of respondents have stayed with the same employer for the past 12 months.
- 79% of London-based respondents stayed with the same employer, while Wales (86%), central and northern regions (90%) and the south (91%) all saw higher rates of staff retention.
Tim Kidd, chief executive at ILFM, said: “The most interesting finding this year is the difference in pay conditions between the large and small law firms. We think the disparity is perhaps partly reflective of the higher rate of staff turnover at larger firms, where employers more frequently find themselves having to attract experienced staff in a highly competitive jobs market.”
