Solicitors - East Midlands

Our unique position in the legal marketplace has allowed us to compile the following table:

Private Practice Overview 2010
While many of the large regional commercial practices have continued to hold steady with regard to work level and profitability, the paramount concern for many of these firms remains their inability to limit or reduce the departures of senior level assistants/associates to much smaller/medium sized practices which are in a position of flexibility and are able to offer a wider range of benefits which is do not necessarily involve finance.

Birmingham remains the major midlands commercial centre and as such is able to offer the higher salaries, which in relation to many of the east midlands practices can be as much as 20% above salaries they are able to offer. While many of the other large centres including Nottingham, Leicester, Derby and Northampton all boast large/strong legal practices, most are still unlikely to be able to match the variety and scale of work on offer at most Birmingham practices.

The tail end of last year has shown indications of a potential slow down in the property market which is likely to have a knock on effect to all property related disciplines including Commercial Property, Residential Property, Construction and Planning disciplines. As such there is unlikely to be the high end salaries on offer last year and in fact, there is the strong threat of potential redundancies within theses areas.

On the other hand, there is likely to be a stronger call/requirement for a variety of litigators including personal injury candidates.Also, in respect of other niche disciplines, the trend remains the same with requests for Tax and Pensions candidates, being the specialisms in great demand.

MAJOR FACTORS TO CONSIDER IN RESPECT OF POTENTIAL CAREER MOVES

Salary/Remuneration Factors:
There are many factors which need to be taken into account when either a candidate/or firm considers remuneration packages including the areas of specialism (firm/candidate), billing figures (candidate), client following and may others, which all need to be considered on a case by case basis. The main factors/deciders to consider are as follows:

The Law Firm
1. The Firm's Location - A Firm's Location, Type, Size and Client Base -Many practices are situated in geographically remote areas (closer to their clients), and in many situations, these firms are prepared to pay a premium to prospective applicants. But realism often means a firm based in the counties of e.g. Derbyshire/Leicestershire are unlikely to pay as much as firms based in Central Nottingham, Derby or Leicester. (As stated earlier, this should not be taken as gospel, as the firm's desperation to keep or recruit a candidate will in many cases, tilt the balance in favour of the candidate).

2. The Firm's Client Base - A firm's core client base, will in many circumstances determine what a firm is prepared to pay its employees for work done on behalf of that particular client. In particular, firms that have a large commercial client base can afford to pay their employees significantly higher salaries than smaller sized practices that are dependant on Legal Aid.

3. The Firm's Practice Areas - A Commercial firm is likely to pay a higher salary than a Legal Aid/General Practice. This is because the Commercial departments will most likely subsidise the other smaller departments, in the event of a downturn in the legal market). Also, the size of the firm and the overall size of the particular department will determine what salary the firm is prepared to the applicant concerned. (i.e. A large Personal Injury specialist practice, with a large department will obviously pay a higher wage, than a Commercial Firm with a smaller Personal Injury department.

The Candidate
1. The Candidate's Academics - In order to progress in a mainstream commercial practice, academic qualifications are imperative at the larger commercial practices. While this is important at the earlier stages of the applicant's career, this soon diminishes over time, and the determining factor becomes the extent of his experience and the ambit of legal issues dealt with.

2. The Candidate's Personal Performance - Yearly Billing Figures, Chargeable Target, Client Following, Client Care, Marketing Skills, Business Development, Management Experience and overall impression amongst colleagues and peers are all important factors.

3. The Candidate's Legal Specialism - A Corporate candidate will always generate a higher salary than a Private Client candidate, although a niche/high demand area like Corporate Tax or Project Finance will always demand a higher salary than the Corporate candidate. (However, the flip side to this situation is that the niche candidate will be limited in the firms that specialise in his area of law, thereby making it much more difficult to move than the Family/Private Client candidate).

Overall, while niche and specialist areas of law continue to generate the highest remuneration, the factors stated above are not exclusive in determining a solicitor's salary as many other factors come into play.

For a full and frank discussion (in confidence) of the factors affecting your particular specialism and geographical area, please contact:

Tel: 0121 616 6099
enquiries@anakinseal.co.uk