Graduate lawyers are being given STARTING salaries as high as £150,000 as recruiter says pay inflation is the highest it’s been in 20 years with firms locked in a ‘fierce competition for talent’
- Robert Walters’ chief financial officer said some firms increasing wages by 50%
- Some law graduates are even earning a maximum of £147,000 before bonuses
- Supermarkets such as Lidl and Aldi have boosted wages to at least £10 an hour
- Job adverts hit a record high of 3.51million across the UK in run-up to Christmas
Graduate lawyers are being given starting salaries as a high as £150,000 as pay inflation hits its highest level in 20 years, according to a recruiter.
Alan Bannatyne, chief financial officer at Robert Walters, said some firms are increasing their salaries by up to 50 per cent amid a ‘fierce competition for talent’.
Newly certified lawyers at the most renowned companies are even earning a maximum of £147,000 before bonuses, reports the BBC.
City banks are also among those raising graduate’s salaries, while supermarkets such as Sainsbury’s, Morrisons, Lidl and Aldi have boosted wages to at least £10 an hour.
The rise in salaries follows openings for law associates in London increasing around 131 per cent year-on-year between January and November 2021, according to figures from analytics firm Vacancysoft and recruiter BCL Legal.
Overall, job adverts hit a record high in the run-up to Christmas, with 210,000 vacancies posted in the UK between November 22 and 28, taking the total to 3.51million active postings.
Alan Bannatyne, chief financial officer at Robert Walters, said some firms are increasing their salaries by up to 50 per cent amid a ‘fierce competition for talent’ (file photo)
Mr Bannatyne said: ’15 per cent is the minimum pay rise we’re seeing, but some are increasing their salaries by up to 50 per cent.
‘Unless something significant happens, 2022 should be even better for staff.’
The recruitment firm also predicted a ‘huge’ bonus pool within sectors such as law and banking this year.
But its chief financial officer added: ‘Bricks-and-mortar retailers and airlines have really struggled so will probably not be paying bonuses or giving pay rise.’
Robert Walters said its net fee income was up by 39 per cent worldwide towards the end of last year, with staff shortages evident globally.
Meanwhile, a study from the Recruitment & Employment Confederation (REC) showed that the biggest growth in job adverts ahead of Christmas was for prison officers and scaffolders, as well as dentists and vets.
The rise in starter salaries follows openings for law associates in London increasing around 131 per cent year-on-year between January and November 2021, show figures from analytics firm Vacancysoft and recruiter BCL Legal (file photo)
It noted a decline in vacancies for management roles within the hospitality sector, including publicans, restaurant and hotel managers.
Neil Carberry, Chief Executive of the REC, said last month: ‘The downturn in hospitality management roles in this data is more likely to reflect the completion of hiring for Christmas, however.
‘More broadly, this is very much a candidate’s market now. Firms need to think about how they will attract staff facing greater competition than ever before.
‘Professional recruiters are a vital tool for businesses at times like these, helping them to find the best staff by reviewing their workforce plans and reaching out to new pools of candidates.
‘The Government can help by working with business organisations on skills, immigration and unemployment policies that boost labour supply, helping businesses grow and the UK to prosper.’
Source: Read Full Article