Lawyers have enjoyed their biggest pay rises in a decade, with increases of more than 20 per cent at major firms.
Lawyers have enjoyed their biggest pay rises in decades, with the talent drought and strong client demand creating a perfect storm for increases of more than 20 per cent over the past year at major firms.shows lawyers with only one year’s post-graduate experience are fetching $110,000 and the mode pay for partners at top firms in Sydney and Melbourne is now $1.5 million.
Junior lawyers received average increases of 10 to 20 per cent. Senior associates in NSW and Victoria have typically seen their pay bumped by 5 per cent to 8 per cent, with bonuses of 11 to 15 per cent.Entry-level pay for senior associates at major law firms now sits at $165,000 to $180,000 and that level is now typically reached after four years of practice, instead of five.
“Private practice employers are desperately trying to plug the talent gap by offering premium salaries and sign-on bonuses to new hires, strong reviews and healthy bonuses to staff, as well as out-of-cycle salary increases and bonuses to maintain competitive pay, andMahlab managing directors Katherine Sampson and Lisa Gazis said it was simply a matter of supply and demand, with the most critical area being those with three to eight years’ experience.
“But at the same time, those who left pre-COVID are not returning because they missed out on the full experience of living abroad due to the pandemic restrictions.”“Many individuals in private practice are saying ‘this is not the lifestyle I want’ and they’re looking for reduced hours in part-time opportunities, or they are dropping out of the legal workforce entirely.
“You can’t keep charging massive rates; you can’t keep working people beyond 11 o’clock at night so they never see their friends or family ...Ms Sampson recalled the 1991 recession. “The ’80s were boom, boom boom, then we had the bust.”
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