Balance Recruitment report: Legal accounts salary survey 2018
The past 12 months has been a progressive period for the finance departments of law firms across London, particularly for the larger firms where commercial finance expertise is maturing and resources are growing.
Pricing has been a much-discussed topic over recent years, but we are now seeing regular requirements arising for dedicated professionals in this field, and competition between firms for experienced candidates has been developing at pace.
Finance systems hiring continues to be a huge challenge for many firms, with too few entry level roles arising over recent years whilst there has been a drain of experienced finance systems analysts moving from in-house roles in to consultancy work. We’ve been encouraged to see an increase in firms considering systems analysts from other industry backgrounds and hope to see this continue.
Revenue control teams have been evolving for some time now as firms seek to improve, or even maintain, their lock up figures against challenging market conditions. Salaries have been rising steadily for experienced revenue controllers who are often go-to points of contacts in finance for clients both internal and external. The progression opportunities for revenue controllers are also diversifying as more move in to pricing and commercial finance positions.
Movement at senior levels has been sluggish in the legal sector for some time now, with only infrequent moves taking place at CFO and finance director levels. There have also been some high calibre senior individuals available following mergers who have secured such roles, closing the loop quickly before a chain reaction of vacancies come to market.
Salary increases have continued to increase in prevalence across the legal accounts niche in London, rising for a sixth straight year to 76% of all those who participated in our survey. Bonuses are also becoming increasingly common, with 65% of respondents having received a financial bonus during the previous 12 months (up from 59% last year).
If you would like to discuss any of the information in this survey or other market trends and benchmarking, we would welcome the opportunity to share our knowledge further, so please feel free to get in touch any time.