Corporate Governance Recruitment

Market Report 2013Legal

BARCLAY SIMPSONMARKET REPORT

2013LEGAL

01/ ExECuTIvE SuMMARY /102/ MARKET ANALYSIS /203/ MARKET COMMENTARY /404/ SECTOR ANALYSIS /605/ OuTLOOK fOR 2013 /906/ SALARY GuIDE /1007/ METhODOLOGY /1408/ ABOuT BARCLAY SIMPSON /15

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CONTENTS

Welcome to Barclay SimpSon’S 2013 leGal market reportBarclay Simpson has been producing corporate governance market reports for 23 years and this is the 5th year we have produced a market report summarising and analysing recruitment trends in the legal market.

Barclay Simpson entered the legal recruitment market in 2008 recruiting lawyers into the financial services industry. In 2010 we expanded our practice offering to include lawyers working in commerce.

An overview of the corporate governance recruitment market and an in-depth analysis of the economic and business trends can be found in our Corporate Governance Market Report. This can be accessed in section 08 of this report (“About Barclay Simpson”) or at www.barclaysimpson.com, together with market reports covering all other areas of corporate governance. We place great value on the professional reaction to our reports and would appreciate your comments or any requests for further clarification or information. please contact adrian Simpson (as@barclaysimpson.com) on 020 7936 2601.

ExECuTIvE SuMMARY01

leGal recruitment market ShoWinG SiGnS of improvement

Six months ago we perceived there was significant latent demand for legal expertise. We believed more than anything that it was the Eurozone, teetering on the edge of meltdown that was undermining confidence and the propensity of companies to make recruitment decisions. We no longer believe this.

The Eurozone now has a rescue system and a central bank that will do what is necessary. Whilst no-one should assume that the Eurozone is no longer a threat to the uK economy, the threat does not currently loom as large.

in spite of this, any real economic recovery appears to be as distant as ever and there is growing recognition that the uk, together with the eurozone, is set for a period of low growth.

Market less buoyant than two years agoNevertheless, there is evidence of improvement in the legal market, although it remains a long way off the buoyant market that existed two years ago. Then, companies, particularly in the financial services industry, were primarily looking for reasons to recruit. In today’s less buoyant recruitment market, companies are looking for reasons not to recruit. Whilst there are some lawyers with particular skill sets who are able to gather multiple offers, this is not typical.

Operating in a low growth environment There is now widespread recognition that there will not be an imminent return to anything like business as usual. as a result, companies are adapting to low growth which we expect to be the new business as usual. We now operate in a cautious and cost conscious trading environment.

Within this environment, the financial services industry sits at the heart of the economy. Whilst politicians and regulators understand this, they cannot help but continue to fight the battle. The immense cost of fines and compensation payments and the reputational damage done to British banks for their sloppy practices are all too clear. 60,000 pages of new regulations from the Eu are another part of the reaction to the financial crisis with which the industry now has to contend. This does little to improve the profitability of the industry and its ability to innovate.

Opportunities dependent on a successful industry for the majority of lawyers the quality of opportunities open to them is far more dependent on a vibrant and successful financial services industry than one simply employing more lawyers.

for the moment there is a level of certainty. Lawyers in the financial services sector are benefiting from regulatory pressures and the need to establish confidence that the industry is properly controlled. The mood and metrics of the legal in-house financial services recruitment market have improved. Whilst there are some optimistic signs in the commercial market, a recovery appears likely to be more protracted.

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There is evidence of an improvement in the legal market, although it remains a long way off the buoyant market that existed two years ago.

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MARKET ANALYSIS02

laWyerS no lonGer Simply providinG advice

Given that Barclay Simpson only began to recruit lawyers for commerce in 2010, we have restricted this analysis and our commentary to our activities in the financial sector. We will cover in-house commerce in section 04.

We reported last year that there could no longer be a presumption that lawyers would automatically be replaced via the external recruitment market in the conventional way. Many legal departments were stretching their resources and falling back on their own informal networks to find replacements, using secondees from their panel law firms and employing temporary or fixed term contractors to cover the gaps.

however, the banks have come under further scrutiny with more revelations of wrong-doing. moving cash for drug cartels, breaking uS sanctions, the illegal manipulation of liBor and rogue trading is not the type of advertisement the industry required in 2012. It amounted to further evidence of an industry out of control. These additional pressures have fuelled the appetite to recruit more lawyers for whom it is no longer a question of simply providing legal advice. They are now working more closely with other governance functions such as compliance and risk. In-house lawyers have a significant role in reinstating trust and need to be able to influence and promote change.

vacancieS

Significant rise in the number of vacanciesThe number of vacancies registered in the second half of 2012 rose significantly from 44 to 71. The number of outstanding vacancies at the end of the year was proportionately higher, indicating that companies are filling vacancies at the same rate they are generating them.

the reasons for the increase in vacancies include the usual forces of attrition, foreign lawyers returning overseas, regulatory considerations and a desire to ensure that budgets were fully utilised as the year was coming to an end. The number of contract or fixed term opportunities were greater reflecting a concern about committing to permanent resource and a number of registered positions were also filled with contractors on an interim basis.

The increase in vacancies was highest across the asset management and insurance sectors, with regulatory lawyers still at the top of the demand list. Derivatives, funds, and general commercial skill sets were also sought after.

The slow rate at which vacancies are still being filled is a consequence of highly specific requirements and the stringent criteria against which candidates are being judged. Employers are seemingly not prepared to compromise, with many still seeking the elusive perfect candidate.

The increase in vacancies was highest across the asset management and insurance sectors, with regulatory lawyers still at the top of the demand list.

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• New vacancies

• Outstanding vacanciesthe source of the statistics and explanation of the terms used can be found in section 07, ‘methodology.’

candidate reGiStrationS

Lawyers with desirable skills remain scarceCandidate registrations continued to rise during the second half of 2012. Defensive registrations had little to do with the increase. Whilst there were some redundancies, they have not been widespread. Registrations included the usual stream of lawyers looking to move to an in-house role from practice. the number of lawyers with highly marketable experience remains limited and, unfortunately, many of the registrations are from lawyers who are less likely to secure another position in an uncompromising recruitment market.

An increase in the number of vacancies is always likely to attract more candidates into the recruitment market. Equally, confidence levels are higher. Whilst a comprehensive solution to the Eurozone problems remains far off, news headlines are no longer threatening Armageddon.

The lack of internal opportunities with their existing employers is also driving lawyers into the recruitment market and we are starting to see a significant number of re-registrations from candidates who moved at the start of the financial crisis. having been made redundant or threatened with redundancy, they felt obliged to accept positions at a lower level or without the career prospects they would usually be seeking. Now they wish to make good in what they perceive to be an improved recruitment market.

rate of placementS

Still 50% lower than in 2010To provide a better insight into the dynamics of the legal recruitment market, this graph plots the rate at which placements have been made across the last three years. In order to create a scale, we have taken the results from the first six months of 2010 as our 100% benchmark. The graph demonstrates the willingness of companies to recruit during the period rather than simply registering vacancies and arranging interviews. It reflects the rate at which candidates are being offered and accepting jobs.

as in other areas of corporate governance, the rate of placements in legal rose, up from 39% in the first half of 2012 to 49% in the second half. it still remains over 50% lower than in 2010, but is at least on an upward trend. We have come to accept that the 100% benchmark set in 2010 is unlikely to be achieved in the near future. What occurred in 2010 was a boom as the financial services industry scrambled to recruit corporate governance practitioners and regulatory lawyers. At the time they were seemingly more interested in numbers than quality. That mentality is unlikely to return in the low growth, highly competitive environment that currently exists.

however, on current trends we do anticipate further moderate improvement.

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• Placement rate (%)

• Candidates registering

• Defensive registrations (%)

conteXt

We do not subscribe to the view that the financial services industry is being decimated. The asset management and insurance sectors, given the economic environment in which they operate, are in good health. Clearly investment banks are adapting to a new dynamic whilst they, together with the universal banks and the rest of the financial services industry, are coming under far greater regulatory scrutiny.

We also do not believe that the financial crisis, the subsequent fines and the reputational damage resulting from a series of scandals involving wrong-doing were a consequence of light touch regulation. As a recruitment consultancy that specialises in corporate governance, the years leading up to 2008 were bountiful. There was a huge appetite to expand the number of people employed in corporate governance. there was no shortage of rules and regulations, and the mis-selling, rate fixing, money laundering and other shortcomings only provide incontrovertible evidence of their failure to prevent the problems.

In response to the crisis, the trend towards proliferation has accelerated. Within the uK, regulatory pressures were reinforced during 2012 with the fSA imposing fines in excess of £300 million during the course of the year. To put that into context, it is more than three times the record level of fines imposed in 2010. fines in the united States have been of a totally different magnitude. Clearly British banks are being hit for their behaviour during the supposed boom years, and in some instances more recently.

Changing role of the in-house lawyerfor those working in financial services and particularly banking, the role of the in-house lawyer is changing. Senior positions such as General Counsel and head of Legal are often being replaced by titles such as head of Legal & Compliance or head of Regulation. Whilst these positions are held by lawyers, they are broader, more adapted roles, requiring more than just legal skills. The role of the General Counsel is no longer to simply manage a team of lawyers. They are directly responsible to the executive board for the way regulation is being monitored and adhered to and for avoiding reputational damage.

Banks cannot simply rely on their brand to win business. they now need to demonstrate that they are compliant from both a legal and regulatory perspective, to customers as well as to regulators, and this is now also the concern of the in-house legal department.

Legal departments have a significant role in reinstating trust. Legal resources are being drawn more centrally to encourage broader thinking rather than solely being concerned with the legal issues.

MARKET COMMENTARY03

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The asset management and insurance sectors, given the economic environment in which they operate, are in good health.

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Regulatory lawyers in high demandIt is therefore relatively easy to see why regulatory lawyers should still be in demand. The industry is not short of regulation, as 60,000 pages of new regulations from the Eu demonstrate. for lawyers there are now universal references to AIfMD, EMIR, MifID II, uCITS v, RDR, CCA and PSD. The requirement to have experience of these initiatives is what is making appropriately skilled lawyers rare and difficult to recruit. Good regulatory lawyers are able to command multiple job offers.

the contrast with general banking lawyers, who may go many months without an interview, is stark. It is perhaps testament to how vigorously companies are looking to minimise their costs that significant barriers remain to recruiting more lawyers, or in some instances simply replacing the ones who leave.

We would summarise the current recruitment market as follows:• firstly, the number of vacancies,

although rising, remains low in absolute terms. If companies are not investing and expanding they are less likely to be generating career development opportunities.

• In a buoyant recruitment market companies focus on the reasons why they should recruit. In a flat market, such as this, companies look at reasons not to recruit. Lawyers who two years ago would have received a job offer, would not necessarily be offered that same opportunity now.

• Some companies are approaching the market as if it was a buyers’ market. In reality the number of lawyers that have the skills and abilities most commonly sought after are in short supply.

• Companies are currently more likely to recruit internally or through their own efforts and thereby avoid the traditional recruitment consultancy route. Whilst saving a recruitment fee, they are often not recruiting the optimum candidate, which is evidence of a cost rather than a value driven approach.

• finally, the shortage of candidates with the necessary skills is putting upward pressure on salaries. however, most employers are resisting this, many to the point of not recruiting rather than exceeding their budget in the current economic environment.

despite all this, the financial services legal recruitment market has a better tone to it than it has had for almost two years.

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In reality the number of lawyers that have the skills and abilities most commonly sought after are in short supply.

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SECTOR ANALYSIS04

here is a review of how the key market sectors fared in 2012, along with predictions as to likely recruitment activity in 2013.

inveStment BankinG Steady demand for laWyerS acroSS a ranGe of diSciplineS

the downturn in the financial markets and changes in the rules on capital within investment banking have made many previously profitable lines of business unviable. The sector is in transition and decisions are being made as to whether to stay big and global or to become smaller and niche. The industry is rationalising and consequently we are seeing some redundancies.

Within this context lawyers are faring relatively well. Whilst it is unsettling to be working for a bank that is downsizing and lawyers who leave are not routinely replaced, legal redundancies have been limited. Many legal departments are using rationalisation as an opportunity to restructure and re-tool their teams in order to be better prepared for a changed market.

Specialist skills in constant demandInvestment banks are reluctant to recruit externally. rather than registering multiple vacancies as in the past, vacancies are released on a case by case basis as skill shortages are recognised. however, despite the economic climate, it is not an entirely employer led market as there is always a shortage of candidates with the latest transactional and regulatory experience. When investment banks look to recruit

these skill sets they are finding fierce competition from other banks.

Product related vacancies coming to market include prime services/brokerage and derivatives roles as well as ISDA negotiator positions. In particular, those relate to OTC clearing. A number of these positions are contract roles and it is not yet clear how many will become permanent once initial project work is completed. There has been a shortage of high calibre lawyers with derivatives and ISDA experience for some time now and few lawyers yet have the clearing experience required.

In addition to the strong demand for regulatory lawyers, non product related demand has included employment, litigation and commercial. Whilst the recent increase in demand for employment lawyers has been a surprise, they are needed to facilitate further reorganisations within the industry. Litigation requirements are most likely the result of the regulatory investigations such as LIBOR rate fixing. the upturn in demand for commercial lawyers is potentially evidence that legal departments are not only busy, but are starting to invest in future talent.

Even though investment banks are making fewer permanent offers of employment, their reliance on contractors is increasing. This will most likely continue into 2013 and a number of banks are seemingly content to allow contracts to roll over. In our experience, lawyers who are offered contract extensions beyond 12 months are ultimately likely to be made permanent.

aSSet manaGement hiGh levelS of demand

Asset management, along with the insurance sector, has seen higher levels of demand for lawyers. When a lawyer leaves an asset manager, they are usually replaced as a matter of course.

There has been recent demand from some of the larger uS groups, with the European regulatory framework driving a need for lawyers with Irish and Luxembourg uCITS experience. Some asset managers are developing their alternative funds offering and this is creating a potential growth area for legal recruitment. More unorthodox vacancies include product development and quasi legal positions.

Limited number of appropriately qualified candidatescandidate availability is usually problematic in asset management, particularly where ucitS experience is required. There are only a limited number of law firms with in-depth expertise of asset management and experienced lawyers from these firms are in high demand. The availability of junior to mid-level funds lawyers is particularly restricted as many of the more marketable candidates seek more interesting, broader based roles. There are few lawyers

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Many legal departments are using rationalisation as an opportunity to restructure.

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available who have a mix of funds and derivatives experience and these lawyers are in constant demand.

Continental Europe is increasingly becoming a source of potential candidates. In particular france, Spain, Germany and Luxembourg. The lack of opportunities and low pay in their home markets is encouraging migration to London.

The rate of placements in asset management is higher than in other areas, although still prone to drawn out recruitment processes. the outlook for 2013 is positive, with the pattern of higher demand established in 2012 likely to continue. AIfMD will require attention and therefore funds lawyers with regulatory experience will continue to be sought after. In addition, we have seen consistent demand for lawyers from the private banking and wealth management sectors, with a preference for experience of private banking or retail / consumer banking regulatory matters.

Asset management is likely to continue to be a popular area for lawyers to move into, particularly from investment banking or private practice.

retail BankinG demand driven more By replacement than By neW poSitionS

The major household name retail banks expanded their legal resources during 2010 and 2011. Their legal departments remain substantially fully staffed and, unless they lose lawyers with key skills, they are not replacing them externally. The expertise they are most sensitive to is regulatory and includes consumer credit, payment services and retail distribution

review. Product lawyers with knowledge of payment protection insurance, mortgages, credit cards and electronic payments are also in short supply and are difficult to replace.

Smaller specialist retail clients operating in markets such as payment services, money transfers and pay day loans are currently generating the majority of the vacancies in the sector. They are under increased regulatory pressure. Previously they had employed only limited in-house legal resources, often restricted to a sole in-house counsel. They now require competent in-house teams disproportionate in size to those in the larger retail banks.

fewer registrations for career development reasonsCandidate registrations in the retail sector remain low. Generally, and it has been the case for a while, lawyers in the industry have been fully engaged with as much, if not more, legislative and regulatory change as the investment banks. as a result, the quality of work has been high. registrations are more likely to come from those who feel over worked and under paid, than from those seeking career development.

With so few senior lawyers with the exact experience match, retail banks tend to recruit more junior lawyers as they have a greater capacity to train them. Nonetheless, there remains a problem for smaller retail groups who come to the market with a budget for a junior lawyer but really need a more experienced and therefore more expensive lawyer. These vacancies frequently go unfilled. however, there is now a pool of excellent private practice lawyers interested and willing to move into the retail sector from banking, corporate, commercial and regulatory

teams if the inclination and resources to develop them is available.

as in other areas of financial services, vacancies remain open for an extended period of time as banks wait for the perfect candidate. There is always the prospect that the position may then be withdrawn or headcount restricted. Many departments are learning to do more with less and there is a greater expectation for lawyers to work across a broader product range using their transferable skills.

Currently there is little evidence that the major retail banks are looking to increase numbers within their legal departments. Demand in 2013 will most likely be driven by smaller, specialist retail groups with a pressing need to build up their in-house teams.

inSurance Sector Buoyant in recruitment termS

The contrast between a confident insurance industry as it seemingly takes up newly built office space in the City and the more despondent banking industry is notable.

The number of vacancies generated from the insurance sector during the first half of 2012 was broadly consistent with other areas. however, during the second half of the year, there was a significant increase in the number of insurance companies looking to recruit. Some insurance companies have posted multiple vacancies, which is unusual for what have historically been relatively small legal departments. Also unusual is the number of vacancies for junior lawyers with up to 2 year’s PQE and, at the other extreme, more recently the number of senior positions. Litigation opportunities or

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vacancies with elements of litigation are also common.

there has been an increase in the number of lawyers with insurance experience registering, most likely attracted by the increase in the number of new vacancies. Whilst the majority are already working in-house, some are being attracted from private practice and not always from insurance teams.

Insurance sector becoming attractiveCorporate insurance lawyers with 2-4 year’s experience remain difficult to source and this is providing corporate and commercial lawyers with limited insurance experience the opportunity to move in-house. There is also potential for technology candidates to move into the insurance industry as companies look to update and modernise. Where insurance was previously considered the poor relation in financial services terms, banking lawyers with transferable regulatory skills are now also taking an interest in the insurance sector.

candidate availability is good provided companies are prepared to consider wider skill sets. however, lawyers working in the insurance sector often wish to avoid becoming too specialised, making some roles such as those within claims or supporting specific lines of business difficult to source. There is no shortage of candidates for senior and “head of” vacancies.

The rate of placements in the insurance sector is higher than in any other sector and in recruitment terms, the outlook for the insurance sector appears positive. The industry is growing and clearly a number of companies are expanding into new lines of business and new jurisdictions.

commerce – caution SloWinG recruitment

In 2011, we reported that the demand for in-house lawyers within commerce had returned and was sustained across multiple sectors. however, it became apparent by the second quarter of 2012 that both the number of vacancies and the speed with which companies were looking to recruit had slowed.

the current market is characterised by fewer vacancies and highly selective recruitment processes. Given our international perspective, we are able to report that the way companies are behaving in the uK is no different to the rest of the world. Whilst that might not be surprising in the uS and Europe, it remains true even for higher growth areas like Asia Pacific.

Cost concerns driving alternative approachesSome companies are adopting a “wait and see” attitude, whilst other companies are registering vacancies to benchmark their own staff without making a serious effort to recruit externally. Companies are avoiding the traditional legal recruitment market and using their own networks to source lawyers or taking up the offer of secondees from their external legal advisors - a clear sign that private practice has its own problems. Although successful for some and clearly cheaper, it does not guarantee that the best possible lawyer is recruited.

We had assumed that it was the Eurozone crisis that was the principal cause of the weakness in the in-house commercial recruitment market. however, the imminent threat posed by the Eurozone has diminished. Yet economic growth remains, at best, anaemic.

Lifeline for unsuccessful companies hinders recruitmentWe believe a further factor restraining the commercial in-house recruitment market is the current low interest rates and a policy of bank forbearance that is keeping companies without sustainable business models alive. The transfer of human resources from unsuccessful to successful companies has been suspended. It explains why productivity has fallen whilst employment has not only been sustained but expanded. unsuccessful companies do not generate sufficient resources to invest and there is a clear link between corporate investment and recruitment. The continued existence of otherwise failed companies diverts revenue and undermines the investment that successful companies may have otherwise undertaken.

In spite of in-house teams reporting excessive workloads, companies remain cautious about recruiting. however, where there is a pressing need to recruit, companies are moving through the selection to offer process relatively quickly and realistic offers are being made. Relevant technical skills and industry experience coupled with a good business fit are all essential requirements. There is a clear preference for recruiting junior team members. Demand is again dominated by regulatory and compliance based opportunities as well as roles for privacy lawyers.

it is disappointing that after a significant increase in demand in 2011 the in-house commercial market slowed again in 2012. Whilst vacancy levels improved towards the end of 2012 and the Eurozone is not the drain on confidence that it was, a sustained recovery in demand for in-house lawyers does not appear to be imminent.

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OuTLOOK fOR 201305

economic GroWth likely to Be depreSSed

Recruitment markets are ultimately dependent on the economy. you can take your pick of forecasts over the next year and beyond and whichever you choose, economic growth is likely to be depressed.

There are huge obstacles to be overcome to get the economy growing at anything like historic rates and threats to even the current tepid growth rate remain. The scale of public debt leaves the prospect of default, however stealthily engineered, likely.

the environment has become cautious and cost conscious and whilst economies should have a natural buoyancy produced ultimately by the need to invest, bank forbearance and our low interest rates are most likely impeding the cycle.

Internationally prospects are no betterThe result is that current trends in the recruitment market are likely to persist. for most lawyers it does not threaten their job security. It does, however, threaten the career development they might expect. for those who think the grass is greener internationally, it is not. the legal recruitment market is dominated by global groups who direct their recruitment activity in a uniform way throughout the world.

Rationalisation set to continueWithin the financial services industry, regulatory demands and costs are increasing. the sector has downsized and there is most likely more to go as the banks continue to rationalise. there are real positives from a smaller, profitable and safer financial services industry. The banks are paying for their sloppy practices with billions of pounds that could have otherwise been used to build up capital being paid in fines and compensation.

unfortunately, a sector so weighed down with the costs of further regulation will potentially lose its powers of innovation. Career prospects for lawyers depend upon an innovative, profitable and growing financial services industry.

Adjusting to the new economic realityIt is now 5 years since the financial crisis emerged, over 4 years since Lehmans collapsed and 18 months since the Eurozone sovereign debt crisis seriously undermined confidence. The result, particularly in the last 18 months, has been a tough recruitment market. Companies have adjusted to a low growth, intensely competitive environment. There is now widespread recognition that we operate in a minimum investment, cost sensitive environment, where the wheels of the recruitment market turn more slowly.

Whilst the financial services legal recruitment market is benefiting from modestly improved levels of confidence and activity, any recovery in the commercial market is slower in becoming apparent.

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There is now widespread recognition that we operate in a minimum investment, cost sensitive environment, where the wheels of the recruitment market turn more slowly.

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inveStment BankinG

Newly Qualified £50 – £60,000

Junior Lawyer (2-3 yrs exp) £60 – £80,000

Lawyer (4-5 yrs exp) £75 – £100,000

Lawyer (6-7 yrs exp) £90 – £115,000

Senior Lawyer (8+ yrs exp) £110 – £140,000

head of Legal £130 – £200,000

General Counsel £150,000+

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Salaries in the legal recruitment are currently under two conflicting pressures: real earnings in the economy are still falling and employers are trying to push down wages and postpone investment wherever possible. however, where legal departments are recruiting, they are seeking a precise skill match. lawyers who have these skills are usually in short supply and frequently have offers not only from other companies, but also a counter offer from their existing employer. legal departments are then in the invidious situation of having to make realistic offers whilst ensuring they do not undermine their existing pay structures. in some cases this results in them filling the position internally, but when companies do need to recruit externally, a successful offer has to be attractive. regardless of developments in the wider economy and possibly because only those lawyers with more marketable skills are receiving offers, the average salary increase achieved by lawyers changing jobs in 2012 was 13%, close to the long term average.

Barclay Simpson will release a more detailed and comprehensive Salary Guide in the Mid Year Market Report in July.

Salary Guidance

Barclay Simpson analyses the salary data that accumulates from the placements we make in the uK. This provides a guide to the salaries available. In each sector we are providing guidance on what we believe to be the range and the likely average salary available to lawyers.

The salary ranges quoted are for good rather than exceptional individuals and take no account of other benefits in addition to the salary that usually accrues to lawyers, such as bonuses, profit sharing arrangements and pension benefits.

SALARY GuIDE06

aSSet manaGement/Wealth manaGement

Newly Qualified £45 – £60,000

Junior Lawyer (2-3 yrs exp) £60 – £80,000

Lawyer (4-5 yrs exp) £75 – £90,000

Lawyer (6-7 yrs exp) £85 – £105,000

Senior Lawyer (8+ yrs exp) £95 – £130,000

head of Legal £110 – £160,000

General Counsel £130,000+

retail BankinG

Newly Qualified £45 – £55,000

Junior Lawyer (2-3 yrs exp) £55 – £70,000

Lawyer (4-5 yrs exp) £65 – £80,000

Lawyer (6-7 yrs exp) £70 – £85,000

Senior Lawyer (8+ yrs exp) £80 – £100,000

head of Legal £90 – £130,000

General Counsel £120,000+

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inSurance

Newly Qualified £45 – £60,000

Junior Lawyer (2-3 yrs exp) £55 – £75,000

Lawyer (4-5 yrs exp) £70 – £90,000

Lawyer (6-7 yrs exp) £75 – £95,000

Senior Lawyer (8+ yrs exp) £80 – £100,000

head of Legal £90 – £130,000

General Counsel £120,000+

commerce - ftSe 100 (or equivalent multinational company)

Newly Qualified £45 – £55,000

Junior Lawyer (2-3 yrs exp) £50 – £70,000

Lawyer (4-5 yrs exp) £65 – £85,000

Lawyer (6-7 yrs exp) £75 – £95,000

Senior Lawyer (8+ yrs exp) £80 – £105,000

head of Legal £100 – £140,000

General Counsel £140,000+

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in-houSe commerce - ftSe 250

Newly Qualified £40 – £50,000

Junior Lawyer (2-3 yrs exp) £48 – £65,000

Lawyer (4-5 yrs exp) £60 – £80,000

Lawyer (6-7 yrs exp) £68 – £90,000

Senior Lawyer (8+ yrs exp) £70 – £100,000

head of Legal £90 – £110,000

General Counsel £115,000+

in-houSe commerce - Sme

Newly Qualified £35 – £45,000

Junior Lawyer (2-3 yrs exp) £42 – £62,000

Lawyer (4-5 yrs exp) £58 – £75,000

Lawyer (6-7 yrs exp) £65 – £82,000

Senior Lawyer (8+ yrs exp) £70 – £95,000

head of Legal £80 – £110,000

General Counsel £100,000+

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METhODOLOGY07

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We speak directly with heads of department to discuss their current and future recruitment requirements.

“As recruitment consultants we spend much of our time talking to and dealing with legal and human resources departments. We speak directly with a number of heads of department to discuss their current and future recruitment requirements as well as the broader picture to gain a qualitative perspective which is invaluable for our market review. We also attempt to portray the market in terms of quantitative data following a sample structure of 30 legal in-house financial services departments.

The core statistics provide the following key information:

vacancies• number of vacancies generated

during the period

• number of vacancies at the end of the periodThis, over time, provides guidance on the rate at which vacancies are being generated and an indication of the ease with which companies are filling these vacancies.

Registrations• number of candidates registering

in the periodThis monitors the flow of candidates into the recruitment market and, combined with the number of vacancies generated, gives an insight into the balance of supply and demand.

Defensive registrations• the proportion of candidates

registering for defensive reasonsThe percentage of candidates registering with Barclay Simpson because they have been made redundant or perceive the threat of redundancy (i.e. who register for defensive reasons), can provide a useful insight into the behaviour of the recruitment market.

Rate of placements• the rate at which placements

are being madeThis is based on the number of placements made during the period and is a good indication of the propensity of companies to actually recruit rather than simply register vacancies and conduct interviews. It is presented in relative rather than absolute terms with 100% being the highest rate in the three year period under review.

ABOuT BARCLAY SIMPSON08

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Barclay SimpsonBridewell Gate, 9 Bridewell PlaceLondon EC4V 6AWTel: 44 (0)20 7936 2601Email: bs@barclaysimpson.com

www.barclaysimpson.com/2013-market-report-corporate-governancewww.barclaysimpson.com/2013-market-report-internal-auditwww.barclaysimpson.com/2013-market-report-compliancewww.barclaysimpson.com/2013-market-report-riskwww.barclaysimpson.com/2013-market-report-information-security

If you would like to discuss any aspect of the reports please contact the following divisional heads:

Corporate Governance Adrian Simpson as@barclaysimpson.comInternal & IT Audit Daniel flynn df@barclaysimpson.comCompliance Sacha hughes sh@barclaysimpson.comRisk Matt Brown mb@barclaysimpson.comInformation Security Mark Ampleford ma@barclaysimpson.comLegal Jane fry jf@barclaysimpson.com

To discuss our regional and international services please contact:

Scotland Liam hughes lh@barclaysimpson.comEurope Tim Sandwell ts@barclaysimpson.comMiddle East Matt Crocombe mc@barclaysimpson.comAsia Pacific Russell Bunker rb@barclaysimpson.com

North America Daniel Close dc@barclaysimpson.com

Barclay Simpson is an international corporate governance recruitment consultancy specialising in internal audit, risk, compliance, information security, business continuity, legal and treasury appointments. Established in 1989, Barclay Simpson works with clients in all sectors throughout the uK, Europe, Middle East, North America and Asia-Pacific from our offices in London, Edinburgh, New York, Dubai, hong Kong and Singapore.

We add value by using our unique focus on corporate governance, our highly experienced specialist consultants and access to both the local and international pools of corporate governance talent. Our strength lies in our ability to understand client and candidate needs and then to use this insight to ensure our candidates are introduced to positions they want and our clients to the candidates they wish to recruit.

for more in-depth coverage, comprehensive reports and salary guides exist for the Internal Audit, Compliance, Risk, Security and Legal recruitment markets. These can be assessed from the links below.

We also produce other specialist reports, each of which can be accessed for free on our website: www.barclaysimpson.com