9% swing in salary changes for Residential Property Lawyers
Residential conveyancers are now at such a premium that they are gaining an average 8% salary increase if they move jobs in the current climate, compared to a drop of 11% during the six month period to December 31st 2013.
The stats are according to research carried out by Douglas Scott Legal Recruitment, who looked at salary differences for over 100 candidates placed during the last 6 months of 2013 and the first 6 months of 2014.
Director Jonathan Nolan, a residential conveyancer himself in the past, commented: “We have noted salary increases across all levels, with the biggest difference amongst Property Lawyers in the £20k to £26k range. In many instances within this group – particularly in the South East region – we have secured salary increases of up to £12k.”
One candidate within the last six months secured a pay rise of 60%, according to Douglas Scott, whereas while salaries were dropping by an average 11% in 2013, some candidates took pay cuts of up to 50% as they were forced to find alternative employment.
The residential conveyancing market has bounced back after a near wipe out during the recession that followed the property crash in 2008.Douglas Scott Legal Recruitment recently reported an average 150% year on year increase in demand for Fee Earners across all regions. Nolan concluded: “In research we carried out for our recently published 2014 Salary and Benefits Benchmarker, we discovered that 30% of Property Lawyers cited redundancy as the main reason they moved jobs in 2013 compared to 17% across all practice areas. We expect money and progression to be the main reason they move this year and it is nice to see the tide has turned.”