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In-house pay gap shrinking, says survey
The traditional gap in pay between in-house lawyers and those in private practice is closing as the sector warms to performance-based pay, a survey has revealed.
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Towers Watson’s Legal Salary Report suggests that wages in the UK’s legal sector remains buoyant despite the low levels of economic growth, and also hints that the traditional post-qualification experience (PQE) model that rewards employees for the number of years served since qualifying may be on the way out, reports Fresh Business Thinking.
Corporate structure
The report found that basic pay in private law firms is still well above that of in-house lawyers, but a corporate structure with higher bonuses and significant benefits can be competitive.
Philip Hough, senior consultant in Towers Watson’s Data Services team said that move away from traditional pay is being pushed by law firms which want to ‘attract and retain the most valuable employees’ rather than simply increasing pay in accordance with years served.
He also suggested that corporate pay packages are becoming increasingly desirable thanks to the work-life balance they offer.
