2024 Salary Benchmarking Guide
Is Your Compensation Aligned with Industry Standards?
In today's ever-changing job market, staying informed about salary trends is crucial for both businesses and individuals. The Search Project is proud to present our 2024 Salary Benchmarking Guide, offering a comprehensive look at compensation packages for Change & Transformation professionals within the UK Legal and Professional Services industries.
Why This Guide Matters
As the recruitment landscape continues to evolve, understanding current market rates is more important than ever. Our guide provides detailed salary ranges across three key areas:
Project Management
Change & Transformation
Legal Operations & Innovation
Whether you're an organisation looking to attract great people or a professional considering your next career move, our guide offers valuable insights to inform your decisions.
Salary Trends and Beyond
Our guide reveals that annual growth in employees' average regular earnings in the UK reached 6% in February to April 2024. However, compensation packages often extend beyond base salary:
Approximately 50% of law firms offer bonuses for business services teams, adding an extra dimension to total compensation. Bonuses are considered an effective attraction and retention strategy.
Hybrid work models have become the norm, with firms requiring full-time office presence facing recruitment challenges. Those firms looking to increase their current in-office requirements for employees are facing high levels of attrition.
Industry Focus
The legal and professional services sectors are witnessing significant shifts in priorities:
Firms are increasingly focused on commerciality and cost control with many reviewing their business services functions.
There's a growing emphasis on leveraging technology to drive efficiency, particularly in AI, to offer improved ways of working to fee earners.
The increase of the EPMO to create a more centralised change and transformation function, allowing firm-wide project prioritisation in line with strategic priorities.
Looking Ahead
Despite some market fluctuations, the overall outlook remains positive:
There has been a 33.9% increase in employment vacancies within the legal sector.
London employment vacancies are down by 7.7%.
Regions are overtaking, with an increase in vacancies by 57.7%.
77% of firms expressed confidence in their ability to hire the people they need in Q3, up from 74% in the previous quarter.
This rising confidence can be attributed to a loosening labour market and positive economic indicators.
Download the Full Guide
Our 2024 Salary Benchmarking Guide offers a wealth of information beyond these highlights. To access detailed salary ranges, industry-specific insights, and expert analysis, download the full guide today.
By arming yourself with this knowledge, you'll be better equipped to navigate the complexities of the current market, whether you're looking to hire great people or advance your own career in the legal and professional services sectors.
Don't miss out on this invaluable resource. Download The Search Project's 2024 Salary Benchmarking Guide now and stay ahead of the curve in this ever-changing landscape.