MEDIA RELEASE. Survey 2012: Re-shaping the Model The Push to Go Global

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1 Mahlab Recruitment To: MEDIA RELEASE Attention Date: 3 August 2012 Re: Survey 2012 From: Mahlab Recruitment Contact: Sophie Waters Survey 2012: Re-shaping the Model The Push to Go Global Today, Mahlab Recruitment released the results of its annual survey of the legal market. The survey is Australia s most comprehensive survey of the legal profession, encapsulating market trends and accurate, current remuneration ranges captured from 2012 salary reviews. It is not predictive of expected salary increases, but rather reports on what has actually occurred. Conducted online in June 2012, input was provided by individuals and employers across Australia and internationally. Questions were focussed on remuneration and benefits, work habits and practices, job and career satisfaction, retention and future employment intentions. Survey 2012 responses are supplemented by up to date data collected from Mahlab s Australian and international clients and candidates, with an emphasis on information that reflects 1 July 2012 reviews. Melbourne Level Bourke Street MELBOURNE VIC 3000 AUSTRALIA P: F: E: melb@mahlab.com.au Sydney Level 9 6 O Connell Street SYDNEY NSW 2000 AUSTRALIA P: F: E: syd@mahlab.com.au Website Survey 2012: Reshaping the Model The Push to Go Global is supported by the Australian Corporate Lawyers Association (ACLA), Young Lawyers of the Law Society of NSW, the Young Lawyers Section of the Law Institute of Victoria, the Victorian Women Lawyers, the Women Lawyers Association of South Australia, the Women Lawyers Association of Queensland, the Women Lawyers Association of NSW, the Commercial Law Association of Australia Ltd, the Corporate Lawyers committee of the NSW Law Society and Chartered Secretaries Australia. Survey 2012 presents market information relating to: private practice lawyers and partners and specific international regions for lawyers the Australian corporate lawyer market, including contract and company secretarial roles Survey Statistics Gender of respondents Male 50% Female 50% Location of firm respondents Melbourne 43% Sydney 29% Adelaide 7% Brisbane 7% Perth 7% Canberra 7% Location of Individual respondents Sydney 36% Melbourne 34% Brisbane 9% Perth 8% Adelaide 3% Other 10% Location of legal directorate responses Melbourne 33% Sydney 37% Canberra 10% Adelaide 6% Perth 6% Brisbane 2% Other 8% For further comment please contact Sophie Waters, National Marketing Manager, T: ; M: , E: Sophie.waters@mahlab.com.au E: sophie.waters@mahlab.com.au page 1 of 23

2 Key findings Private Practice - More international mergers, tie ups and alliances expected - Subdued market may be masking a profound shift in changes to market share - Business as usual for mid firms despite globalisation - Global brands attractive to junior recruits - Recruitment activity to remain steady for mid level lawyers in Melbourne and Sydney - Recruitment growth in senior lateral hires in mid firms - Lawyers with 1-5 years experience were best rewarded - Salary increases for Melbourne and Sydney 7-9% - Brisbane salaries increased by 10% - Perth salaries increased by 13% Corporate More mid-sized organisations recruiting their first in-house counsel Brisbane and Perth recruitment markets are highly competitive 4.42% average salary increase Declining levels of satisfaction with salary review outcome and processes Job satisfaction remains high Concerns expressed over job security Career development major reason for leaving Private Practice Lawyer Summary Subdued activity in Corporate transactional work has slowed. The areas with considerable activity are insolvency, commercial litigation, banking & finance (restructuring and project finance), employment law, energy & resources and insurance. The major firms continue to predict growth in Perth and Brisbane and limited growth in Sydney and Melbourne. The most dramatic change is the globalisation of Australia s legal market. Leaving Clayton Utz, Minter Ellison, Corrs Chambers Westgarth and Gilbert + Tobin without a formal international alliance and Freshfields, Slaughter and May, Hogan Lovells and Simmons & Simmons the only top end UK practices without a presence in Australia. As to referrals of work from overseas, there are winners and losers. Issues of conflict are no doubt more complex than they once were. Globalisation of the Australian legal market has not increased the size of the pie, but reshaped who gets what. The overall subdued economy may be masking a more profound shift in market share that will only be seen when the global economy improves and there is more transactional activity. The international tie-ups have not impacted the mid firms in terms of their missing out on work. Some mid firms are opening new offices in other states. Major firms are dropping non high margin practices such as insurance, traditional property and other more operational areas of law. There has been some fall out as these practices settle into mid firms. Some mid firms that still do personal injury and family law are closing those practices with partners finding homes in smaller or boutique practices. Recruitment Trends Graduates and more junior lawyers are attracted to global firms. The ability to offer graduates a clerkship or secondment to overseas offices really improves the pulling power of a firm. E: sophie.waters@mahlab.com.au page 2 of 23

3 Most firms report low turnover and limited growth in % of firms report an increase in staff from 2011, while 38% of firms report no change in their head count. The majority of growth has been in Perth and Brisbane and this trend is likely to continue due to the major firms having comparatively small offices in these busy markets. Recruitment in Sydney and Melbourne is steady and is mainly replacing lawyers who have left or a strategic senior hire who brings a new practice area or clients to the firm (and perhaps staff to support that senior hire). For most firms (68%), graduate intake was the same as last year s intake, with an equal number of firms reporting an increase or decrease in graduate intake (15.72%). Recruitment activity is strongest in the areas of insurance, employment, banking & finance, litigation, insolvency and energy & resources. Remuneration Trends Nearly three quarters of firms report increasing their salary bands this year with 26% of firms leaving the bands unchanged While salary bands have increased this year for the majority of firms, the increases in the bands are minor 0.5% nationally. Melbourne junior lawyers (1 to 5 years of experience) received a 12% increase while more senior lawyers and senior associates with 1 to 3 years experience received a much more modest 3.6% salary increase. Sydney junior lawyers (1 to 5 years of experience) received a 10.5% salary increase while more senior lawyers and senior associates with 1 to 3 years experience received a 5.2% increase. Lawyers at junior levels naturally commence their careers on much lower remuneration packages than senior lawyers. Therefore, junior lawyers tend to receive increases that represent a much higher overall percentage of their salaries. The largest jump in salary accompanies the promotion to senior associate that occurs at most firms around a lawyer s fifth to sixth year of practice. Brisbane lawyers on average received an increase of 10% Perth lawyers on average received an increase of 13%.In some cases, Perth salaries are on par with Sydney salaries. 30% of firms paying bonuses compared with 69% last year. The average bonus represents 15% of salary. Outlook Recruitment activity is expected to remain steady over the next 2 quarters. The tendency towards lean teams will continue partly as a protective measure should the legal market slow further but also to ensure profitability. Firm management will watch their costs. This is particularly the case for firms still considering a merger with an international practice More partner movement anticipated with lawyer movement increasing as team members follow their partner. Partner Summary Partner movement increased Spring-cleaning of non performing partners continues Revenue and per partner profitability has risen in some firms particularly those who aren t carrying expenses (chiefly in premises and staff) accumulated before E: sophie.waters@mahlab.com.au page 3 of 23

4 Client pressure on fees is intense. A return to pre GFC billings and profitability is highly unlikely National partner income increased by 3.56% compared to 3.93% last year and 4 to 7% in Partner income is highly variable among partners in the same firm. Sydney and Melbourne partner drawings at major firms increased by 4.0%. Drawings at mid firms in these cities increased by 4.2%.Small CBD firms in Sydney and Melbourne have seen increases matching CPI at 1.6%. Perth partners have enjoyed the biggest increase, with a 4.5% increase, Adelaide partners enjoyed the lowest increase in drawings at 2.5%. Asia and Middle East International Summary Positive outlook for lawyers considering Asian career opportunities. International firms continue to expand operations in China with a focus on M&A, private equity, construction, infrastructure and real estate work. Hong Kong and Singapore remain busy in transactional and litigious areas, with opportunities for crossborder work and international arbitration a draw card. A minimum of two years major firm experience is expected for lateral recruitment. Singapore the most practical option for lawyers without language skills. The political shifts with the Arab Spring have not materially dampened the recruitment market in the Middle East, with activity in energy, oil and gas, construction, infrastructure, projects and project finance continuing. UK Many English lawyers and Australian returners are looking for a more prosperous legal market in Australia. Increasingly high competition for training contracts in the UK means that job seekers range from law graduate to senior solicitor level. UK firms are entering into discussions with Indonesian, Chinese, Singaporean and South Korean firm or opened offices in these markets. Recruitment has been limited to areas of greatest need with dispute resolution, information technology and competition proving to be the areas of highest demand. Salary increases were noted across a broad range of UK firms this year. The increase in salaries and bonuses underscores the push towards retention of talent rather than growing staff numbers. US The market in New York remains depressed. Salaries at the major firms have remained the same as pre GFC levels. No Spring bonuses were paid and the end of year bonuses were low. Even though major firms have kept to their salary bands, in New York, graduate salaries have reduced by 35% in the past two years. Recruitment in New York remains very tight. The current employment rate for graduates in the US is lower than it has been in 17 years. Corporate Summary Corporate lawyers received modest salary increases of 4.42% compared to 4.69% in and 4.06% in Those lawyers in the resources-rich states of Western Australia and Queensland received greater increases. Many corporate legal departments are gradually expanding. More organisations are creating legal functions, particularly in the growth resources industries. Sole legal counsel make up 16% of those surveyed, an increase on the 13% last year Most in-house opportunities are for junior to intermediate level lawyers (3-6 years' post admission experience), E: sophie.waters@mahlab.com.au page 4 of 23

5 The senior end of the market remains tight. Particular demand for corporate counsel in the IT, professional services, FMCG, media and entertainment, gaming, health and pharmaceuticals industries. Despite some redundancies in the financial sector, there has been some recent recruitment activity by financial institutions. In Brisbane and Perth demand is outstripping supply for quality junior to intermediate lawyers with general commercial law backgrounds, particularly those with energy and resources, projects and construction/infrastructure backgrounds. The shortage of quality lawyers with relevant experience in Brisbane and Perth resulted in an upward pressure on salaries. Energy and resources companies, engineering and construction and infrastructure organisations are paying at the top end of the market to secure quality candidates. Survey 2012 reveals that 10% of corporate lawyers are working on a contract basis. This is almost double last year's figure and reflects that many corporations do not have budgetary approval or the requisite business confidence to appoint on a permanent basis. Of these respondents 50% are working under this arrangement to suit the employer's requirements. 15% of in-house counsel surveyed are working part time. This finding is consistent with figures from recent years. More than 60% of corporate lawyers surveyed rated their performance review process as very poor, poor or neutral. Of those whose companies pay bonuses, 63%of respondents received a bonus. The two major reasons bonuses were not paid were cited as being poor company performance (30%) and the adoption of a cautious approach (17%). Corporate lawyers continue to maintain a high level of satisfaction in their roles, with more than 70% reporting they are "very satisfied" or "somewhat satisfied" with their current position. Just under half (45%) of those surveyed advised they are considering leaving their current employer. This compares to just over one third last year (37%). Almost 9% of those seeking to leave their role are open to a private practice role. This compares to 7.4% last year and only 3.3% the previous year. 70% of corporate lawyers surveyed feel that their current organisation does not offer good career progression opportunities Job security is an increasingly important consideration with just over half feeling their job was 'somewhat secure'.15% felt their roles were 'somewhat insecure' or 'very insecure'. E: sophie.waters@mahlab.com.au page 5 of 23

6 The Push to Go Global Introduction Australia s legal market has globalised. A drive for greater profitability, capturing a slice of the energy and resources boom as well as the Asian market and the need for broader market reach have resulted in international ties ups, mergers, alliances and multi-state firm expansion. The global law firm is now part of our landscape and the reach of legal services is no longer demarcated. Many firms have now taken a position on globalisation and others are still working out their future. Add to these dynamics the more powerful client/law firm relationship demanding more and more efficiencies, the need to recruit and retain the very best talent as well as global economic uncertainty means managing partners are being tested. Legal services is a highly competitive business and the commercial advantages to having access to lucrative markets and a more diversified clientele have not been ignored by law firms both in Australia and overseas. Australia with its strong mining and resources sector, proximity to Asia and strong economy is now viewed as a key market for overseas law firms. Major international firms are now represented in Australia. Allen & Overy, Clifford Chance, Allens now aligned to Linklaters, Norton Rose, DLA Piper, Jones Day and Ashurst are all here. King & Wood Mallesons is of particular note being the first merger with an Asian based legal powerhouse. Freehills will merge with Herbert Smith on 1 October 2012 and Clyde & Co will also arrive. There are more to come with US and Chinese firms now also circling. Even some of the mid firms are exploring their options in the international legal services market. The Australian legal market has never before seen as much change. Strategies for going global vary. A merger with a global brand does not suit everyone. Some firms seek to be a global powerhouse, others are focusing on a few key markets, while some want to remain national. Some firms are choosing independence. They see the benefits in maintaining control of management and decision making, having a strong local brand and the prospect of the referral work from disaffected clients including referrer ex-partners. Their strategy is about focusing on other parts of the market, namely the domestic market, government clients, Australian businesses and operations. The challenge here being to remain independent and not to lose out when local clients undertake projects or deals offshore, or not to miss out on Australian deals and work that originates offshore. Some independents are meeting these challenges by developing overseas networks and alliances and frequently sending partners and lawyers overseas for marketing road shows and billable work. The mergers, tie-ups and alliances have all created excitement and new opportunities for lawyers. Many lawyers have been lured by the global brands because of the international work, a diversified client base, training and development, secondments, remuneration and global career prospects. Others however have turned away. Concerns about limited promotional opportunities, the direction and commitment of the new firm to staff and certain practice areas and a new firm culture have been very real issues for lawyers across all levels. This has resulted in mobility at all levels. Reshaping the Model Quality talent, often defined by superior legal skill and best fit, is a law firm s competitive advantage and one of its biggest costs. All firms are focused on attracting and retaining quality staff in this dynamic market. Issues such as diversity and women in leadership continue to create interest for firms keen to retain a diverse workforce. Diversity policies, flexibility, paid maternity and paternity leave, part time partners and mentoring opportunities are heavily promoted by many firms. Employers have also focused on further developing existing talent pipelines with the use of social media and alumni networks as well as internal referrals and close relationships with specialist legal recruiters. The changes have resulted in a destabilisation and shake up of staff, clients and the market generally. As brands have changed, owner, employee and client loyalty have been impacted. Corporate clients are also on the move. With law firm changes client relationships are challenged and are impacting on law firm bottom lines and service delivery methods. General counsel seek external providers who know their business and are committed to their business needs. They are often aligned to individuals and brand is generally not as important as a skilled lawyer with whom they have a relationship and whom they view as a trusted advisor. The global offering, whilst relevant to some corporate clients with international operations and interests, is not as valuable to others. With a global brand, clients also change and there is a greater spread of international clients Asian, European, Middle Eastern and even sovereign funds. The change does not feel as welcoming to those clients needing external legal advisors with a strong local focus and commitment. E: sophie.waters@mahlab.com.au page 6 of 23

7 The Pressures of Change At the same time, business stress has impacted on in-house budgets and general counsel continue to look for efficiencies. Legal process outsourcing ( LPO ) providers now have an integral role to play in the market as general counsel outsource work directly but expect LPO options from their external legal providers. It is now common for law firms to tender for work in conjunction with a LPO provider. A number of firms, including King & Wood Mallesons and Corrs Chambers Westgarths have LPO arrangements in place. Creative billing models including fixed fee arrangements continue to be offered as corporate clients press for alternative billing methods and cheaper options including using mid and smaller firms that offer top quality lawyers at cheaper prices. For those lawyers not pursuing a global brand either because their practice and/or clients are not suited to these models or simply because they are not interested, the mid firms are proving an attractive option. Not all legal services fit into the global service model and are better housed in mid firms that can provide the service more efficiently and at competitive rates. Likewise, the mid firms are seizing the opportunity to grab quality lawyers who are being dislodged and represent good prospects for them. Increased work and investment in and from countries in Asia, India, the Middle East and Russia as well as sovereign funds have broadened the scope of work and clients for many firms and corporate lawyers. This has created in-house opportunities for lawyers particularly in the mining and resources sector which has continued to generate work for lawyers predominantly in Western Australia and Queensland. The volatility in Europe and rising unemployment have also had an impact on the demand for legal services and hiring activity in other industry sectors as well as in other Australian states. Whilst a number of legal opportunities this year have been newly created roles, the majority of vacant positions have and continue to be replacement roles, indicating subdued growth. Employers are hiring, albeit cautiously. In-house lawyers are working harder and longer hours. Teams continue to grow steadily as companies seek to build legal capabilities, contain legal expenses and manage risk internally. In-house employers are finding that they are competing with other organisations and the law firms for quality legal talent. In some cases, budgetary constraints and an inability to predict workflow have prevented full time hires resulting in a higher number of contracts, consultancies and part time placements. This reflects the increasing casualisation of the legal talent market. The demand for quality law firm lawyers continues with opportunities in energy & resources, corporate law, compliance particularly financial services and dispute resolution. The majority of roles in private practice tend to be for lawyers with junior to senior associate level experience. Partner level roles in the current market invariably require a transportable client base. Salary increases reflect a more conservative, cautious market than last year. Bonuses in both private practice and in-house were prevalent but varied significantly. Many employers used bonuses to reward and retain valued performers. Equity partners were mostly affected by the challenges in the market with a conservative increase in drawings of 3.56% over last year. We are witnessing a period of rapid structural change which is having a direct impact on business models, client relationships, work flows and careers. These changes, where managed astutely and carefully are positive and exciting. How managing partners and their firms respond to these changes will determine each firm s future and place in the market. The test is to emerge from all of these challenges, the moves and shake ups, the global market and client demands with a strong, high performing firm recognised in the market for its quality people, service delivery, culture and values. This will involve taking a position and pursuing a clear vision and strategy which resonates with all stakeholders. We particularly thank the Australian Corporate Lawyers Association (ACLA), Young Lawyers of the Law Society of NSW, the Young Lawyers Section of the Law Institute of Victoria, the Victorian Women Lawyers, the Women Lawyers Association of South Australia, the Women Lawyers Association of Queensland, the Women Lawyers Association of NSW, the Commercial Law Association of Australia Ltd, the Corporate Lawyers committee of the NSW Law Society and Chartered Secretaries Australia for circulating our questionnaire to their members. We appreciate their ongoing commitment to making Survey 2012 a success. As always, we welcome your feedback and are happy to provide further advice on any career and salary issues. E: sophie.waters@mahlab.com.au page 7 of 23

8 Market Trends Private Practice Most firms experienced a subdued In particular, the corporate transactional work has slowed. The areas with considerable activity are insolvency, commercial litigation, banking & finance (restructuring and project finance), employment law, energy & resources and insurance. The major firms continue to predict growth in Perth and Brisbane and limited growth in Sydney and Melbourne. The most dramatic change is the globalisation of Australia s legal market. Minter Ellison Perth split from the Minters partnership to join with Cleveland based international firm Squire Sanders. Blake Dawson merged with Ashurst, Mallesons Stephen Jaques became King & Wood Mallesons, Allens formed an alliance with Linklaters and Freehills has announced a merger with Herbert Smith. This leaves just a few major firms; Clayton Utz, Minter Ellison, Corrs Chamber Westgarth and Gilbert + Tobin without a formal international alliance and Freshfields, Slaughter and May, Hogan Lovells and Simmons & Simmons the only top end UK practices without a presence in Australia. Much has been asked as to what these tie-ups, mergers and alliances mean for the future of the private practice market. The questions being raised include what level of interconnectedness exists in alliances that do not have full financial integration; what profitability pressures Australian offices will face if the firms are fully financially integrated (or planning to become so); are tie-ups simply rebranding or a real opportunity to provide a one-firm approach internationally and manage work within the one network. As to referrals of work from overseas, there are winners and losers. Issues of conflict are no doubt more complex than they once were. So at the top end, the share of the legal work is being carved up a little differently. The question is how differently? The globalisation of the Australian legal market has not so much increased the size of the pie, but reshaped who gets what. Although some discrete practices are very busy, most firms, be they aligned or non aligned with an international firm are less busy this year. The overall subdued market may well be masking a more profound shift in market share that will only be seen when the global economy improves and there is more transactional activity. The international tie-ups have not impacted the mid firms in terms of their missing out on work. There is a market for quality mid firms practising nationally which have the expertise and history with the client. In many cases, an international firm, with its accompanying charge out rates is not required. Some mid firms are opening new offices in other states. The focus of the major firms has been undergoing a shift for several years now with more focus on high end transactions and other high margin work. This trend continues with the newly aligned firms. Major firms are dropping practices like insurance, traditional property and other more operational areas of law. There has been some fall out as these practices settle into mid firms. Mid firms are reshaping as well. Some firms that still do personal injury and family law are closing those practices, with partners finding homes in smaller or boutique practices. From the perspective of graduate and more junior recruitment, the international alliances definitely make an impact. The ability to offer graduates a clerkship or secondment to overseas offices really improves the pulling power of a firm. This is something other non aligned firms are keenly aware of. On the issue of employer branding, some firms have increased their cachet enormously by pairing up with an international firm. That said, there are no guarantees that lawyers will remain within the international firm s network when they decide to move overseas, particularly if the Australian firm has partnered with firms outside the magic circle. Recruitment Trends Most firms report low turnover and limited growth in % of firms report an increase in staff from 2011, while 38% of firms report no change in their head count. The majority of growth has been in Perth and Brisbane and this trend is likely to continue due to the major firms having comparatively small offices in these busy markets. E: sophie.waters@mahlab.com.au page 8 of 23

9 Recruitment in Sydney and Melbourne is steady and is focused on replacing lawyers who have left or a strategic senior hire who brings a new practice area or clients to the firm (and perhaps staff to support that senior hire). For most firms (68%), graduate intake was the same as last year s intake, with an equal number of firms reporting an increase or decrease in graduate intake (15.72%). History has shown that reducing graduate intake as the market slows can lead to a critical shortage of lawyers when the market improves. Recruitment activity is strongest in the areas of insurance, employment, banking & finance, litigation, insolvency and energy & resources. Remuneration Trends Nearly three quarters of firms report increasing their salary bands this year with 26% of firms leaving the bands unchanged. This is a contrast to 2010 in which all of the firms surveyed increased their salary bands and last year when 92.3% of firms increased their salary bands. While salary bands have increased this year for the majority of firms, the increases in the bands are minor 0.5% nationally. Melbourne junior lawyers (1 to 5 years of experience) received a 12% increase while more senior lawyers and senior associates with 1 to 3 years experience received a much more modest 3.6% salary increase. Sydney junior lawyers (1 to 5 years of experience) received a 10.5% salary increase while more senior lawyers and senior associates with 1 to 3 years experience received a 5.2% increase. Lawyers at junior levels naturally commence their careers on much lower remuneration packages than senior lawyers. Therefore, junior lawyers tend to receive increases that represent a much higher overall percentage of their salaries. The largest jump in salary accompanies the promotion to senior associate which occurs at most firms around a lawyer s fifth to sixth year of practice. Given the stronger legal markets of Brisbane and Perth, lawyers in these states on average received an increase of 10% for Brisbane and 13% for Perth. In some cases, Perth salaries are on par with Sydney salaries. The incidence of bonus payments is well down this year with 30% of firms paying bonuses compared with 69% last year. The average bonus represents 15% of salary. Outlook Over the next two quarters recruitment activity is expected to remain steady where there are clear needs, such as replacing people who have left or recruiting for expanding offices. Firms will consider carefully the business case in deciding whether to bring on lateral hires. Larger practices may send lawyers on interstate secondments to busier offices. The tendency towards lean teams will continue partly as a protective measure should the legal market slow further but also to ensure profitability. There may be isolated redundancies. Firm management will watch their costs carefully and are likely to be more vigilant in managing underperformance. This is particularly the case for firms still considering a merger with an international practice. As the firms redefine themselves, more partner movement is anticipated with lawyer movement increasing as team members follow their partner. The type and incidence of most paid and in kind benefits has not changed markedly since last year s survey. Unsurprisingly, an increase in the provision of a Blackberry/mobile phone is recorded. Respondents also report an increase in income protection and travel insurance. Paid parental leave has increased and provision of emergency childcare/parent s room is up from 13 to 22% this year, reflecting a shift in awareness of the needs of employees with children. Management training and coaching is also available in more firms this year. Car parking is offered to less respondents this year. E: sophie.waters@mahlab.com.au page 9 of 23

10 Market Trends Partners In a roller-coaster year for the legal profession, many partners have seen huge changes in their firms. Business confidence is still fragile amid concerns about the European debt crisis and a weakening Chinese economy. This impacts clients of law firms at all levels and therefore firms of all sizes. Perth and Brisbane exhibit the most business activity and optimism and this is reflected in the partner remuneration increases there. Business activity in Sydney and Melbourne can only be described as patchy. Six of the largest firms have become or have announced their intention to go global. It s a bit early to say how this will impact partner profits, although signs from Norton Rose, with two years under its merger belt, are positive. The private practice market is also impacted by independent newcomers, unaligned to an Australian firm, the latest being Clyde & Co which is to open in Sydney shortly and Perth later this year. We expect others to follow suit in the next 12 months. Jostling for a position on the global stage by major Australian firms has absorbed a lot of management time and energy, leaving some partners feeling excluded from the decision-making process. Many respondents report that the day to day running of the complex organism that is a national law firm has taken a back seat this year to negotiations with potential global alliances and partnerships. While revenue and per partner profitability has risen in some major and mid firms, other firms are still carrying expenses (chiefly in premises and staff) accumulated before The cost of exploring and effecting a merger is not insignificant and it s still early days to see the economies of scale that may flow. At the same time, a spring-clean of non performing partners has taken place in the braver major firms and is still ongoing in others, which has assisted in reducing overheads. Major firms in particular report significant cost-cutting efforts, with sometimes brutal reductions in every area, from overseas travel for conferences to staff and practice development initiatives. Where a function can be provided in-house and by a leaner support services team, it will be. Client pressure on fees is intense. Corporate legal teams are undertaking more and more work internally without recourse to an external firm, except for high volume, small matters, highly specialist areas of law and where sign-off from an external brand is required. Alternative fee arrangements are being explored more, although most firms acknowledge that they find it hard to weigh the cost vs benefit of an alternative approach, particularly where a risk component is involved. Most partners agree that a return to pre GFC billings and profitability is highly unlikely. Recruitment and Remuneration Trends Work continues to flow from the resources boom in Perth and Brisbane and this is reflected in higher average partner remuneration in these cities. Melbourne and Sydney have enjoyed only modest (if any) increases on last year, while Adelaide continues to offer lifestyle benefits over big dollars. Partner movement has increased markedly, with some high profile partners voting with their feet against an international merger and joining a competitor firm, a UK firm direct or a major corporate client. Many mid firms have appointed partners from the ranks of disenchanted senior associates at the larger firms as well as lateral partner hires from larger practices, often with teams and clients in tow. This has increased revenue and added to client depth amongst the mid firms which is reflected in increased partner income. Salaried partner numbers are on the rise. Most firms reward equity partners under a hybrid model, blending a base income with bonuses based on competitive criteria such as individual and supervised billings and practice development. This means that partner income has become highly variable among partners in the same firm. E: sophie.waters@mahlab.com.au page 10 of 23

11 Some practice groups, such as litigation and energy & resources, are achieving billing targets that help to support quieter practice groups but, across the board, major firms have seen only a modest increase in partner draws. Smaller firms (especially mid firms) that can offer high level expertise at a lower hourly rate are enjoying more work from cost-conscious clients. Partners who fall outside the key focus areas of the major firms corporate, banking & finance and commercial litigation are under pressure to seek their fortune elsewhere or bill at the same rates as their fellow partners. Overall, national partner income has increased by 3.56% compared to 3.93% last year and 4 to 7% in 2010.Partner drawings at major firms in Sydney and Melbourne have increased by 4.0% and the mid firms in these cities increased drawings by 4.2%. Perth partners have enjoyed the biggest increase, with a 4.5% increase, while Adelaide partners enjoyed the lowest increase in drawings at 2.5%. Small CBD firms in Sydney and Melbourne have seen increases matching CPI at 1.6%. As many major firms have offices only on the east coast and in Perth, the national average increase for this group is a healthier 4.2%. International New Zealand New Zealand has demonstrated its resilience over recent years, having been severely impacted by economic crises and natural disasters. While activity in the legal market is increasing, the industry faces a challenge with an increasing trend towards New Zealand lawyers relocating to Australia (both directly from New Zealand and returning from the UK) for increased career opportunities. Litigation and insolvency have remained busy. Insurance and property expertise is in particular demand, largely as a result of claims and reconstruction resulting from Christchurch s earthquake. A recent increase in commercial activity is a positive sign that the market is generally improving. Remuneration is a critical issue, with packages often substantially lower for New Zealanders compared to their Australian counterparts. The market has not had Australia s resources boom to drive up salaries, and freezing of many salaries for up to two years left remuneration lagging. However, many strong boutique practices have secured talent by matching remuneration with major firms. Asia The outlook is positive for lawyers considering Asia for career opportunities. Popular destinations are Singapore, Hong Kong and mainland China, with further opportunities in Indonesia and Japan. While China s massive economic activity has decelerated, its development continues to sustain extensive activity in Beijing and Shanghai. International firms continue to expand operations in China with a focus on M&A, private equity, construction, infrastructure and real estate work. Hong Kong and Singapore remain busy in transactional and litigious areas, with opportunities for cross-border work and international arbitration a draw card. A minimum of two years major firm experience is expected for lateral recruitment. Most of the roles occur at the three to seven years experience level. Fluent language skills remain a prerequisite in most centres, with Singapore the most practical option for lawyers without language skills. Middle East The Middle East has a range of quality local and international firms that offer rewarding international career experiences, often without a requirement for language skills. The political shifts with the Arab Spring have not materially dampened the recruitment market, with activity in energy, oil and gas, construction, infrastructure, projects and project finance continuing. While opportunities in Dubai and Abu Dhabi remain at a consistent level to last year, the destination to watch is Qatar where development is on a fast track leading up to the 2022 World Cup. Pockets of activity remain in other centres including Bahrain and several international firms have commenced operations in North Africa. While there are some growth roles, firms also recruit to replace staff, as many lawyers make the Middle East a career stop for only two to four years. Generally the quality of lawyers sought is consistent with that of the UK, including large firm training, excellent technical ability and first class academic results. E: sophie.waters@mahlab.com.au page 11 of 23

12 UK The economic and political events of the year have had a notable effect on the UK s legal recruitment activity. Restructuring and redundancies were reported in some corporate groups in early 2012 with the UK transactional markets being hit hardest by the economic downturn. As a result, the current state of play has been a catalyst for many English lawyers and Australian returners looking to return to a more prosperous legal market. Increasingly high competition for training contracts in the UK means that job seekers range from law graduate to senior solicitor level. It is not just the lawyers that are looking to move to sunnier shores. In 2012 UK firms have capitalised on the prosperous Asia-Pacific market and entered into discussions with local firms in Indonesia, China, Singapore and South Korea. Several of the major international firms opened offices in Asia and formed alliances and mergers with Australian firms. Economic instability in continental Europe has had an impact on the UK resulting in firms taking a more conservative approach to recruitment. Recruitment has been limited to areas of greatest need with dispute resolution, information technology and competition proving to be the areas of highest demand. UK firms continue to regard Australian trained lawyers very highly with a preference for lawyers coming from major Australian firms. The recruitment process remains unchanged in that it is not uncommon for UK firms to discount up to two years of experience when considering the level of an Australian lawyer joining a UK firm. Salary increases were noted across a broad range of UK firms this year. The magic circle and major international players demonstrated that they will pay top dollar to retain and attract top talent. Performance based bonuses are being used as an additional mechanism to acknowledge high performers. The increase in salaries and bonuses underscores the push towards retention of talent rather than growing staff numbers. Another consistent trend from previous years is the remuneration disparity between US and UK law firms with US firms generally offering higher remuneration packages. The influence of the Eurozone crisis on the UK legal market has resulted in a challenging , with corporate groups being hit hardest. It is predicted that firms will take a client centric approach and look to alternative fee arrangements that will in turn offer competitive costs to their clients. This may involve value added services such as client educational seminars, newsletters, e-alerts and an increase in legal process outsourcing. Likewise, it is predicted with the UK market facing a challenging year, the push to go global will result in more domestic and international activity including an increase in mergers and alliances in the Asia-Pacific region. USA The market in New York remains depressed. Salaries at the major firms have remained the same as pre GFC levels which is still very attractive from an Australian point of view. Overall, however, associate compensation has gone down as no Spring bonuses were paid and the end of year bonuses were low. Even though major firms have kept to their salary bands, in New York, graduate salaries have reduced by 35% in the past two years. Outside of the major law firms, salaries dropped significantly. Recruitment in New York remains very tight. The current employment rate for graduates in the US is lower than it has been in 17 years. Whilst the firms are still hiring, it is really only in very discrete roles. There is a preference for lawyers who have completed their degrees at a top US law school or have studied an LLM at one of these universities. Lawyers who have local experience also have an advantage. Where there are openings, Australian and New Zealand lawyers from top practices who have impeccable academic results are still able to secure roles. E: sophie.waters@mahlab.com.au page 12 of 23

13 Market Trends Corporate Lawyers Corporate lawyers received relatively modest salary increases over the past year. A cautious economic climate given the overseas uncertainty, particularly in Europe, has impacted on the local corporate legal market including having an effect on salaries. It should be noted however that one of the clear trends to emerge from Survey 2012 is that despite the relatively conservative salary reviews in the south-eastern states, there were obvious exceptions in the resources-rich states of Western Australia and Queensland where corporate lawyers received greater increases. The remuneration of lawyers in these states is often on par with, and in certain situations, exceeds that of their counterparts in Sydney and Melbourne. This is particularly noticeable in the fast growing energy and resources industry. Recruitment activity was steady in with many corporate legal departments gradually expanding. Newly created roles continue to hit the market and are highly sought after in a generally candidate rich market. An in-house career remains an attractive alternative for private practice lawyers with one third indicating that their next move would be in-house. This is an increase on last year where 22% of respondents envisaged a future in-house. Most in-house legal teams surveyed have 2-5 members (38%). Sole legal counsel make up 16% of those surveyed. This is an increase on the 13% last year and reflects the fact that more organisations are creating legal functions, particularly in the growth resources industries. Most in-house opportunities continue to be for junior to intermediate level lawyers (3 6 years experience), with the senior end of the market remaining relatively tight. Recruitment for general counsel, deputy counsel and other senior legal positions is always very competitive. This has given corporations an excellent pool of quality senior lawyers from which to select if a senior role does arise. Nationally, demand for corporate counsel continues across most industry sectors. There has been particular demand for corporate counsel in the IT, professional services, FMCG, media and entertainment, gaming, health and pharmaceuticals industries. Despite some redundancies in the financial sector, there has been some recent recruitment activity by financial institutions. The Brisbane and Perth markets have continued to be very active in and are experiencing considerable growth. There is a particularly high level of demand for junior to intermediate level lawyers with general commercial law backgrounds. Demand is outstripping supply for quality lawyers in these centres, particularly those with energy & resources, projects and construction/infrastructure backgrounds. Given the strength of the mining sector, a significant proportion of the newly created in-house roles in Brisbane and Perth is with resources or energy companies or related consulting, engineering or infrastructure companies. The large volume of in-house roles in these markets is due to a combination of organic growth as teams expand to meet work demands, and the emergence of greenfield roles. A shortage of quality lawyers with relevant experience in Brisbane and Perth resulted in a highly competitive employment market in these cities. This has led to an upward pressure on salaries, particularly amongst lawyers with highly sought after skills and backgrounds. Energy and resources companies, engineering and construction and infrastructure organisations are paying at the top end of the market to secure quality candidates. Lawyers from other states that are not experiencing quite the same growth are willing to relocate to these busy states. Contract lawyers continue to form a considerable part of the in-house legal landscape. The survey results show that just fewer than 10% of corporate lawyers are working on a contract basis. This is almost double last year s figure. Many corporations do not have budgetary approval or the requisite business confidence to appoint on a permanent basis. The survey revealed that just fewer than 50% of lawyers appointed on a contract basis were working under this arrangement to suit the employer s requirements. Significantly, however, the survey revealed that one in six contractors were employed on a contract basis with a view to appointment in a permanent role. 15% of in-house counsel surveyed are working part time. This finding is consistent with figures from recent years. The overwhelming majority of respondents advised that they worked part-time due to family commitments (85%). E: sophie.waters@mahlab.com.au page 13 of 23

14 Remuneration Trends average percentage increase in salaries for corporate lawyers is 4.42% compared to 4.69% in and 4.06% in Some companies were prepared to pay above the average and on occasion much higher to retain star performers, particularly in Perth and Brisbane. Significantly, just under three in ten corporate lawyers surveyed did not receive a salary increase over the past 12 months. This figure is slightly higher than and reflects a conservative corporate market. Of the 71.5% of corporate lawyers who received a salary increase, just over half were satisfied with the outcome of their salary reviews, compared with 68% last year and 62.5% in Only one third of respondents felt that their organisations have a good performance review process with a much smaller figure of 5% describing it as excellent. More than 60% of corporate lawyers surveyed rated their performance review process as very poor, poor or neutral. The disappointment with salary reviews and the performance review process was a significant finding in this year s salary survey. The large number of corporate lawyers who were dissatisfied with their salary review process cited a range of reasons. These include lack of transparency and structure, a request for more efficiency, timeliness, better procedures and processes and more communication. Three quarters of corporate lawyers surveyed work for organisations that offer bonuses. This was a slight increase on last year. Of those corporate lawyers whose companies pay bonuses, 63% received a bonus this year, which is consistent with last year s figure of 61%. The two major reasons bonuses were not paid were cited as being poor company performance (30%) and the adoption of a cautious approach (17%). Recruitment Trends Corporate lawyers continue to report a high level of satisfaction in their roles, with more than 70% reporting they are very satisfied or somewhat satisfied with their current position. This result prevails despite the fact that members of in-house legal functions are working very hard in an environment where there is a clear desire to do more legal work internally and decrease external legal provider costs. Some of the key reasons why corporate lawyers enjoy their current roles include the quality and diversity of work, the team they work in, work/life balance and having the opportunity for strategic input. These are consistent with the major factors identified in previous years. Just under half (45%) of those surveyed advised they are considering leaving their current employer. This compares to just over one third last year (37%). The vast majority (85%) of these lawyers said they would be seeking another in-house legal role, compared to 78% last year. Interestingly almost 9% of those seeking to leave their current in-house role are open to a private practice role. This compares to 7.4% considering a return to private practice last year and only 3.3% the previous year when the private practice market was flat. There have been some notable senior level private practice appointments of corporate lawyers that reflect this trend. Career development is a major reason cited by corporate lawyers for moving to another organisation (43%). 70% of corporate lawyers surveyed feel that their current organisation does not offer good career progression opportunities. This is understandable given the often flat structure of in-house legal functions. The survey results reveal that remuneration is also a significant factor in driving lawyers to explore other career opportunities. Quality and diversity of work, more opportunity for strategic input and better work/life balance were also cited as important factors in a potential move to another role. Job security is an increasingly important consideration. 30% of those surveyed felt their job was very secure with just over half feeling it was somewhat secure. 15% felt their roles were somewhat insecure or very insecure. This level of job insecurity is consistent with the cautious nature of the current recruitment market. Life insurance payment increased as a benefit offered this year (up from 13 to 21%), otherwise paid and in kind benefits were similar to previous years. Outlook The market will continue to produce a steady stream of in-house opportunities over the coming year. Primarily, the focus will again be at the junior to intermediate end of the market, although there will continue to E: sophie.waters@mahlab.com.au page 14 of 23

15 be some senior opportunities which will be very popular. Given the current market trends and economic outlook, in-house opportunities will continue to be prevalent in Perth and Brisbane provided the resources boom continues. Recruitment will occur across most industry sectors in the next year as corporations continue to look to add value by steadily growing their in-house team while reducing their reliance and spend on external legal providers. Those lawyers with strong technical skills and who are commercially aware and pragmatic are highly sought after by employers. When the market improves employers will have a good pool of talented lawyers from which to draw. This will include those lawyers seeking an alternative to private practice, overseas returners and also those currently in in-house roles. Despite a relatively high level of satisfaction with their current roles, corporate lawyers will continue to seek career alternatives. Career development is a motiving factor in seeking a move. Employers that do not offer career progression opportunities will risk losing key talent. Remuneration Trends Company Secretaries Two thirds of company secretaries received a salary increase in the past year which is a slight increase on last year. Consistent with last year s results, almost two thirds of company secretarial respondents work for organisations offering performance based bonuses. Just under 50% of those surveyed actually received a bonus this year. This figure reflects a cautious market given the economic conditions. Recruitment Trends Demand for company secretarial and corporate governance professionals is steady in both publicly listed and non-listed organisations. Regulatory requirements continue to make it necessary for corporations to focus on corporate governance and compliance issues. Combined legal and company secretary roles exist in mainly mid sized organisations. Large listed entities usually have a dedicated company secretarial function, headed by a company secretary who may be legally qualified. This year s survey revealed that nearly 90% of company secretaries are in permanent employment. Significantly, one in five company secretaries work on a part time basis with nearly half doing so due to family commitments. 20% of company secretary professionals report to the Chief Executive Officer and a similar proportion report to the Managing Director. These figures are consistent with last year s results. Respondents working in the company secretary field find it a rewarding profession largely due to the quality of work offered and the strategic input it affords them. 30% of surveyed respondents are highly satisfied with their job. 40% of respondents are considering leaving their current employer. This is an increase from 34% last year. Consistent with last year s finding, most of those looking to move want another company secretarial role in a larger company. For those looking to remain with their current employer, the major objective is to secure a more senior position or a general management role. Quality of work and remuneration are the top two factors that will influence a company secretary s decision to move. E: sophie.waters@mahlab.com.au page 15 of 23

16 Market Trends Contract Lawyers The casualisation of the legal market continues unabated. The market for contract lawyers is growing in the in-house and private practice markets. More assignments are available in the in-house market than in private practice. 10% of corporate lawyer respondents are working on a contract basis, this is almost double last year s figure. The survey results also reveal that just under 50% of these respondents are working under this arrangement to suit the employer s requirements. One in six contractors is working on a contract basis with a view to obtaining a permanent role. This reflects a trend where more cautious organisations are contracting lawyers because it enables the business to try before it buys. Issues over budgetary constraints are also factors in contracting legal staff. Traditionally senior lawyers have dominated the contract market, however an increasing number of junior to mid level contract lawyers are being sought by organisations for both short and long term assignments. Contract roles are attractive to lawyers for a variety of reasons, as an interim measure prior to pursuing an alternative career or a career at the bar, following a return to Australia from overseas, or a redundancy, or to accompany a planned period of study. Lawyers also seek to work as a contract lawyer to supplement their income while undertaking other business ventures or projects. Senior lawyers seeking contract roles frequently look for flexibility in their work practice, often to supplement their own consulting practices. These lawyers offer a wealth of experience, knowledge and skills that are welcomed by corporate organisations. A few senior lawyers have re-entered the workforce after a period of retirement on a contract basis due to changed personal economic circumstances. Lawyers at all levels consider contracting as an entry point to working in-house permanently. It is viewed as an opportunity to acquire skills that appeal to other corporate organisations and build networks within the corporate arena. Remuneration Trends Contractors are remunerated on a pro rata basis on corporate lawyer market rates. Outlook Over half of the corporations surveyed expect to employ contract lawyers over the next 12 months. The levels of contract lawyers in the corporate, government and private practice sectors are expected to increase over the next year. A contract role remains an excellent way for lawyers returning to the workforce to re-establish themselves. Increasingly contracts offer the possibility of an extension beyond the original term or conversion to a permanent role. E: sophie.waters@mahlab.com.au page 16 of 23

17 MEDIA RELEASE EMBARGO UNTIL FRIDAY 3 AUGUST AM Private Practice Remuneration Private Practice Sydney Salaries Major Firms Grad $70,000 $80,000 $73,000 1 $78,000 $94,000 $79,000 2 $82,000 $109,000 $90,000 3 $90,000 $136,000 $103,500 4 $100,000 $140,000 $119,000 5+(notSA) $110,000 $150,000 $124,500 SA1 $140,000 $165,000 $146,000 SA2 $147,000 $180,000 $165,000 SA3 $165,000 $210,000 $181,000 SA4 $180,000 $235,000 $190,000 SA5/SC $185,000 $320,000 $255,000 Mid Firms YearLevel Low High Mode Grad $60,000 $90,000 $65,000 1 $65,000 $95,500 $75,000 2 $75,000 $110,000 $85,000 3 $80,000 $120,000 $93,000 4 $95,000 $162,500 $103,000 5 $98,000 $150,000 $112,500 SA1 $120,000 $171,000 $132,000 SA2 $130,000 $177,000 $142,000 SA3 $135,000 $185,000 $150,000 SA4 $146,000 $220,000 $162,000 SA5/SC $155,000 $290,000 $195,000 Small Commercial CBD Firms Grad $45,000 $67,000 $57,000 1 $50,000 $85,000 $62,500 2 $60,000 $99,000 $69,000 3 $66,000 $120,000 $79,000 4 $71,000 $135,000 $90,000 5 $84,000 $160,000 $101,000 SA1 $100,000 $161,000 $115,000 SA2 $115,000 $187,000 $128,000 SA3 $127,000 $205,000 $148,500 SA4 $135,000 $240,000 $156,000 SA5/SC $155,000 $258,000 $178,000 The defining criteria of what is a major, mid and small commercial CBD firm include: size, locations, reputation, quality of work, expectations of employer as well as pay, desirability of employment and training and development. Given the firms take into account a range of factors when determining remuneration, an individual s position within a band will vary based on their background, experience and performance. Lawyers paid at the higher end of the bands are usually top performers and/or employees who bring with them an additional skill that is over and above the general requirements of the role. For tailored advice please contact our consultants. Figures include superannuation but do not include bonuses or other benefits. E: sophie.waters@mahlab.com.au page 17 of 23

18 Private Practice Melbourne Salaries Major Firms 1 $69,000 $90,000 $75,000 2 $74,500 $102,000 $87,500 3 $84,000 $115,000 $95,000 4 $95,000 $136,000 $105,000 5 $106,000 $150,000 $120,500 SA1 $115,000 $165,000 $135,000 SA2 $130,500 $180,000 $154,000 SA3 $145,000 $201,500 $165,000 SA4 $160,000 $230,000 $178,000 SA5/SpC $164,000 $318,000 $205,000 Mid Firms 1 $62,000 $85,000 $73,000 2 $70,000 $100,000 $80,000 3 $77,000 $115,000 $85,500 4 $80,000 $130,500 $95,000 5 $90,000 $142,500 $112,000 SA1 $98,000 $145,000 $118,000 SA2 $115,000 $156,000 $140,000 SA3 $135,000 $175,000 $147,000 SA4 $145,000 $208,000 $158,000 SA5/SpC $150,000 $280,000 $185,000 Small Commercial CBD Firms 1 $46,000 $77,000 $52,500 2 $50,000 $84,000 $63,000 3 $55,000 $97,000 $69,000 4 $60,000 $111,500 $80,000 5 $76,000 $121,000 $93,500 SA1 $83,000 $141,000 $102,000 SA2 $106,000 $144,000 $115,000 SA3 $116,500 $151,000 $126,000 SA4 $120,000 $184,500 $141,000 SA5/SpC $140,000 $202,000 $165,000 The defining criteria of what is a major, mid and small commercial CBD firm include: size, locations, reputation, quality of work, expectations of employer as well as pay, desirability of employment, and training and development. Given that firms take into account a range of factors when determining remuneration, an individual s position within a band will vary based on their background, experience and performance.lawyers paid at the higher end of the bands are usually top performers and/or employees who bring with them an additional skill that is over and above the general requirements of the role.for tailored advice please contact our consultants. Figures include superannuation but do not include bonuses or other benefits. E: sophie.waters@mahlab.com.au page 18 of 23

19 Private Practice Perth Salaries Major Firms Grad $58,000 $75,000 $69,000 1 $72,000 $90,000 $78,000 2 $79,000 $98,000 $88,500 3 $90,000 $115,000 $101,000 4 $100,000 $130,000 $109, (not SA) $110,000 $155,000 $123,000 SA1 $130,000 $166,000 $145,000 SA2 $145,000 $180,000 $163,500 SA3 $162,000 $210,000 $180,000 SA4 $174,000 $225,000 $195,000 SA5 / SC $185,000 $300,000 $235,000 Private Practice Brisbane Salaries Major Firms 1 $65,000 $81,000 $71,500 2 $72,000 $91,500 $81,000 3 $78,000 $105,000 $86,500 4 $88,500 $120,000 $96,000 5 $105,000 $140,000 $113,000 SA1 $120,000 $158,000 $134,000 SA2 $135,000 $182,500 $152,000 Private Practice Adelaide Salaries Major Firms 1 $56,000 $66,000 $58,500 2 $60,000 $76,000 $65,500 3 $68,000 $87,000 $79,000 4 $75,000 $122,000 $86,000 5 $78,000 $130,000 $95,000 SA1 $95,000 $152,000 $112,000 SA2 $97,000 $165,000 $130,000 The defining criteria of what is a major, mid and small commercial CBD firm include: size, locations, reputation, quality of work, expectations of employer as well as pay, desirability of employment, and training and development. Given that firms take into account a range of factors when determining remuneration, an individual s position within a band will vary based on their background, experience and performance.lawyers paid at the higher end of the bands are usually top performers and/or employees who bring with them an additional skill that is over and above the general requirements of the role.for tailored advice please contact our consultants. Figures include superannuation but do not include bonuses or other benefits. E: sophie.waters@mahlab.com.au page 19 of 23

20 Partner Remuneration in Sydney Partner Remuneration Firm Mode Major $1,440,000 Mid $891,000 Small Commercial CBD $486,000 Partner Remuneration in Melbourne Firm Mode Major $1,340,000 Mid $797,000 Small Commercial CBD $427,000 Partner Remuneration in Perth Firm Mode Major $1,380,000 Mid $779,000 Small Commercial CBD $402,000 Partner Remuneration in Brisbane Firm Mode Major $1,200,000 Mid $741,000 Small Commercial CBD $391,000 Partner Remuneration in Adelaide Firm Mode Major $851,000 Mid $595,000 Small Commercial CBD $318,000 The defining criteria of what is a major, mid and small commercial CBD firm include: size, locations, reputation, quality of work, expectations of employer as well as pay, desirability of employment, and training and development. Figures include superannuation but do not include bonuses or other benefits. E: sophie.waters@mahlab.com.au page 20 of 23

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