Uk   Legal F&A

Legal Finance & Accounting Market Insights Q1 2017

Published on 16th January 2017




Following the uncertainty of Brexit which led to a slow down within the legal finance recruitment market, we have seen an influx of candidates looking for work, particularly at the transactional level.

The movement of business services teams to areas outside of London is another factor that has contributed to the rise in legal finance candidates entering the jobs market.

Towards the end of Q4, job flow started to grow we have seen more senior level roles becoming available.

Restructuring at many law firms and an increase in M&A activity has put further pressure on the market.    

Skills in demand

E-billing

The trend towards building e-billing teams continues with many mid-tier firms now following the magic circle and silver circle firms in becoming more automated. This will continue to increase as firms adapt and react to cost drivers, so candidates with specific e-billing experience will remain in high demand. 

Finance Systems Expertise (Elite, Elite 3E and Aderant)

The implementation of new systems technologies is high on the agenda for most law firms. Candidates with experience in using Elite, Elite 3E and Aderant experience will continue to be in demand. 

Commercial Exposure – Profitability & Pricing

Pricing & Profitability has been a key focus for large firms during 2016 with specialist teams being established. These are Partner facing roles that require a unique, specialist skillset that is often difficult to come by. Firms may need to become more open to candidates with experience from outside the legal sector in order to fill these skill gaps and to work with their employees to develop Partner-facing skills.

We are continuing to see an increase in recruitment in this area as firms focus on remaining competitive in the market. Many traditional Financial and Management Accountants have been looking to make the transition into a more commercially focused role as this is a real growth area.

Market news

Mergers

  • Olswang / Nabarro/ CMS merging to become CMS in May 2017. 
  • Arnold & Porter and Kaye Scholer due to join forces in January 2017 – moving into Arnold & Porter offices, in Tower 42.


Predictions for 2017

We expect the current uncertainty in the market to continue into the first half of 2017, Confirmation of the Brexit date will enable firms to better plan for 2017 and beyond, Law firms will be heavily involved in legislation surrounding Brexit which will bring opportunities to some firms.

Technology will increasingly be discussed and more roles will start to be automated. Firms will continue to look at cost savings through automation and by moving business services teams outside of London.

There will be more M&A activity and Pricing roles will continue to grow as firms focus on commerciality.

Advice for employers

  • We recommend that hiring managers keep an open mind when reviewing profiles outside of the legal sector when recruiting their finance roles, especially for commercially focused positions.  We have placed several professionals from outside the legal sector in recent months who have been very successful.
  • Moving quickly with the recruitment process is crucial if you find a candidate that is strong for your role to avoid missing out on top talent.

Advice for jobseekers

  • Make time to go over interview preparation with us. In a competitive market, it is important to stand out and we can help you do that.
  • Be open minded to contract roles to help add specific skill sets to your CV, especially in an unpredictable market.
  • Work openly and honestly with us so that we can guide you as best as possible throughout your search.
  • Keep on top of what firms your CV is being sent to so as to avoid duplicate applications.
  • Ensure your CV is a true representation of your experience which will help increase your chances of securing an interview.  


Legal Finance & Accounting
Salaries Q1 2017


Job titleAnnual salary range (£)Contract rate (£)
Accounts Payable
Accounts Payable Supervisor35K - 50K21 - 30 an hour
Accounts Payable (2 years+)25K - 32K15 - 20 an hour
Accounts Payable (up to 2 years)20K - 25K12 - 15 an hour
Billing
Billings Manager45K - 60K28 - 37 an hour
Senior Legal Biller38K - 45K23 - 28 an hour
Legal Biller (2 years+)28K - 37K17 - 22 an hour
Legal Biller (up to 2 years)25K - 32K15 - 19 an hour
Cashiering
Head Cashier45K - 65K28 - 40 an hour
Senior Legal Cashier35K - 45K21 - 28 an hour
Legal Cashier (2 years+)30K - 35K18 - 23 an hour
Legal Cashier (up to 2 years)25K - 32K15 - 18 an hour
Credit Control
Credit Manager45K - 70K28 - 40 an hour
Credit Controller (2 years+)30K - 42K18 - 26 an hour
Credit Controller (up to 2 years)25K - 28K15 - 17 an hour
Financial Accounting
Finance Director140K - 250K1000 - 2000 per day
Financial Controller (1st - 2nd Tier)90K - 150K 600 - 1000 per day
Finance Business Manager / Partner90K - 150K600 - 800per day
Finance Systems Manager70K - 90K400 - 600 per day
Fully Qualified Accountant (5 years PQE)70K+300 - 400 per day 
Fully Qualified Accountant (3-4 years PQE)65K - 75K280 - 400 per day 
Fully Qualified Accountant (1-2 years PQE)50K - 65K230 - 280 per day 
Newly Qualified Accountant45K - 55K200 - 250 per day 
Part Qualified Accountant25K - 35K15 - 21 an hour
Finance Systems Analyst50K - 65K350 - 600 per day 
Accounts Manager55K - 80K30 - 50 an hour
Pricing
Pricing Manager70K - 90K400 - 600 per day
Commercial/Pricing Analyst (qualified)55K - 70K300 - 400 per day
Commercial/Pricing Analyst (non-qualified)45K - 55K200 - 250 per day
Revenue
Revenue Manager40K - 80K25 - 50 an hour
Revenue Controller35K - 40K21 - 24 an hour
Revenue Assistant25K - 34K15 - 21 an hour


* Notes on salary table

1. Titles and levels vary from organisation to organisation.
2. The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.
3. 12-month base salaries are assumed.
4. All other benefits and bonuses are in addition to these figures.
5. Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances.