Global Survey of In-House Lawyers Shows Where the Money Is | Corporate Counsel

Thinking of moving abroad to work in-house? Brazil may be your best bet, according to a new survey (pdf) of in-house salaries around the world by the international legal recruiting firm Laurence Simons.

There’s been a huge influx of law firms into Sao Paulo and Rio de Janeiro, and that’s pushing up salaries for both in-house lawyers and those in private practice.

“Lawyers with solid experience in corporate banking, compliance and tax are the most in demand and able to command a premium to move in the current climate,” said Pedro Amaral Dinkhuysen, Laurence Simons’ Latin American managing partner.

Two years ago, in-house jobs were lucrative and plentiful in the Middle East and Russia, according to the survey, which analyzed the salaries of more than 14,000 in-house lawyers over the last six years.

Over the last four years, salaries for in-house lawyers in Russia increased more than in any other county in the world. The average pay for those with two years of experience jumped 81 percent after 2004, from €25,000 ($30,963) to €45,250 ($56,043) today.

“By 2004, the concept of an internationally staffed in-house legal department had become accepted by local Russian companies keen to float on the international stock exchanges,” said Meeta Dutt, Laurence Simons’ manager for Russia, Central and Eastern Europe.

Dubai has had its share of well-publicized economic woes since the recession. But salaries for in-house lawyers haven’t suffered. In the Middle East, pay for those with five years of experience rose 41 percent, from €123,000 ($152,329) in 2008 to €173,000 ($214,203) today.

Despite such gains, the boom is over in both Russia and the Middle East. “Candidates with good international experience are still demanding high salaries,” Dutt said. “But looking to the future, the expectations of huge pay increases so common in the boom years have been consigned to history.”

via Global Survey of In-House Lawyers Shows Where the Money Is.

Legal Blog Watch

A survey of private-practice lawyers, corporate counsel and law students found widely divergent views on the state of the legal industry and the future of the law firm business model. Released Thursday during a panel discussion in New York City on the future of the law firm business model, the LexisNexis-commissioned survey (executive summary) found that 71 percent of corporate counsel say that law firms are not doing enough to respond to the current financial pressures on their business model. By contrast, 77 percent of private-practice lawyers believe that their clients are too focused on reducing costs, at the expense of quality and long-term results.

Described as the first substantial survey of the legal industry since the beginning of the economic crisis, the survey polled 300 law firm lawyers, 150 in-house counsel and 100 law students. Their responses suggest perspectives on the crisis differ significantly based  upon one's vantage point. Nearly half of in-house counsel, for example, say they have requested rate cuts from their outside firms. Yet just 18 percent of private-practice lawyers say their firms have implemented such cuts.

Only 38 percent of in-house counsel believe that law firms are hearing their plight and responding by cutting fees and costs. Maybe as a result, 69 percent of corporate counsel have shifted work in-house and 56 percent have reduced their spending on outside firms. Yet the firms report that they have taken steps to respond to the economic crisis: 43 percent have had layoffs, 41 percent have offered clients alternative fee arrangements, 33 percent have frozen their hiring, 29 percent have deferred start dates and 26 percent have reduced salaries.

[continued] Legal Blog Watch.