Lawyers’ pay slows as services firms join banks in City slump

Tim Wallace
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LAWYERS and accountants have seen pay slip behind that of the rest of the workforce through the financial crisis, according to data out yesterday from Randstad Financial and Professional.

Pay in law rose by 8.1 per cent while accountancy earnings increased 7.5 per cent – well below the 11.4 per cent UK average and illustrating that bankers are not the only City workers who have seen their pay readjusted relative to other sectors.

Associate legal professionals such as paralegals and executive assistants are among the hardest hit, with pay falling 8.6 per cent in the last six years. And the lowest skilled accountants too have been hit – newly qualified chartered accountants have seen incomes stagnate, rising just 1.3 per cent since 2006.

“At an entry level, pay has remained relatively static as firms reduced their graduate intakes,” said Randstad’s Tara Ricks.