UWell-trained lawyers can only smile wearily at collective agreements with salary increases in the single-digit percentage range. Lawyers in companies willing to change can expect significantly higher salaries in 2024. Despite strict budget requirements, companies are increasingly finding it difficult to fill vacancies. As an evaluation of nationwide search profiles by the international personnel consultancy Robert Walters shows, 70 percent of companies are even prepared to give in to applicants' higher salary expectations. Since the total number of fully qualified lawyers in this country is falling, but the regulatory requirements through laws and guidelines are increasing, candidates looking for a job have an advantage: 77 percent of applicants are very satisfied with the current job offers on the legal job market in Germany.
There is a high demand from companies, especially when it comes to filling management positions in the legal area with a focus on data protection and compliance. Law firms, on the other hand, are looking for young professionals in the area of private equity and M&A. According to Robert Walters, an increase in salaries can be expected again this year, even if the rapid growth of previous years will no longer be achieved. Entrants into legal departments can expect up to 30 percent more salary; for management positions in legal departments it is around 7 percent.
The large commercial law firms also try to win the competition for the best legal talent through salary. In the past year, various international law firms have increased their starting salaries for young professionals (junior associates). According to the list from the career magazine “Azur”, the German branches of the US law firms continue to set the pace. The frontrunner is still the Wall Street law firm Milbank with its German offices in Munich and Frankfurt. Behind them, the field is becoming more compact, with 18 law firms now paying a starting salary of 150,000 euros or more per year – including the top German law firm Hengeler Mueller and the boutique Renzenbrink, which specializes in corporate law.
Annual bonuses ensure individual salary movement, although not all law firms pay these. In some cases they are well into the five-figure range. In addition to factors such as the firm's overall economic results, the focus here is on taking on special tasks and, of course, a young lawyer's own willingness to perform and further development.
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