What impact has COVID-19 had on In-house Legal Salaries in the Australian Banking & Financial Services sector?
COVID-19 resulted in twenty-nine years of uninterrupted economic growth in Australia coming to an immediate stop. The Australian Financial sector was forced to respond rapidly. But what impact has the crisis had on Banking and Financial services in-house lawyer salaries and the sector as a whole?
Taylor Root is pleased to announce the release of our 2021 Salary Guide & Market Report for the Australian Banking & Financial Services Legal sector, which outlines remuneration data for legal departments and individual lawyers.
Just as it did in the Global Financial Crisis, the in-house legal function has played a pivotal and strategic role for businesses during the COVID-19 pandemic.
One of the legacies of the GFC is that the in-house function claimed a more strategic future at the heart of the business. This positioning enabled the legal function to deliver the best possible service as the world faced its next major challenge, COVID-19.
General Counsels and their legal teams were on the frontline as businesses in all industries across the globe revisited their balance sheets and operating models navigated the transition to remote working, and built a business for a post-pandemic new working world.
The result, just like the GFC, is that the legal function has shifted even closer to the heart of business decision-making.
As the risk factors increased, GCs have had to find new ways to better manage them. With low balance sheets, this has continued the trend of delivering more at even lower costs and with decreasing resources the more for less issue has never been greater felt than during the heart of the COVID-19 crisis.
As we move towards a post-COVID-19 world and despite the uncertainty continuing to shape the landscape, both here and abroad, there is a level of confidence in boardrooms on the back of healthy levels of activity. It is clear now that the strategic focus within the banking, insurance, superannuation, and asset management sectors has shifted from being the initial ‘shock-absorbers’ towards ‘restarting’ the Australian economy.
The market is showing strong signs, opportunities are rapidly returning and retaining top talent is critical due to the lack of readily available talent to replace exits.
Salaries haven’t moved, nor would we expect to see significant increases so soon after COVID-19, however competition for talent has seen the sector paying at the higher end to secure candidates. Positive sentiment for the year to come? Unfortunately, it is far too early to tell.
We invite you to download the full report, the Taylor Root Australian In-house Legal Banking & Financial Services Salary Guide & Market Report 2021 and uncover:
- Overview of the Australian Banking & Financial Services In-house Legal Market
- Legal Industry Insights
- Australian In-house Banking & Financial Services Lawyers’ salaries
- General Counsel & Company Secretaries market update & salaries
Click on the link below, or for an in-depth discussion on any of the material in the report please contact Hayden Gordine – Partner & Head of Taylor Root Australia on (02) 9236 9004 or email email@example.com.