EOFY 2023 Legal Salary Trends: All You Need to Know
EOFY 2023 Legal Salary Trends: All You Need to Know
As we fast approach the end of the financial year, one of the questions floating in your mind will be about salary increases. Common questions we see arise at this time of the year are:
Should I ask for a raise?
What is a reasonable ask based on the current salary band for my position? And
What is the current market forecast?
So, to answer your questions, let us look at what you may expect in terms of salary growth this year.
Legal salaries forecast
When it comes to salary reviews and increases, businesses have several factors to take into consideration.
In the post-COVID-19 pandemic era, legal firms have experienced considerable shifts within the recruitment arena. Many people have had a change in perspective as they slowly emerged out of lockdown in the latter half of 2021 and returned to the norms of daily working life. Legal firms began to see a decline in those returning to the office. While others willingly dropped off to find alternative roles that met their requirements. As a result, we experienced a salary boom between April and May 2022 as firms began engaging in competitive recruitment strategies to attract and retain top talent by offering higher salaries and sign-on bonuses.
That being said, HR Leader recently reported that as of December 2022, there has been a slowdown in monthly advertised salary increases, with the growth rate climbing 0.3 per cent month on month as the hiring panic begins to ease.
While we are seeing a slowdown in salary increases, firms are facing ongoing increases in the cost of living and inflation rates which are once again driving demand for increases in salary expectations.
So, will we be seeing significant salary increases or not? – It is safe to say we may not see the 15-40% salary increases we saw last year. The rest, only time will tell.
Asking for a pay rise in uncertain times
To ask for that salary increase or not? Truth be told, there is never a perfect time. But as they say, if you don’t ask, you won’t get.
So, to help you approach this with confidence, we have put together a few steps below.
1. Prepare your reasoning.
First and foremost, you need to prove to your boss why you deserve the raise. Start by thinking about and listing all your achievements and objectives you have met in the past year. For each accomplishment, align them with how they have benefitted the department and organisation. Remember to show the value you bring to the team.
2. Research the current salary benchmarks.
Back up your request with evidence by researching what the current salary benchmark is for your position and the level of work you are doing.
3. Request a meeting with your manager.
Approach this professionally. Request a meeting with your manager and let them know what it is about.
4. Remain confident and composed.
Approach the meeting with conviction by being confident in your ask. At the same time, remain approachable and calm. Avoid becoming emotional and embrace the feedback you receive. Remember this is a two-way conversation.
5. Be prepared to negotiate.
Your employer is likely to negotiate the rate of your salary increase which may not be what you have in mind. In this case, be willing to compromise within an amount you think would be fair based on the market benchmark, your work, and the results you achieve.
6. Have a contingency plan.
It is always a good idea to have a fall-back plan. If your employer cannot offer you a raise, consider asking for another salary review in six months or requesting extra benefits so you can upskill, such as paid support towards additional education.
Is it time to search for a new future?
We’re here to show you the big picture when it comes to your career and offer you the best possible opportunity for a successful future.
So, if you’re ready to seek a step up in your career, contact us.