13 Mar 2015

Law firms limp behind banks on pay to senior IT staff

Senior IT staff in London law firms are typically earning £68,000 a year - only 51% of the £133,000 they could earn in banks - but beating the poorer salaries of £51,000 offered in the public sector.

The data is based upon an analysis by Emolument.com of 503 senior IT employees with at least ten years of experience in the UK. The top salaries tend to be offered in organisations which are the most dependent on technology. However, law firms are seen as offering lower salaries because they are not as dependent as banks, asset managers and consultancies on IT. 

Intense competition

Thomas Drewry of Emolument.com said: 'It is not surprising to see that banks and asset managers top the charts as trading and risk management are IT-intensive functions which are key to running these institutions’ everyday business.' He went on to discuss the difficult position that the public sector is in - but his comments could also means that law firms will find themselves under pressure to raise the salaries they offer. Mr Drewry said: 'The lack of funds available to the public sector, however, is a concern: with intense competition from other industries, it is difficult to see how it will retain senior IT professionals.' Source: Here is the City