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Compensation for In-House Banking Lawyers: Salaries v. Bonuses

While not as contentious and high profile as the remuneration of bankers, the topic of remuneration for in-house lawyers in the banking sector has attracted a good deal of interest and debate over the last couple of years. As the manager of an in-house banking and financial services team, I am frequently contacted by both clients and candidates seeking guidance on what direction the market has moved, who’s doing what on bonuses and so on.

The most noticeable trend in the banking market over the last two years has been a significant ‘re-basing’ of salaries. While this has been neither ubiquitous nor consistently applied, the vast majority of the major global investment banks have made some adjustments to the fixed element(s) of their compensation packages. However, due to variations as to how different banks have approached this, the effect has been to create broader salary ranges than existed previously. 

The trials and tribulations of working in-house

 When I was offered a job to work in-house for a telecommunications company almost immediately after completing my LLM, I grabbed it with both hands. That was eight months ago, and although there have been fleeting moments of doubt, I certainly don’t regret accepting the position. Looking back, it’s been an interesting – and at times, painful – journey but I’ve learnt an awful lot in the process.

Working in-house brings a number of unique challenges distinctive to private practice – for better and worse. On the plus side, it’s certainly easier to relate to the client, as your interests are much more closely aligned. Having just one client who is 100% on-board with what you’re doing also has a number of upsides. It’s a pleasure not having to try and routinely handhold the client and walk them through the details of your course of action in a matter, explaining why you’ve done X and not Y.

General Counsel

We know that there is a difference between working for an in-house team and becoming the General Counsel of a company. To find out what really matters, we’ve spoken to Helen Fletcher Rogers and have obtained a comprehensive list of issues to think about and questions to ask when considering a General Counsel role.

Helen is very familiar with this, having been European General Counsel for Eastman Kodak Company. Helen is now a Consultant with Lawyers in Business, an organisation dedicated to ensuring in-house lawyers are able to make a real contribution to their businesses. For further information, you may like to visit their website - www.lawyers-in-business.co.uk. Lawyers in Business run a series of workshops from lunchtime networking seminars to morning and afternoon classes. You can view their future events on their website or in our own legal events diary.

Why work in-house?

A job ‘in-house’ or a job ‘in industry’ involves working as a solicitor for a company or organisation which is not a law firm.

While a career path to partnership in a law firm is a familiar role, some of you may feel like trying something different. For those of you who feel you are not suited to follow the path to partnership, a position in-house may be worth exploring.

In-house jobs were once considered ‘alternative’ career paths for people who couldn’t handle the pressures of private practice – this is no longer the case. Indeed, in-house jobs are now highly sought after.