What's the market like for NZ Lawyers?
𝐒𝐚𝐥𝐚𝐫𝐲 𝐥𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:
Recent salary hikes for newly qualified (NQ) lawyers at Magic Circle firms have widened the salary gap between New Zealand and the UK. In London, NQ lawyers are now on salaries of £150,000 (NZD $314,000!!!).
In Australia, the salary environment remains highly competitive. I've assisted Kiwi lawyers in negotiating up to 100K salary packages increases from their top tier firms in NZ (!!!). Lawyers with 2 years of PAE earn upwards of AUD $140,000 (NZD $150,000+) at leading Sydney firms.
𝐇𝐢𝐫𝐢𝐧𝐠 𝐭𝐫𝐞𝐧𝐝𝐬:
Finance, especially leveraged finance, continues to be a sought-after skill set. We’re continuing to see a rise in opportunities from Magic Circle, Silver Circle, US, and top-tier Australian and London firms for NZ lawyers from the 2 year level.
Real estate law in Australia has been particularly active. Although it's historically been challenging to transition internationally into this practice area, I've successfully placed several NZ lawyers with top Sydney firms, resulting in upwards of 60% salary increases.
The corporate sector is experiencing a rebound. While 2023 was quieter, M&A and PE roles have been on the rise this year (particularly in Australia, with positive signs in London). While positions are still largely geared towards 4-7 year PAE lawyers, we are seeing more interest to consider those at the 2/3 year level in Australia and internationally.
Litigation is becoming a busy area in Australia. I'm currently working with several band 1 litigation teams on commercial litigation, financial disputes, arbitration, and regulatory disputes roles, ideally targeting those with 3-5 years PAE, but still seeing decent interest for those at the 2 year level.
𝐏𝐨𝐩𝐮𝐥𝐚𝐫 𝐝𝐞𝐬𝐭𝐢𝐧𝐚𝐭𝐢𝐨𝐧𝐬:
London continues to be a key destination for NZ lawyers, especially off the back of a European holiday…
Ireland is still a popular market for Kiwi lawyers, where they can still keep strong accessibility to European holidaying. We are seeing strategic hiring for corporate, finance and litigation lawyers from the 3 year NZ PAE level.
The first days of spring (30-degree days giving strong summer vibes) in Australia show positive growth as we charge through the financial year. Recently we've sat down with our key top tier and international firm clients to discuss additional resourcing they need in key practice areas- teams are getting increasingly busy.
NZ returning lawyers. This year has been the busiest year I've seen since COVID-19 for NZ lawyers returning from London, Ireland and even the US to join Australian firms. Their reasons? Lifestyle (better weather usually), close proximity to NZ, and career prospects/earning potential.
Principal Central London Investment at Avison Young, UK
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