Stay current on changes and developments in corporate law with a wide variety of resources and tools.
By Susan Bokermann
March 31 — The legal and compliance industries experienced hiring growth in 2014 and expect it to continue, according to the “Global Legal and Compliance Salary Survey” conducted by Laurence Simons International.
“That is fantastic to see after the long, dark days of 2008-2010 where percentages were abysmal,” Danice Kowalczyk, Laurence Simons' managing partner, North America told Bloomberg BNA March 27.
The March 2015 survey compiles responses from more than 2,500 legal and compliance professionals in more than 70 countries.
At least 49 percent of respondents expect a headcount increase in 2015, Kowalczyk said, adding that it isn’t going to be “crazy growth,” but a measured, consistent growth of 1-5 percent. “But those are quantifiable job numbers.”
Kowalczyk said there is “every indication” that this growth will continue in coming years.
She also said that with this type of growth comes “salary wars,” where employers are vying for top candidates. She said that in-house legal departments need to be aware of these wars or “they simply cannot position themselves effectively for hiring today.”
Due to these “closely-fought talent grapple[s],” in-house legal departments are learning valuable lessons about hiring, according to the survey.
“There is a real need to increase efficiency within global hiring departments,” Kowalczyk said.
The in-house departments with the strongest commitment to recruiting are often first to make an offer and hire the best candidate. These departments are learning that “the early bird gets the worm,” according to the survey.
The survey found that more hiring successes were going to those in-house departments who “noticed the air had changed” and were running swifter hiring programs.
Kowalczyk said one of the biggest impediments to hiring is “getting the green light on an actual compensation offer.” One thing legal departments are doing is preparing ahead of time, including what the compensation package might look like, she said.
Legal departments are also streamlining their interviewing process, Kowalczyk said. Namely, they are working in partnership with recruiters and vetting candidates, rather than seeing the recruiters as vendors.
Experts in the field have supported this type of change and innovation in legal department hiring. Jeffrey W. Carr, chief executive officer of One Degree Law LLC and former general counsel of FMC Technologies Inc., has said that traditional approaches to hiring the best candidate will not always result in a legal department getting the best fit for the company.
Streamlined legal departments allow companies to “do more with less,” according to the Laurence Simons survey.
To be effective in this environment, in-house legal departments can use the survey results to assess whether their base compensation and bonus percentages are on point with the market, Kowalczyk said. Companies also can use this information to gauge their own hiring growth, or lack thereof, as compared to those surveyed, as well as assess whether their practices are structured competitively.
To contact the reporter on this story: Susan Bokermann in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Ryan Tuck at email@example.com
The survey is available upon request at http://www.laurencesimons.com/global-legal-compliance-salary-survey-2015.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)