Senior associates and directors lead salary rises in law firms
The 20th edition of the Comparative Analysis of Remuneration in Law Firms in Spain, prepared by Signium in collaboration with the Francisco de Vitoria University, confirms a positive evolution of salaries in the legal sector, although with more moderate increases than in previous years. The largest increases have been recorded in the senior associate and director categories, especially in international firms. The study analyzes the salary evolution of more than 7,000 lawyers in Spain, comparing salaries and benefits in different types of law firms.
Javier de Cendra, dean of the Faculty of Law, Business and Government at the Francisco de Vitoria University, highlights the relevance of this study as a valuable tool for understanding the evolution of the legal market and its impact on the training of future professionals in the sector: “The analysis of remuneration in law firms not only allows us to understand the competitiveness of the sector, but also helps us to discover trends that allow us to better prepare future lawyers”.
Senior lawyers and directors lead salary increases in 2024
The study reveals that senior lawyers and area directors have seen the largest salary increases this year, with increases of 6.24% and 4.15%, respectively. These are the only categories to exceed the percentage growth in 2023, when the main beneficiaries were trainees and junior lawyers, with increases of more than 5%.
Salaries on the rise: this is how fixed salaries are now looking
In terms of average fixed remuneration, the analysis details the following increases: trainees: 17,893 euros (+2.45%); juniors: 43,084 euros (+4.27%); associates: 62,403 euros (+4.29%); senior associates: 88,297 euros (+3.92%) and directors: 126,306 euros (+4.66%).
Variable bonuses: minimal improvements
The growth in variable compensation has been more moderate compared to 2023, with juniors leading the increase in bonuses with an increase of 2.05%, reaching an average of 2,586 euros. Associates recorded a variable of €8,008 (+1.51%), while senior associates barely improved with €15,662 (+0.84%). Directors, who have experienced the largest increases in fixed salary, saw their variable remuneration rise by 1.88% to 27,403 euros.
International firms lead salary growth
According to the data obtained, international firms lead the salary increases, followed by national firms and the legal divisions of the Big Four. The legal boutiques, although they have also increased salaries, present more contained increases. In terms of variable compensation, increases have been more modest, except in some specific categories.
Legal boutiques
In the case of Spanish legal boutiques, there has been an increase in remuneration in all categories, being particularly notable in the case of trainees and juniors, as a strategy to attract young talent. According to the study, this approach reflects a clear intention to adapt salary policies to the demands of the market and the competition for emerging talent, especially at the initial levels of the professional career.
Paralegal
The figure of the paralegal maintains salaries similar to last year. We can interpret that this figure, highly valued by firms, has gained greater external and institutional recognition, as it continues to grow despite the increases of recent years.
Trainees experience improvements
Access Master’s trainees have also seen salary increases, with international firms offering the best conditions, followed by national firms and the Big Four. Boutiques have increased salaries for trainees and juniors as a strategy to attract young talent.
Reduction in teleworking
In terms of non-monetary benefits, the trend remains stable, with health and life insurance as the main additional benefits. However, a slight reduction in telecommuting has been observed compared to previous years.
Carlos Alberola stresses that, despite the moderation in rises, the Spanish legal sector continues to show a positive salary evolution and a solid competitive structure. The report, based on more than 7,000 professionals, reaffirms the commitment of national and international firms to local talent, consolidating the legal profession as one of the best paid professions in Spain.
The highest paid profession
Ignacio Bao, Emeritus Chairman of the Board and Managing Partner for Spain and Portugal at Signium, highlighted the growth of the market and the impact of international competition on remuneration: “The world of law has changed a lot. International firms decided to enter and national firms, which had low salaries, responded by increasing salaries, initiating an unbridled race for fees.”
In this sense, he underlined the profitability of the sector: “Currently, it is a market in constant growth, with firms turning over between 400 and 500 million euros. It is a very solid, expanding and highly profitable sector.” He also reaffirmed the privileged position of the profession: “Law is the best paid profession.” And he added about the quality of legal talent in Spain: “The legal excellence we have here is difficult to find in another country.”
For her part, Sonia Zunzunegui, general manager Eversheds Sutherland Spain, highlighted the demand and dedication that the legal profession requires, based on her experience of more than two decades in the sector. “This profession demands a great effort. Attitude and passion are fundamental to succeed in this career.” He also noted the difficulty of retaining talent committed to professional growth, noting greater ambition in men: “We face a problem in retaining talent that wants to go all the way to the top. It is more common to find that determination in men.”
Finally, he highlighted the effort and vocation of the new generations: “There are many examples of young people who have demonstrated their absolute dedication, as in Dana.”
