By Legal Futures Associate AJ Chambers
We recently surveyed our network of Accountancy and Legal practice professionals to gain an insight into how people rate different key benefits, and to find out what it is they are currently being offered.
A comprehensive benefits package not only serves as an essential tool for employee recruitment and retainment, but also acts as a valuable asset in promoting employee well-being, job satisfaction, and overall productivity. It goes beyond traditional compensation to encompass a range of offerings designed to support employees in various aspects of their lives. By understanding the value and impact of benefits packages within the accounting and legal practice sectors, organisations can enhance their talent acquisition strategies, improve employee retention rates, and ultimately foster a thriving work environment.
We have now compiled their answers into a comprehensive Benefits Report for 2023-24, covering Accountancy and Legal practices in London, the Home Counties, and East Anglia.
You can read a snapshot of the results for the Legal Practice sector below, or you can view the full report here.
The majority of those surveyed (44%) reported having 25 days annual leave, with the second most common offering being the largest option on the survey, with a substantial 11% of respondents claiming to receive 30 days or more. This is most notable in East Anglia, where 16% of people claim to have 30+ days holiday, compared to just 9% in the Home Counties.
The average employer pension contribution within the legal practice sector is 5%, with over 34% of practices offering this to their employees. The minimum requirement of 3% is the next most offered contribution, at 28% of respondents. Top 50 and Top 100 firms more commonly offer a 5% contribution to compete against other regional firms, and Magic/Silver circle firms based in London appear to be doing the same with >8% pension contributions for over 18% of their staff.
The majority of people surveyed within the legal sector (42%) reported not having any medical coverage in their current benefits package. However, 15% of people are receiving a medical plan that includes their spouse and children. London employees are the most likely to have a medical package, with 47% having personal cover and 17% having plans that extend to their family members. Outside of London, more than 50% of people do not have any medical cover, with 71% of small to medium practices not offering medical coverage in their benefit packages.
Less than 23% of the legal workforce reported working from the office 5 days a week, with the vast majority being either hybrid or fully remote. Roughly 53% of employees are working a 2/3 or 3/2 split, with over 30% of people only working from the office 2 days a week. When looking at the level of firm there is a steady decline in the percentage of people working from the office for a full 5 days; 44% of people at small to medium practices are fulltime in the office, and no respondent from the Magic or Silver circle reported not having some form of hybrid or remote working.
Despite having a large majority of people working either hybrid or remote, when it comes down to flexible working hours the results are a lot more rigid. There is a 50/50 split between whether or not people in the legal practice sector have flexible working, but it is apparent that the benefit is a lot less common in London. Although Magic and Silver circle firms offer more freedom in the days you work from the office, they are the least likely to offer flexible hours, with 63% or people reporting not having this benefit.
The most common frequency for social events is quarterly, with 29% of all respondents claiming to have a social event each quarter. Monthly social events are uncommon in East Anglia with only 6%, compared to London’s 23% and the Home Counties 19%. Compared to small to medium practices, where social events are either annually (32%) or never (9%), Top 50 firms seem to offer the most social events each year. Magic and Silver Circle firms had no reports of never offering regular social events.
If you would like to discuss your career and benefits package expectations in more detail, please contact us at firstname.lastname@example.org