eFinancialCareers

The top banking and financial services law firms are setting up in the Gulf and, in order to secure top talent, salaries are on the rise. But it’s bad news for locals; it seems this pay inflation is merely an attempt to lure those with Western qualifications to the region.

A study into lawyer salaries by the Dubai Corporate Counsel Group (DCCG) reveals those working in the banking and financial services sector are the highest earners, and have seen their salaries swell this year.

According to the survey, salaries in excess of $400k a year are becoming more common for top lawyers in the UAE. The average salary for lawyers working in financial services however is around $270k a year.

Those with qualifications from the US are the best paid, followed closely by lawyers who graduated in England and Wales.

Justin Connor, acting chairman of the DCCG, says the salary increases are simply down to the age-old problem of a shortage of talent in the region.

He adds: “More than 75% of heads of department plan to recruit and expand their departments, particularly in Abu Dhabi with its dramatic expansion plans.”

This year, law firms focusing on the financial sector have been popping up all over the region. Clifford Chance, Dewey & LeBoeuf, Latham & Watkins and Norton Rose have all opened Gulf offices in 2008. Latham says it plans to have 20 lawyers in place by the end of the year.

What does it take to be one of the very top earners? Elizabeth Williams, senior partner and legal practice head at Tessera Executive Search, tells us: “Western-qualified, bilingual Arabic/English lawyers are still the most sought after and can command the highest salaries.”

She reckons she’s heard of packages reaching around $800k a year.