Although the main employment benefits lawyers and accountants receive will depend on the firm or business they work for, the stage of their career they are at and where they are based, the most common benefits include:
A competitive salary
Lawyers and accountants tend to receive competitive salaries commensurate with their education, experience, and expertise. These will vary slightly between roles in private practice and in industry but, given the specialist nature of the work and the skills and experience required to deliver the work, the financial compensation packages on offer tend to be both attractive and party to higher than average annual increases.
Bonuses and Incentives
In addition to a competitive salary, most legal and finance roles come with performance-based bonuses and other financial incentives. These are designed to reward exceptional work and specific achievements (these will be outlined in the terms of the scheme) and keep lawyers and accountants motivated.
Many law and accounting firms provide comprehensive health insurance coverage for their employees. This will typically cover medical, dental, and optometry. Some packages may also cover immediate family members as well as the employee.
Although all UK businesses now have to offer employees auto-enrolment based pension plans, professional roles tend to come with more attractive employer contributions, particularly those in private practice.
Paid time off
As well as having paid holiday and sick leave, lawyers and accountants will also usually receive a certain number of paid days off each year to engage in socially responsible activities, attend to personal matters or simply enjoy their birthdays away from work.
Continuous professional development (CPD)
CPD is a requirement within the legal and finance professions and employers have a responsibility to support their lawyers’ or accountants’ professional development, providing access to training, conferences and further education courses so their lawyers and accountants’ knowledge is always up to date.
Flexible working takes two forms.
The first is location-based. Will the role be a hybrid one and, if it is, how many days can you work at home and how many days will you need to come into the office?
The second is time-based. Can you improve your work-life balance by working the hours that suit you and your family best and can you compress your working week or explore part-time opportunities.
Professional memberships and subscriptions
Some employers may cover the costs of professional memberships and subscriptions to the relevant legal or accounting associations, journals, or publications that provide the knowledge, updates and contact their lawyers and accountants need to succeed in their chosen field.
As we’ve said while these benefits are the most common, the exact package will vary from role to role and from employer so when we talk about your next role, we will always confirm which benefits you’ll receive.