Senior in-house commerce and industry lawyers are now earning more than some finance directors - with a median salary figure of 382,004 in the FTSE 350, including 103,504 paid in benefits and bonuses, a survey said last week.

The research by Incomes Data Services reviewed companies in the FTSE 350 and tracked the salaries of ten legal directors.

It found that while finance directors still earn more than their legal colleagues in the FTSE 100, the pecking order shifts farther down the index in the mid-250 region.

In the FTSE 100, legal directors earn a median figure of 373,500, compared to 692,500 for finance directors and 1.3 million for top executives.

However, in the mid-250 region, legal directors earn a median of 382,004 compared to 343,000 for finance directors and 555,460 for lead executives.

Carol Williams, the chairwoman of the Law Society's Commerce & Industry Group, said: 'The role of the legal director is growing in importance as corporate governance issues are coming to the fore, because of what is happening both in the US and the UK.'

Rachel Rothwell