Law firms compete to recruit top accountants

The war between law firms to recruit top talent has gone beyond solicitors and has spread to support staff, a survey has revealed, with starting salaries for newly qualified accountants reaching 42,000.Finance recruitment consultants Carter Murray found that firms were offering financial directors remuneration packages as high as 300,000.David Keddie, Carter Murray's head, said: 'The role of director of finance has become crucial, relieving the partnership of the administrative burden of financial management of the firm.

With this rise in status and influence, salaries have increased with the quality of applicants.'Financial directors' enhanced role in law firms is reflected by the finding that 81% are on the main board or management committee of their employers.According to the survey, the average wage of a finance director in an80-partner plus firm in London and the south-east is 161,250, compared to 83,250 elsewhere in the country.For firms of 30-80 partners, average base salary was 91,200 in London and the south-east and 68,000 elsewhere, and 65,000 and 53,400 respectively for firms of fewer than 30 partners.

Mr Keddie said: 'I estimate that most financial directors would pay for themselves within a year.

I would say they bring in more money in terms of cost savings and revenue than the top fee-earners.'In 2000 the average pay rise for finance staff exceeded that of non-finance staff, the survey found.

Finance controllers at top firms in London earn an average 84,500, while management accountants can expect 45,000.The average number of finance personnel in an 80-partner plus firm was 48, compared to 17 in 30-80 partner firms and 11 in smaller firms.Peter Griffiths, the financial director at City firm CMS Cameron McKenna, said: 'We now have a whole team working on recruiting accountants to the firm to offer them a career ladder.

That would never have happened five years ago, but we now have the right size and structure in the financial department and we are reaping the benefits of our investment.'