Survey finds that about half of lawyers surveyed are satisfied with the compensation they receive from their law firms
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About half of surveyed lawyers are satisfied with their law firm compensation, survey finds
October 3, 2024, 9:03 am CDT
Only 52% of surveyed lawyers are satisfied with their total compensation, but the percentage increases with pay transparency, according to a law firm compensation survey by Law360 Pulse. (Image from Shutterstock)
Only 52% of surveyed lawyers are satisfied with their total compensation, but the percentage increases with pay transparency, according to a law firm compensation survey by Law360 Pulse.
In firms with pay transparency, 74% of lawyers were satisfied with their total firm compensation, according to a Law360 story on the survey. Thirty percent of the surveyed lawyers said lawyer salaries were transparent.
Another 17% of surveyed lawyers said salaries at their firms were partially transparent. In this group, 54% of the lawyers were satisfied with total compensation.
The median base pay for associates was $120,000 at firms with 100 or fewer lawyers, $179,000 at firms with 101 to 600 lawyers, and $230,000 at firms with more than 600 lawyers.
The median base pay for equity partners was $250,000 at firms with 100 or fewer lawyers, $400,000 at firms with 101 to 600 attorneys, and $800,000 at firms with more than 600 lawyers.
Median bonuses were $15,000 for associates, $50,000 for nonequity partners and $170,000 for equity partners. The Law360 article did not break down bonuses by firm size. Survey respondents were asked to provide information on their compensation in 2023. Forty-one percent of the respondents were associates, 16% were nonequity partners, 27% were equity partners and 16% were other attorneys.
Law360 Pulse’s 2024 survey is titled Compensation Report: Law Firms.
