52% of Law Firm Partners Are ‘Somewhat Satisifed’ with Their Pay
Sixty-one percent of law firm partners think they should be earning more money, according to a first-ever compensation survey by a legal search firm.
Only 24 percent of the partners were “very satisfied” with their pay, according to the survey by Major, Lindsey & Africa. The majority—52 percent—were “somewhat satisfied,” the Am Law Daily reports. Seventeen percent were “not very satisfied,” and 6 percent said they were “not at all satisfied.”
Even though about three-quarters of the partners were either somewhat or very satisfied with their pay, 61 percent thought they should be earning more, the survey found. The survey, sent to 30,000 law firm partners, produced 1,873 responses. Seventy-eight percent of the respondents were from firms of more than 200 lawyers.
Average compensation was $640,000, although individual amounts ranged from less than $100,000 to more than $6.1 million. In New York City, average compensation was $938,000, the highest among all cities surveyed.