Average compensation for partners in larger law firms is $1.4 million, a record high that represents a 26% increase since 2022, according to a new survey by legal recruiting firm Major, Lindsey & Africa.
Law firms are cutting compensation for some partners because of reduced productivity or impending retirements, a contrast from more collegial days, according to consultants who spoke with Law.com.
A federal judge has slashed a $185 million fee that she initially awarded to Quinn Emanuel Urquhart & Sullivan, an amount that translated to about $18,500 per hour for its work in an insurance class action lawsuit.
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.
Gibson, Dunn & Crutcher has agreed to pay a former partner more than $140,000 in attorney fees unless the amount is overturned in an appeal of his much higher arbitration award.
Public defenders and prosecutors are among about 250 government attorneys who went on strike Monday in California’s Sacramento County following two years without a contract.
Duane Morris reduces business expenses and tax obligations for equity partners by shifting some of the burdens to lawyers who carry the partner title but have no equity or power in the law firm, according to a lawsuit filed Wednesday.
