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Average BigLaw partner compensation increased 26% in 2 years, reaching this high-water mark

By Debra Cassens Weiss

October 29, 2024, 10:35 am CDT

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.

The percentage increase, the largest in the history of the biennial survey, is mostly due to a 26% increase in average partner originations, according to the 2024 Partner Compensation Survey, available here. A 36% increase in billing rates also contributed to the increase.

Billable hours, however, are only 2% higher than the average reported in 2014, four years after the survey began. The current average is 1,721 hours.

The 2024 Partner Compensation Survey is based on 1,718 responses from U.S. partners at the top 200 firms based on gross revenue. The survey, administered in the summer, sought compensation information for 2023.

The $1.4 million compensation figure is for equity and nonequity partners. Equity partners had average earnings of $1.9 million, while average earnings were $558,000 for nonequity partners. Average compensation for equity partners increased 32% since the 2022 survey, while the average for nonequity partners increased 21%.

The upward trend is expected to continue, according to an Oct. 24 press release.

Median compensation for all partners was a considerably lower $800,000, an indication that compensation at the highest levels is growing at a higher rate.

The survey also showed a compensation gap between male and female partners and between white and ethnically diverse partners.

Male partners earned an average of $1.6 million. compared to an average of $1.2 million for females. White partners earned an average of $1.4 million, compared to an average of $1.35 million for ethnically diverse partners. The gap varies based on ethnicity.

Law.com covered the survey (here and here) and spoke with report co-author Louis Ramos, a Major Lindsey managing director.

“It’s definitely a good time to be a law firm partner,” he said.

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3. Legal sector loses 4,400 jobs in January…

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Legal sector loses 4,400 jobs in January after reaching employment high-water mark in December

By Debra Cassens Weiss

February 5, 2024, 9:39 am CST

The legal services sector lost 4,400 jobs in January after reaching all-time highs in November and December, according to seasonally adjusted and preliminary figures released Friday by the U.S. Bureau of Labor Statistics.

The sector had 1,187,800 jobs in January and 1,192,200 jobs number in December, a figure that was revised upward from the initial December number reported last month.

The December number—as well as the revised November number of 1,188,100 jobs—outpaced the previous high of 1,187,900 jobs set in July 2022.

The sector gained 3,100 jobs in November and 4,100 jobs in December before losing 4,400 jobs in January, according to the revised figures. The numbers for January and December are still preliminary.

The jobs number is based on payroll jobs for attorneys and staff members working at law firms providing legal services. The jobs data can change in recent monthly revisions, as well as the annual look-back process.

Reuters and Law360 are among the publications covering the jobs report.