About half of surveyed lawyers are satisfied with their law firm compensation, survey finds
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 story did not break down bonuses based on firm size.
More than 1,150 lawyers responded to the survey, which was conducted from April to June. Survey respondents were asked about their compensation for 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.
