Credit: Who is Danny/Adobe Stock $20M and Still Going: Is Partner Pay a Bubble?
According to some industry observers, $25 million to $30 million is the new top rung for valuable laterals, high-performing partners and some Big Law leaders. It's still very rare, but not unfathomable.
July 11, 2024 at 05:00 AM
6 minute read
Law Firm Profitability
What You Need to Know
- Sources mostly agreed that the going price for star lawyers is not some kind of bubble.
- 'Books are growing, and firms are consolidating, so as they are gaining market share, partners are gaining market share within their firms, and the firms leading the charge in profitability, they're able to pay more,' one recruiter said.
- Some partners are earning more than 50% of what they were making five years ago, another recruiter said.
Big Law's most successful lawyers continue to take home bigger and bigger paychecks. But as their firms continue to make tectonic compensation shifts inside partnerships, does partner pay have nowhere to go but up?
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