US Law Firm partner to pay hits new highs which will be dealing with lawyers in lead



Average annual pay for the US law firm partners reached $1.12 million in 2021 as it was heightened client demand buoyed firm profits according to a report that was released in Tuesday by Major, Lindsey and Africa (MLA). The legal recruiting their firm’s partner for 2022 in compensation of the survey that said an average pay was higher than any time since it was started tracking the partner compensation. The compensation growth was actually driven by the ‘virtual every single practice area’, as per the global practice leader of the Law Firm’s practice.


Corporate partners have reported that the highest average total compensation was at around $1.49 million that marks a 26% of increase inn the highest percentage of hike in the areas of increase which was for litigation of partners who saw average pay increase to 17%. Law firms saw surging demand for corporate work in 2021 as M&A activity boomed, though demand has slowed this year amid a cooldown in dealmaking.


Labour and employment partners had reported the lowest average of total at $653,000 which was at an increasing rate of 6 percent, where as the tax and ERISA Partners had seen a decline of 9% in terms of compensation to 1.15$ Million. In a persisting gender gap, male partners reported average compensation of $1.21 million in 2021, while female partners said they received an average of $905,000, the report said. The 34% gap, which has narrowed from 44% in the 2020 survey, is in large part due to male partners surpassing female counterparts in business origination, as per justification by the MLA.


Source- https://www.reuters.com/legal/legalindustry/us-law-firm-partner-pay-hits-new-highs-with-deal-lawyers-lead-2022-10-18/


 

#lawfirmstrategy#lawfirmmarketing#lawfirmmanagement#lawfirmgrowth#lawfirmleadership#legaltech#legalindustry#legal#legalmanager#legaldocument#legaldisruption#legalinnovation#legalknowledge#legalmarketing#legaleducation#legaladvice#legalcommunity#legalhelp#legalissues#legalawareness#legaldesign#legalblog#legalmatters#legalcounsel#legaldocuments#legalconsulting#legalai#legalcloud#lawtech#lawyers#lawpractice#lawupdates#laws#lawnews#lawenforcement#law

 

Follow LexTalk World for more news and updated from International Legal Industry.

9 views