Most of the nation’s 1.3 million attorneys operate in private practice, with the majority of them serving in small law firms. However, comprehensive information regarding small law practice’s compensation system has always been hard to find. Challenge accepted, Above the Law has initiated a survey of solo practitioners and small firm lawyers to shed light on their pay scale.
Now, in partnership with iManage, the results of their fifth Solo & Small Firm Compensation Survey are ready to be revealed. The survey stacked up responses from more than 1,000 attorneys based in firms with 50 or fewer lawyers during the summer and fall of 2023 and asked for details such as:
- Total annual compensation
- Target bonus (relative to base pay)
- Average raise received
- Percentage of total compensation based on collections
- Percentage of total compensation rooted in origination fees
- The share of firm revenue stemming from their individual book of business
The resulting data has been amassed and divided across numerous demographics like position, firm size, practice area, geographic region, year of law school graduation, and gender.
Whether you’re attempting to benchmark your present salary, contemplating joining a small law firm, or even launching your own practice, this report promises to offer a useful resource. More than 1,000 small firm lawyers have offered insights into their pay structure, unveiling concealed specifics about compensation in the world of small law.