midsize firm partner salary/profits

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notalawyer13
Posts: 2
Joined: Fri Jul 08, 2011 12:56 pm

midsize firm partner salary/profits

Postby notalawyer13 » Fri Sep 23, 2011 4:52 pm

Hey guys and gals,

My wife has a few offers in a major market and I'm trying to help her sort them out. One is at a biglaw firm that starts associates at $160,000, the other is at a well-respected mid-size firm (around 100 lawyers) that starts in the neighborhood of $130,000. She loves the people, culture, and [supposed] work-life balance of the mid-size firm, but she is worried she is making a bad decision by taking the "lesser" job. I know you all have probably heard this scenario a million times so I will cut to the chase: what is a typical mid-size firm partner salary in a major market? I know it is equity-based and I know it has huge variation. I don't need a 95% confidence interval, just a useful range.

Am I way off to say that for a successful firm around 100 lawyers in a major market with a starting salary of $130,000 that a partner would probably make at least $300,000?

Any other comments/advice on mid vs. large?

Thanks.

Anonymous User
Posts: 273472
Joined: Tue Aug 11, 2009 9:32 am

Re: midsize firm partner salary/profits

Postby Anonymous User » Fri Sep 23, 2011 5:08 pm

notalawyer13 wrote:Hey guys and gals,

My wife has a few offers in a major market and I'm trying to help her sort them out. One is at a biglaw firm that starts associates at $160,000, the other is at a well-respected mid-size firm (around 100 lawyers) that starts in the neighborhood of $130,000. She loves the people, culture, and [supposed] work-life balance of the mid-size firm, but she is worried she is making a bad decision by taking the "lesser" job. I know you all have probably heard this scenario a million times so I will cut to the chase: what is a typical mid-size firm partner salary in a major market? I know it is equity-based and I know it has huge variation. I don't need a 95% confidence interval, just a useful range.

Am I way off to say that for a successful firm around 100 lawyers in a major market with a starting salary of $130,000 that a partner would probably make at least $300,000?

Any other comments/advice on mid vs. large?

Thanks.


depends a lot on the type of work the mid-sized firm does...some areas of the law are more lucrative than others and, if the mid-size specializes in one of this areas, it's probably likely that the profits per partner would be significantly greater than $300k/year.

lawfirmrecruiter
Posts: 622
Joined: Thu Jun 16, 2011 1:28 pm

Re: midsize firm partner salary/profits

Postby lawfirmrecruiter » Fri Sep 23, 2011 5:20 pm

Anonymous User wrote:
notalawyer13 wrote:Hey guys and gals,

My wife has a few offers in a major market and I'm trying to help her sort them out. One is at a biglaw firm that starts associates at $160,000, the other is at a well-respected mid-size firm (around 100 lawyers) that starts in the neighborhood of $130,000. She loves the people, culture, and [supposed] work-life balance of the mid-size firm, but she is worried she is making a bad decision by taking the "lesser" job. I know you all have probably heard this scenario a million times so I will cut to the chase: what is a typical mid-size firm partner salary in a major market? I know it is equity-based and I know it has huge variation. I don't need a 95% confidence interval, just a useful range.

Am I way off to say that for a successful firm around 100 lawyers in a major market with a starting salary of $130,000 that a partner would probably make at least $300,000?

Any other comments/advice on mid vs. large?

Thanks.


depends a lot on the type of work the mid-sized firm does...some areas of the law are more lucrative than others and, if the mid-size specializes in one of this areas, it's probably likely that the profits per partner would be significantly greater than $300k/year.


You also need to take a step back and consider the likelihood of actually making it to partner in the big firm. While the payout can be considerable, the path to partnership can sometimes be almost impossible.

Anonymous User
Posts: 273472
Joined: Tue Aug 11, 2009 9:32 am

Re: midsize firm partner salary/profits

Postby Anonymous User » Fri Sep 23, 2011 6:17 pm

lawfirmrecruiter wrote:
Anonymous User wrote:
notalawyer13 wrote:Hey guys and gals,

My wife has a few offers in a major market and I'm trying to help her sort them out. One is at a biglaw firm that starts associates at $160,000, the other is at a well-respected mid-size firm (around 100 lawyers) that starts in the neighborhood of $130,000. She loves the people, culture, and [supposed] work-life balance of the mid-size firm, but she is worried she is making a bad decision by taking the "lesser" job. I know you all have probably heard this scenario a million times so I will cut to the chase: what is a typical mid-size firm partner salary in a major market? I know it is equity-based and I know it has huge variation. I don't need a 95% confidence interval, just a useful range.

Am I way off to say that for a successful firm around 100 lawyers in a major market with a starting salary of $130,000 that a partner would probably make at least $300,000?

Any other comments/advice on mid vs. large?

Thanks.


Honestly after taxes the difference between 160K and 130K is not too much. All other things aside, I would definitely take a better work/life balance for 30K less.

depends a lot on the type of work the mid-sized firm does...some areas of the law are more lucrative than others and, if the mid-size specializes in one of this areas, it's probably likely that the profits per partner would be significantly greater than $300k/year.


You also need to take a step back and consider the likelihood of actually making it to partner in the big firm. While the payout can be considerable, the path to partnership can sometimes be almost impossible.

Omerta
Posts: 381
Joined: Tue Apr 13, 2010 6:47 pm

Re: midsize firm partner salary/profits

Postby Omerta » Fri Sep 23, 2011 6:20 pm

Midlaw partners in ATL are in the 275-450 range. Top-tier firms pay 700+, with K&S and PH on top with around 1.2-1.4MM PPP. But if you think you're making partner at either of those -- well -- good luck with that. I met with a partner who basically showed me his firm's financial information and the information they were able to glean about competitor compensation.




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