Re:Bimodal Salary Distribution for New Law School Graduates
by chubot on Monday April 27, 2015 @02:12PM
(#9448112)
How much total compensation are the people making $160K getting? I ask because for many software jobs, salary is only a part of total compensation. I assume that's also true for law, which may make the distribution even more skewed.
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Re:Bimodal Salary Distribution for New Law School Graduates
by mathattack on Monday April 27, 2015 @02:16PM
(#9448147)
If you trust the Economist [0] it's been 7.5-15K in recent years. It's very supply/demand driven, and firms tend to move in lockstep. It goes up to 100K and beyond for the senior-most non-partners. The big raise comes (like most professional services firms) in jumping from the senior-most non-partner to the junior-most partner (owner).
[0] http://www.economist.com/news/business/21636751-why-big-end-...
Re:Bimodal Salary Distribution for New Law School Graduates
by pyrrhotech on Monday April 27, 2015 @05:48PM
(#9449311)
at top firms, 40k+ bonus expected. by year 3, total comp should be > $300k. By partner (if you make it, at least 8 years) $1MM+
Re:Bimodal Salary Distribution for New Law School Graduates
by lagugun on Monday April 27, 2015 @09:05PM
(#9450058)
This isn't quite true. The current market bonus scale is 15k - 25k - 50k - 65k - 80k - 90k - 100k for years 1-7 (http://abovethelaw.com/2014/11/associate-bonus-watch-davis-p...). Market salary scale is 160k - 170k - 185k - 210k - 230k - 250k - 265k (http://abovethelaw.com/2007/01/breaking-simpson-thacher-rais..., market hasn't changed since 2007). So total compensation looks like 175k - 195k - 235k - 275k - 310k - 340k - 365k for years 1-7. (Most biglaw firms don't offer any 401k matching.)
There are a handful of firms that beat the market scale, but even more firms that pay less than market (mostly through below-market bonuses, rather than through below-market salaries).
First-year partners aren't likely to make 1MM+, but rather something in the range of 300k-700k (http://www.quora.com/What-does-the-average-junior-partner-at...). Average compensation of all partners in 2012 was 681k (http://abovethelaw.com/2012/09/new-data-on-law-firm-partner-...).
Re:Bimodal Salary Distribution for New Law School Graduates
by pyrrhotech on Tuesday April 28, 2015 @07:41PM
(#9455766)
fair enough--your numbers are well documented and are a better representation of the "average" big law firm. I was more pointing to the best of the best. I believe the top firms produce about 6MM profits per partner, though the profits aren't equally distributed among the partners