The news that newly qualified lawyers in the U.S. are to receive starting salaries of $200,000 (with some firms now offering $205,000) plus bonuses has caused excitement in the legal community. It may be the inevitable impact of free market forces but it does raise a range of issues that the sector needs to consider.
First, the market forces. 2020 was a record year in revenue and profitability terms for many leading U.S. firms. Profit per partner rose to $3m, $4m, $5m and more with some partners receiving multiples of these average figures. Revenue per lawyer is significantly in excess of $1m.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Not a Bloomberg Law Subscriber?
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]