The average compensation for partners in larger law firms has reached a record high of $1.4 million, representing a 26% increase since 2022, signifying the strongest growth recorded in the biennial survey's history.
Despite a notable 36% increase in billing rates and a recorded 26% rise in partner originations, billable hours have only increased by 2% compared to 2014 levels.
The survey highlights a compensation disparity, with equity partners earning an average of $1.9 million compared to $558,000 for nonequity partners, and points out significant gender and ethnic disparities in earnings.
Male partners average $1.6 million in compensation, whereas female partners earn an average of $1.2 million, indicating a persistent compensation gap based on gender and ethnicity.
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