Time for your daily dose of stuff-you-already-knew about lawyer compensation.
From the New York Law Journal, which every now and then publishes something you actually care about:
Salary increases for associates and non-equity partners have cut into equity partners’ pay, a survey by law firm consultancy Altman Weil has found.
The survey of 200 firms nationwide found that median associate pay had increased 5.7 percent to $118,475 in 2005, while non-equity partner’s compensation had increased 6.3 percent to $187,000.
Meanwhile median profits per partner at the firms surveyed by Altman Weil increased by a more modest 2.9 percent to $297,899.
So there you have it. Law firm associates aren’t starving — except in New York, where low six-figures can’t get you Kobe beef. But law firm partners are living off the fat of the land.
Associates of the world, unite! You have nothing to lose but your Blackberries.
Survey: Associate Salary Hikes Cut Equity Partner Pay [New York Law Journal]