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Today is the kickoff for Well-Being Week in Law, which is about raising awareness around mental health and encouraging action and innovation across the legal profession to improve well-being.
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Check once or twice a year and focus on total compensation, not just base pay.
Rough rule of thumb is 1/3 of collections.
I’m glad I’m not alone in those occasional spirals! I’m going to try to check out that other salary board someone else mentioned. If I compare myself to big law, I’m always sad. Ha
I’m government and furloughed so you can always laugh at me to feel better.
Comparison is the thief of joy.
You’re probably underpaid, but assuming you’re within 10-15%, the friction of changing jobs + more hours (likely) at new firm probably is a wash. But if it gets to 20-30% difference (total comp, same city) then I would be tempted to jump. If relocating, it would have to be 40% plus
Wondering if we can get to an apples to apples comparison by % of revenue to judge over/under compensation.
In BL, I’m getting $405k (includes bonus and doesn’t change based on geographic location) as a 4th year and my billable rate times min hours is around $2,850,000. So I’m effectively getting around 14.21% of revenue. BL is notoriously bloated though and rates are high so at a smaller firm I think your % of revenue should be higher than that.
Maybe others at smaller or mid size firms can run the same calc so we can get better reference points for comparison?
I think mine all get paid, but makes sense since that probably varies at other firms/practice areas.
Bowl Leader
Check out the recent salary benchmarking thread in this bowl if you’re not in biglaw. Biglaw is standard obviously so publicly searchable.