What is LawCrossing?
For every legal
professional:
•Attorneys
•Partners
•Law Students
•Paralegals
•Legal Staff
LawCrossing...
Why LawCrossing?
•LawCrossing has more than 50,000 legal
jobs, 25 times more than any other job
board.
•LawCrossing lists ...
Lawyers per capita are on the rise
• The number of lawyers
in the United States has
increased steadily over
the past half ...
Attorney growth
Lawyers in the U.S.
Graphics dramatically illustrate the growth in lawyer population.
1,000,000
19801980 1...
Today’s Active Attorneys
1,143,358
Expect
10% to 20%
growth by 2012
This market will continue to grow
Source: American Bar...
The percentage of lawyers in the AmLaw
100, the biggest firms, is growing
0
200,000
400,000
600,000
800,000
1,000,000
1,20...
Attorney growth in the top 250 firms
from 1985 to 2007
Source: http://www.law.com/jsp/article.jsp?id=1194602651764
The inc...
Average top law firm partner
compensation is growing
• The average
profits per partner
of AmLaw 100
firms range widely
fro...
Serious money
• AmLaw 100 average
profit per partner:
$1,065,000
• AmLaw 200 average
profit per partner:
$590,000
Sources:...
Salaries for new attorneys are at an all-
time high on the coasts
• In 2007, midsize L.A. firm Irell & Manella
and L.A. li...
Mid-America law firm starting
salaries are not far behind
The nation's middle regions are matching
the $160,000-plus salar...
Lawyer median income in 2-3 years
after law school
TOP 10
Schools
TOP 11-20
Schools
TOP 21-100
Schools
TIER 3
Schools
TIER...
Revenue by industry
Source: U.S. Census Bureau, http://www.census.gov/econ/census02/
0
5,000,000
10,000,000
15,000,000
20,...
Comparisons to the legal industry
0
20,000,000
40,000,000
60,000,000
80,000,000
100,000,000
120,000,000
140,000,000
160,00...
Legal industry revenue is growing
• Over the past ten years, the
average gross revenue of the
top 250 firms nationwide
inc...
Financial growth of one firm
• Skadden, Arps, Slate, Meagher
& Flom declared that the firm
was the first to gross 2.2 bill...
Hourly billing rates on the rise
• In another survey, about 75% of the 250 largest law
firms said they raised their billin...
Even average lawyers are affluent
consumers
Source: American Bar Association
• Average household
income: $199,000
• Attorn...
Top lawyers make even more
• Average employment
income: $689,800
• Average household
income: $846,000
• Total market value...
Legal market breakdown
The Cream Of The Crop
Top 200 Firms
• The top 200 firms have
revenues from $940,000 to
$1,610,000.
...
A breakdown of the legal profession:
74% are in private practice
0
5
10
15
20
25
30 Professor
Judge
Corp. exec.
Of counsel...
Law firm hierarchy
Basic structure for law
office
Managing partner
Executive committee
Senior partner
of specialty
Senior ...
LawCrossing Vs. Other Job Boards
Number of Jobs in each Job Board in US
Approximate figures – subject to change
2,632 3,00...
Sign Up NOW!
Law Firm Salaries and Law Firm Growth and Legal Job Market
Upcoming SlideShare
Loading in …5
×

Law Firm Salaries and Law Firm Growth and Legal Job Market

23,367 views

Published on

Law firm salaries, AmLaw100 law firm salaries, AmLaw 100 Law Firm Growth, LawCrossing, LawCrossing.com, attorney jobs, legal jobs, growth of law firms, salaries for new law school graduates, increase in law firm partner compensation, LawCrossing, Harrison Barnes

Published in: Business, Career
0 Comments
9 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total views
23,367
On SlideShare
0
From Embeds
0
Number of Embeds
1,359
Actions
Shares
0
Downloads
17
Comments
0
Likes
9
Embeds 0
No embeds

No notes for slide

Law Firm Salaries and Law Firm Growth and Legal Job Market

  1. 1. What is LawCrossing? For every legal professional: •Attorneys •Partners •Law Students •Paralegals •Legal Staff LawCrossing offers the largest collection of active legal jobs i : From every employer: •AmLaw 100/200 •Law Firms •In-House •Judges •Public Interest Organizations
  2. 2. Why LawCrossing? •LawCrossing has more than 50,000 legal jobs, 25 times more than any other job board. •LawCrossing lists even hidden jobs that you will not find elsewhere. •LawCrossing collects jobs from more than 250,000 websites and post them on its site. • LawCrossing does not charge employers to post their jobs. •LawCrossing is private, and therefore far fewer people are applying for the jobs on its site than are applying for those on public job boards. Legal industry is a burgeoning sector. Read on to better understand the legal job market and the wide scope that your future holds.
  3. 3. Lawyers per capita are on the rise • The number of lawyers in the United States has increased steadily over the past half century and is currently estimated at more than 1,143,358. Source: http://usinfo.state.gov/products/pubs/legalotln/lawyers.htm Source: ABA Market Research Department, 6/2007 https://www.cia.gov/library/publications/the-world-factbook/print/us.html Today1970 Lawyers Per Capita 1 Per 263 1 Per 700
  4. 4. Attorney growth Lawyers in the U.S. Graphics dramatically illustrate the growth in lawyer population. 1,000,000 19801980 19901990 19921992 552K 720K 973K 1,143K 20072007 Source: ABA Market Research Department, 6/2007
  5. 5. Today’s Active Attorneys 1,143,358 Expect 10% to 20% growth by 2012 This market will continue to grow Source: American Bar Association 2007
  6. 6. The percentage of lawyers in the AmLaw 100, the biggest firms, is growing 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1985 1995 2000 2004 2007 Number of U.S. Lawyers % in AmLaw 100 Source: Growing Pains, Alison Frankel, The American Lawyer, May 1, 2006 http://www.law.com/jsp/tal/PubArticleTAL.jsp?id=1145964622373; www.law.com/jsp/article.jsp?id=1209459933263&rss=newswire 1985: 3.8% of 655,191 lawyers 1995: 4.4% of 857,931 lawyers 2000: 5.2% of 1,066,328 lawyers 2004: 6.3% of 1,084,504 lawyers 2007: 6.8% of 1,143,358 lawyers
  7. 7. Attorney growth in the top 250 firms from 1985 to 2007 Source: http://www.law.com/jsp/article.jsp?id=1194602651764 The increase in the number of attorneys at the top 250 firms indicates that firms continue to boost their ranks to meet the demands created by a strong business economy.
  8. 8. Average top law firm partner compensation is growing • The average profits per partner of AmLaw 100 firms range widely from $375,000 to $1,500,000 Sources: The AmLaw 100 2005, The American Lawyer, July 2005; Competitive Intelligence for Law Firms Altman Weil Pensa surveys 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 1997 2001 2004
  9. 9. Serious money • AmLaw 100 average profit per partner: $1,065,000 • AmLaw 200 average profit per partner: $590,000 Sources: (The American Lawyer, June 2006)
  10. 10. Salaries for new attorneys are at an all- time high on the coasts • In 2007, midsize L.A. firm Irell & Manella and L.A. litigation firm Quinn Emanuel Urquhart Oliver & Hedges boosted pay to $160,000. • Gibson Dunn became the first large firm to follow suit in December, and several major firms on the East Coast then fell into line. • In 2007, New York firms such as Skadden, Arps; Sullivan & Cromwell; Kirkland & Ellis and Weil, Gotschal & Manges and others began starting new associates at $160,000. Sources: Associate salary war moves to mid-U.S., National Law Journal, Leigh Jones/Staff reporter, June 8, 2006 December, 2006, BCG Research Top Recruiter Survey, www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1069170401903
  11. 11. Mid-America law firm starting salaries are not far behind The nation's middle regions are matching the $160,000-plus salaries of beginning attorneys. Farella Braun & Martel, Perkins Coie, increased compensation to $160,000 for the first-year associates it will hire in 2008. Source: www.nalpdirectory.com/dledir_search_results.asp?fscid=f055904&yr=2008&orgtypeid=F
  12. 12. Lawyer median income in 2-3 years after law school TOP 10 Schools TOP 11-20 Schools TOP 21-100 Schools TIER 3 Schools TIER 4 Schools # LAWYERS IN OFFICE MEDIAN SALARY % MEDIAN SALARY % MEDIAN SALARY % MEDIAN SALARY % MEDIAN SALARY % Solo - 0% - 2% 50,000 4% $55,000 6% $57,500 8% 2-20 135,000 6% 75,500 16% 60,000 29% 55,000 36% 54,500 41% 21-100 130,000 20% 130,000 27% 94.000 20% 85,000 15% 79,500 12% 101-250 145,000 25% 135,000 22% 107,000 10% 95,000 6% - 2% 251+ 150,000 25% 140,000 11% 135,000 5% 137,000 3% - 1% Business 120,000 6% 80,000 5% 84,000 9% 70,000 11% 80,000 11/5 Source: After the JD: First Results of a National Study of Legal Careers, NALP Foundation, 2004, http://www.nalpfoundation.org/webmodules/articles/articlefiles/87-After_JD_2004_web.pdf
  13. 13. Revenue by industry Source: U.S. Census Bureau, http://www.census.gov/econ/census02/ 0 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 35,000,000 40,000,000 45,000,000 50,000,000 Movie Exhibition $11,211,397,000 Bars $13,995,489,000 Spectator sports $21,933,413,000 Book publishers $27,162,866,000 CPA's $48,548,817,000 Revenue by thousands Actual revenue And how much revenue is generated by the legal industry?
  14. 14. Comparisons to the legal industry 0 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 120,000,000 140,000,000 160,000,000 180,000,000 200,000,000 Movie Exhibition $11,211,397,000 Bars $14,995,489,000 Spectator sports $21,933,413,000 Book publishers $27,162,866,000 CPA's $48,548,817,000 Legal industry $182,650,380,000 Revenue by thousands Actual revenue Source: U.S. Census Bureau, http://www.census.gov/econ/census02/
  15. 15. Legal industry revenue is growing • Over the past ten years, the average gross revenue of the top 250 firms nationwide increased by 56% to $265.5 million. • During the same time period, average annual profits per partner at these firms rose by 34% to $755,000. Source: http://www.judicialaccountability.org/baraccountability6.htm 56% increase in 10 years! $265.5 million
  16. 16. Financial growth of one firm • Skadden, Arps, Slate, Meagher & Flom declared that the firm was the first to gross 2.2 billion dollars a year. • In 1978, the firm had 160 lawyers and grossed $30 million. • In 2007, the 421 equity partners of the firm earned a stunning profit of an average of $2.28 million for the year. Source: http://www.judicialaccountability.org/baraccountability6.htm, http://www.law.com/jsp/nylj/PubArticleNY.jsp? id=1209459934571, http://www.nylawyer.com/adgifs/decisions/043008chart.pdf 0 500 1000 1500 2000 2500 Gross 1978 2004 2007 1978: $30 million Today: $2.2 billion
  17. 17. Hourly billing rates on the rise • In another survey, about 75% of the 250 largest law firms said they raised their billing rates in 2006. • In big cities, some partners are billing out at $1,000 per hour or even more. • Here are some sample attorney hourly billing rates: ** Sources: *NLJ, http://www.law.com/jsp/nlj/PubArticleNLJ.jsp?id=1165582055184 **http://www.law.com/special/professionals/nlj/2002/firm_by_firm_sampling_of_billing_rates_nationwide.shtml Akin, Gump, Strauss, Hauer & Feld (Washington, DC) Partners $350-$600 Associates $170-$330 Cooley Godward (Palo Alto, CA) Partners $330-$600 Associates $190-$425 Kramer Levin Naftalis & Frankel (New York, NY) Partners $440-$625 Associates $210-$440 Locke Liddell & Sapp (Houston, TX) Partners $300-$595 Associates $150-$350
  18. 18. Even average lawyers are affluent consumers Source: American Bar Association • Average household income: $199,000 • Attorney Average Household Income by Firm Size: – 1-9 lawyers: $176,000 – 10-99 lawyers: $204,000 – 100-499 lawyers: $241,000 – 500+ lawyers: $363,000
  19. 19. Top lawyers make even more • Average employment income: $689,800 • Average household income: $846,000 • Total market value of investments: $3.289 million • Average household net worth: $4.0 million Sources: Survey, The American Lawyer, Survey American Bar Association $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 Personal Household Average U.S. Adult Average Lawyer Average Top Lawyer Income Income
  20. 20. Legal market breakdown The Cream Of The Crop Top 200 Firms • The top 200 firms have revenues from $940,000 to $1,610,000. • The smallest firm in the top 200 by revenue law firms has 129 attorneys. • There are approximately 69,000 attorneys in the top 100 firms. Sources: http://www.law.com/jsp/tal/PubArticleTAL.jsp?hubtype=Cover+Story&id=1148634338793 http://www.law.com/jsp/tal/PubArticleTAL.jsp?hubtype=Cover+Story&id=1145803851957, American Lawyer
  21. 21. A breakdown of the legal profession: 74% are in private practice 0 5 10 15 20 25 30 Professor Judge Corp. exec. Of counsel Corp. lawyer Govt. lawyer Other Solo Sr. Mging Partner Partner Associate Source: American Bar Association survey 1.3% 2% 2.5% 3% 5.4% 10.1% 10.3% 11.5% 14.7% 15.7% 25.3%
  22. 22. Law firm hierarchy Basic structure for law office Managing partner Executive committee Senior partner of specialty Senior partner of specialty Senior partner of specialty Senior partner of specialty Librarian MIS Acquisition Directors Paralegal Attorney Attorney Attorney Attorney Attorney Attorney Attorney Attorney Attorney Attorney Attorney Attorney Attorney Attorney Attorney Attorney Paralegal Paralegal Paralegal You must play one firm off the next.
  23. 23. LawCrossing Vs. Other Job Boards Number of Jobs in each Job Board in US Approximate figures – subject to change 2,632 3,005 300 2,300 130,000 LawLadder Vault LawCrossing LawLadder EmplawyerNet Vault Career Builder LawCrossing
  24. 24. Sign Up NOW!

×