I’m thrilled to be headed back to New York City next week for the Law Firm Leadership and Economic Forum where David Brown, editor in Chief of The National Law Journal will be presenting some of the key findings from the ALM Survey of Law Firm Economics. You can follow my live tweets at the conference under the hashtag #ALMecon. If you don’t know what a hashtag is or how they work at conferences- CLICK HERE.
According to the 2009 ALM Survey of Law Firm Economics there was a specific recipe for an attorney to maximize their income in 2009. Some of these are obvious, while others- like the gender gap are a little more surprising. (All graphics come from this special report.)
For instance, we all know that salaries are higher in NYC, but the disparity is more dramatic than you might think.
Before you start packing up and booking your travel plans to move to NYC, keep in mind that a 3-bedroom apartment in Manhattan will still cost you on average about $2.3 Million. Your money may go a little further by sticking it out in Milwaukee.
According to the survey larger firms also had far greater revenue per lawyer.
Perhaps most surprising was the gender gap. You would expect senior equity partners to on average make more, but the study revealed that at every level, even for associates, men were making more than women.
Apparently the pyramid structure of law firms is also taking a hit. As the baby boomers get older firms are struggling with a tendency to be more and
Tune in for more details on the survey next week by following me on Twitter @adriandayton or by following the hashtag #ALMecon
Adrian Dayton is an attorney and author of the book, Social Media for Lawyers: Twitter edition. CLICK HERE for a free chapter.
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