CHICAGO, Jan. 09, 2025 (GLOBE NEWSWIRE) -- iManage, the company dedicated to Making Knowledge Work™, today announced the results of the 2024 Solo & Small Firm Compensation Survey. Conducted by well-known legal news publication Above the Law and sponsored by iManage, the survey focuses on firms with 50 or fewer lawyers and provides valuable insights around total annual compensation, including bonuses, raises, percentage of total compensation based on collections, and other elements of compensation. The results provide a valuable resource for attorneys that are considering joining a small firm, launching their own practice, or simply benchmarking their current pay.
Conducted during the summer and fall of 2024, the survey contains responses from more than 750 attorneys across a range of practice areas, firm sizes (e.g. solo practice, 2-5 attorneys, 6-10 attorneys, etc.), geographic regions, and other demographics.
One of the key findings from the 2024 Solo & Small Firm Compensation Survey is that compensation continues to trend upward for both sole proprietors and lawyers in small firms. The proportion of attorneys earning $250,000 or more has steadily increased over the last three years, from 29% in 2022 to 36% in 2023 to 43% in 2024.
88% of attorneys reported earning at least $100,000 per year, compared to 79% who reported the same in 2023. The largest group of respondents reported annual compensation between $150,000 and $249,000.
Of note, the percentage of male partners earning $500,000 or more is more than double that of female partners, underscoring a persistent gender gap.
The survey also shines a spotlight on the type of firms and practice areas where compensation is highest. Size-wise, higher compensation is more common at firms with more than 10 lawyers. Geographically speaking, compensation tends to be higher on the West Coast and across the Mid-Atlantic region compared to other parts of the country – a reflection of the fact that many of the highest-paid respondents are located in California or New York.
When it comes to practice areas, personal injury, commercial litigation, and corporate law came out on top as the most lucrative practices, particularly for partners and sole practitioners.
“Most of the nation’s lawyers work in small law practices, where compensation is more variable and less transparent than at larger law firms,” said Laura Wenzel,Global Marketing & Insights Director “That’s why we’re proud to offer the 2024 Solo & Small Firm Compensation Survey as a resource to the entire legal community. Knowledge is power, and this comprehensive and detailed survey helps attorneys to gain a better understanding of the compensation landscape for small law practices so that they can make more informed decisions.”
With over 1 million users worldwide, iManage currently services over 2,300 midsize, regional and boutique law firms globally. In fact, the International Legal Technology Association 2024 Technology Survey found that 64% of law firms with 50–149 lawyers prefer iManage over top competitors.
About iManage
iManage is dedicated to Making Knowledge Work™. Our cloud-native platform is at the center of the knowledge economy, enabling every organization to work more productively, collaboratively, and securely. Built on more than 20 years of industry experience, iManage helps leading organizations manage documents and emails more efficiently, protect vital information assets, and leverage knowledge to drive better business outcomes. As your strategic business partner, we employ our award-winning AI-enabled technology, an extensive partner ecosystem, and a customer-centric approach to provide support and guidance you can trust to make knowledge work for you. iManage is relied on by more than one million professionals at 4,000 organizations around the world. Visit www.imanage.com to learn more.
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Press contact:
Alicia Saragosa, iManage
press@imanage.com
