Robert H. Smith School of Business
The Motley Fool

Market Foolery Featured Podcasts

  • MarketFoolery: 10.16.2014
    Netflix, eBay and Mattel all fall in the wake of their latest earnings reports.
  • MarketFoolery 10.15.2014
    Intel reports its highest quarterly revenue ever and shares still fall.  Macy’s makes the first move on Black Friday sales.  Plus we analyze the pros and cons of animated holiday TV specials.
  • MarketFoolery: 10.14.2014
    Johnson & Johnson and Domino’s Pizza both reported better-than-expected 3rd-quarter results, but only one stock is hitting a new all-time high.  Plus we discuss the outlook for housing-related stocks, the Berkshire Hathaway brand name, and Zillow’s TV ads.
Capital Business
Posted at 01:20 PM ET, 09/19/2012

Washington law firm partners are earning 14 percent more than in 2010

Partners at Washington law firms are earning 14 percent more this year compared with 2010, according to a law firm partner survey by legal consulting group Major, Lindsey & Africa and the research unit of ALM Media, which publishes The American Lawyer.

Average partner compensation in D.C. and Northern Virginia rose from $702,000 in 2010 to $798,000 in 2012, according to the survey of 74,000 law firm partners in more than 70 U.S. cities. D.C. ranks third behind Silicon Valley ($1.2 million) and New York ($1 million) in average partner pay.

Average compensation nationwide rose 6 percent, from $640,000 in 2010 to $681,000 in 2012.

Lawyers in the Washington metro region also bill more hours and charge higher rates than their counterparts in all but a few major metro markets in the U.S.

D.C. lawyers billed an average of 1,743 hours in 2012, up 3 percent from 1,700 hours in 2010. That’s the fifth-highest number of billable hours, after Los Angeles (1,801 hours), San Francisco (1,796 hours), Boston (1,781 hours) and Atlanta (1,777 hours).

Average billing rates for D.C. lawyers also rose — up 9 percent from $608 per hour in 2010 to $662 per hour in 2012. That’s the fourth-highest billing rate among cities, after New York ($760 per hour), Silicon Valley ($732 per hour) and Boston ($687 per hour).

The survey, which was conducted in the spring, also found that the pay gap between equity partners and non-equity partners is growing nationwide: $811,000 versus $336,000 in 2010 (a $475,000 difference), compared with $896,000 versus $335,000 in 2012 (a $561,000 difference).

The gap between compensation for male partners and female partners is also widening nationwide: $675,000 versus $513,000 in 2010 (a $162,000 difference), compared to $734,000 versus $497,000 in 2012 (a $237,000 difference).

“D.C. is right up there, it’s not the highest — it’s behind New York in compensation — but is one of the most prominent legal markets,” said Jeffrey Lowe, managing partner of Major, Lindsay & Africa in D.C.

By  |  01:20 PM ET, 09/19/2012

 
Read what others are saying
     

    © 2011 The Washington Post Company