ALM Legal Intelligence has announced a new tool within Legal Compass that enables users to benchmark partner compensation and satisfaction within their firms.
ALM Intelligence has collected compensation and annual billing information from more than 1,300 partners across the NLJ 500, with a goal of providing a robust and comprehensive data set for comparisons. This survey collected information related to compensation and compensation structure, total billable and non-billable hours, bill rates, originations, bonuses, and more. Additionally, the survey recorded respondents’ views on diversity within their firm, bias, financial and career satisfaction, and more. The survey will be deployed annually to ensure the dataset and benchmarking tool keeps pace with compensation trends in the legal industry.
“Given the subjective nature of partner compensation at many law firms, the data & benchmarking tool are critical for partners, compensation committees, and firm leadership alike,” said Patrick Fuller, Vice President, ALM Legal Intelligence. “Additionally, this becomes an important resource for law firms with lateral hiring, expansion, and gender diversity as a key component of growth strategies.”
Key features of the Partner Compensation Benchmarking tool include:
• The ability for a user to create a peer group for themselves or for a potential hire; on gender, region, originations, Am Law and NLJ rank, and more.
• Benchmark an individual’s compensation, originations, and hourly rate against more than 1300 lawyers across the U.S.
• Identify how satisfied Am Law 200 and NLJ 500 partners are across several metrics, including compensation, relationships within the firms and recognition for their work.
“It was important for us to add the satisfaction results into the benchmarking,” said Karen Veltri, Director of Product Development for ALM Intelligence. “Our goal was to ensure that we kept that correlation between compensation and satisfaction within the tool.”
About ALM Intelligence
ALM Intelligence (alm.com/intelligence), a division of ALM Media LLC, supports legal, consulting, and benefits decision-makers seeking guidance on critical business challenges. Our proprietary market reports and analysis, rating guides, prospecting tools, surveys, and rankings, inform and empower business leaders to meet business challenges with confidence.
ALM, an information and intelligence company, provides customers with critical news, data, analysis, marketing solutions and events to successfully manage the business of business. ALM serves a community of over 6 million business professionals seeking to discover, connect and compete in highly complex industries.