Want the full breakdown?
Learn more in the full BCG Attorney Search report here.
Midsize vs Small Law Firm Partner Compensation: Complete Firm Size Analysis 2024–2025
Think you need to be in BigLaw to make big money? Think again.
A new report from BCG Attorney Search—“Midsize vs Small Law Firm Partner Compensation: Complete Firm Size Analysis 2024–2025”—sheds light on one of the legal industry’s most misunderstood questions: Does firm size determine your earning power as a partner?
While BigLaw often dominates headlines, the data reveals that many partners in small and midsize firms are quietly out-earning expectations—and even rivals at larger firms. From solo rainmakers to lean elite boutiques, this report uncovers where the real money is—and what attorneys need to consider when choosing their long-term firm strategy.
Key Highlights from the Report
💼 Firm Size and Compensation
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Small Firms (≤ 100 Attorneys)
- Median equity partner compensation: $387K
- Non-equity partners: $205K
- Median bonus: $50K
-
Midsize Firms (101–600 Attorneys)
- Equity partners: $633K
- Non-equity partners: $275K
- Median bonus: $25K
Despite midsize firms offering a higher base salary for equity partners, bonus structures tend to be less generous than those at smaller, more nimble firms.
🏆 The Equity Advantage
Equity status remains a powerful differentiator:
- In small firms, equity partners out-earn non-equity partners by nearly 90%.
- In larger firms, that premium can soar to 225%, illustrating the massive financial upside of owning a share of the firm.
🌍 Regional Impact
Your zip code could be as important as your credentials:
- High-compensation regions: West Coast, Texas Triangle, Mid-Atlantic, and parts of the Southwest.
- Lower-compensation regions: Midwest, Southeast, and rural markets.
Attorneys willing to relocate—or who already operate in these booming areas—have greater leverage to command top-tier compensation.
⚖️ Compensation Models: One Size Doesn’t Fit All
The report breaks down popular compensation systems:
- Eat-What-You-Kill: Predominantly used in small firms. High autonomy and direct correlation to collections.
- Formula-Based Systems: Favored by midsize firms. Calculated using business origination, hours billed, and other performance metrics.
- Combination Models: Increasingly used in large firms. Mixes formulas with discretionary bonuses and long-term incentive structures.
Attorneys should consider how each model aligns with their strengths—whether they’re rainmakers, grinders, or managers.
💼 Boutique Firms: Lean, Specialized, and Lucrative
Boutique firms—especially those in white-collar, litigation, or regulatory specialties—are often gold mines:
- Elite Boutiques (10–50 attorneys): Pay ranges from $500K to $2M+.
- Regional Boutiques: Typically offer $250K–$750K.
- Niche Boutiques: Focused practices in IP, tax, or healthcare law can deliver $200K–$500K.
Boutiques win on efficiency, culture, and specialization—and are increasingly becoming top destinations for BigLaw refugees seeking high pay without the burnout.
🧑⚖️ The Wild Card: Solo Practitioners
Solos get a mixed bag:
- 34% earn $250K+
- Top performers in personal injury: 58% make over $500K
- Lower income areas: Trust & estates and general practice, where 50%+ earn under $100K
Going solo can offer freedom and high upside—but also high variability. It works best when paired with niche expertise and strong marketing/client generation.
💡 What This Means for Attorneys
Whether you’re aiming to launch your own firm, make partner in a boutique, or transition into a midsize practice, this report makes one thing clear:
Success isn’t just about joining the biggest firm—it’s about choosing the right one.
The path to seven-figure earnings may be shorter than you think, especially if you’re in the right geography, practice area, and compensation system.
Want the full breakdown?
Learn more in the full BCG Attorney Search report here.
Midsize vs Small Law Firm Partner Compensation: Complete Firm Size Analysis 2024–2025
