Read full report here: Partner Compensation by Geography: New York, California & Regional Market Analysis 2024
BCG Attorney Search just released its Partner Compensation by Geography: New York, California & Regional Market Analysis 2024, and the findings are as bold as they are telling.
New York Still Wins—By a Mile
- New York partners pull in an average of $2.3 million/year, placing them about 45% above the national average
- Corporate, M&A, and securities partners—especially at major Wall Street firms—can exceed $3 million annually, with the top 10% earning even more
- Complex litigation partners average around $2.1 million
California Is Catching Up—and Fast
- Silicon Valley tops the state with $2.1 million average compensation.
- San Francisco: ~$1.9 million.
- Los Angeles: ~$1.7 million
- Tech, IP, venture capital, and entertainment law are powerful growth drivers.
Middle America: Still Playing Catch-Up, But With Perks
- Secondary markets like Houston, Dallas, Chicago, Boston, and Washington D.C. offer partner pay ranging from $1.3 million to $1.8 million
- Factors like energy law in Houston, regulatory work in D.C., and IP in Boston help push compensation upward.
Real Dollars vs. Sticker Price
- After adjusting for cost of living, Houston’s purchasing power exceeds New York’s, while cities like Chicago and Dallas closely match the nominal top-tier markets
- That means lower housing costs and lifestyle expenses can offset smaller paychecks—and sometimes even improve overall value.
What It Means for Firms and Firm Leaders
- For firms: Knowing these geographic variances is key when planning expansions or compensation strategies.
- For partners: Location matters—and decisions should weigh raw dollars against lifestyle, market dynamics, and long-term trajectory.
- Emerging markets may offer better work–life balance, leadership opportunities, and real income—even if headline pay is lower.
Bottom line: Location still matters—big time. New York remains the gold standard, but California’s catching up fast, and secondary markets are showing real value when you factor in lifestyle and cost-of-living advantages.
Uncover where partners earn the most—and why geography still shapes the legal pay landscape. Read BCG Attorney Search’s Partner Compensation by Geography: New York, California & Regional Market Analysis 2024 to see how your market stacks up.
