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Partner compensation is hitting new highs in 2024 — but where you practice still matters most. A new BCG Attorney Search analysis reveals that partners in New York and California dominate the earnings charts, while Texas, Chicago, Boston, and Washington, D.C. are quickly closing the gap. The findings offer critical insights for partners weighing lateral moves and firms planning regional growth strategies.
Learn more from this report: Partner Compensation by Geography: New York, California & Regional Market Analysis 2024
California: Three High-Value Markets
California remains the second-most lucrative state for partners, driven by the unique dynamics of Silicon Valley, San Francisco, and Los Angeles.
- Silicon Valley commands the highest California partner pay at $2.1M, thanks to technology M&A, venture capital funding, and IP litigation.
- San Francisco blends financial services with tech transactions, producing averages around $1.9M.
- Los Angeles offers a mix of entertainment law and corporate work, averaging $1.7M, with media and entertainment partners approaching $2.0M.
Texas, Chicago, Boston, and D.C.
Outside the coasts, Texas shows robust growth:
- Houston partners in energy law average $1.6M, with top energy M&A lawyers topping $5M.
- Dallas remains a hub for commercial litigation and corporate law, averaging $1.4M, while Austin’s booming tech scene supports growing IP and venture practices.
Other major markets include:
- Chicago (avg. $1.5M) with strong corporate and finance work.
- Boston (avg. $1.4M) benefiting from its concentration of healthcare and IP practices.
- Washington, D.C. (avg. $1.8M) standing out for regulatory law, government contracts, and white-collar defense work.
Strategic Implications
For partners and firms alike, the report highlights the importance of geography in compensation strategy. Partners considering lateral moves should weigh not just practice fit and firm culture but also regional demand and market billing rates, which can significantly impact long-term earning potential.
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Law firms planning expansion may also use these insights to identify emerging growth regions and align their recruitment with practice areas generating the highest returns.
Learn more from this report: Partner Compensation by Geography: New York, California & Regional Market Analysis 2024
