| Want to see how partner compensation varies by firm size? Dive into our in-depth report: Midsize vs Small Law Firm Partner Compensation: Complete Firm Size Analysis 2024–2025. |
While many attorneys focus on geography or practice area when assessing compensation potential, firm size plays an equally crucial role in determining how much partners earn. From boutique firms with specialized practices to midsize firms with robust client rosters, compensation structures vary widely—and so do the opportunities for advancement, equity, and autonomy.
This comprehensive overview outlines how partner pay differs between small and midsize law firms in 2024–2025, providing valuable context for attorneys considering lateral moves, equity offers, or career transitions.
Midsize Law Firms: The Middle Ground with Real Earning Power
Midsize law firms—generally defined as having between 50 and 200 attorneys—offer a strategic balance between the scale of large firms and the flexibility of boutiques. These firms often serve sophisticated clients across multiple practice areas while maintaining a collegial, less bureaucratic culture.
Equity Partner Compensation in Midsize Firms
- Median compensation is approximately $633,000 per year
- Typical range extends from $300,000 to $1.5 million, depending on region, practice area, and client origination
- High-performing partners can earn well over $1 million
- Entry-level equity partners often start in the $400,000 to $500,000 range
Non-Equity Partner Compensation in Midsize Firms
- Median compensation hovers around $275,000
- Most non-equity partners earn between $200,000 and $450,000
- Top non-equity partners in strong practice groups or revenue-generating roles may earn $400,000 or more
Why Attorneys Choose Midsize Firms
- Greater access to equity and leadership roles than in large law firms
- Stronger client relationships and potential for origination credit
- Competitive compensation without the long hours or administrative layers of BigLaw
- A healthy mix of autonomy and infrastructure
Geographic Variations in Midsize Compensation
Compensation for midsize firm partners varies depending on market conditions:
| Region | Equity Partner Median | Non-Equity Partner Median |
|---|---|---|
| Northeast | $750,000 | $325,000 |
| West Coast | $700,000 | $300,000 |
| Southeast | $600,000 | $250,000 |
| Midwest | $550,000 | $225,000 |
Small & Boutique Firms: Flexibility and High Niche Potential
Small law firms—typically defined as those with fewer than 50 attorneys—offer attorneys a different path. While base compensation may be lower than at midsize firms, small firms often reward entrepreneurial behavior, niche specialization, and business development with meaningful financial upside.
Small Firm Partner Compensation
- Partner pay typically ranges from $500,000 to $2 million, depending on the firm's focus, client base, and market
- Some boutique firms in specialized areas (e.g., IP, white-collar defense, tax, or complex litigation) offer partner compensation that matches or exceeds midsize firms
- Equity opportunities often come earlier, giving partners a direct stake in firm profits
- Compensation may be tied more heavily to individual revenue generation, fostering high-performing cultures
Why Small Firms Appeal to Many Attorneys
- Faster paths to equity and partnership
- Flexibility in schedule and billing structure
- Closer working relationships with clients
- Ability to focus on specific industries or practice areas
- Leaner operations with less overhead
However, small firms also carry compensation risks tied to client volatility and market conditions. Still, for entrepreneurial attorneys with loyal clients or specialized skills, small firms can be highly lucrative.
Compensation Comparison by Firm Size
| Firm Size | Equity Partner Compensation | Non-Equity Partner Compensation | Notes |
|---|---|---|---|
| Small/Boutique | ~$500K to $2M | ~$200K to $400K | High variation; dependent on niche and originations |
| Midsize | ~$300K to $1.5M+ | ~$200K to $450K | Strong regional and practice area influence |
| Large (BigLaw) | $3M to $9M+ (PPEP) | ~$400K to $750K | Elite firms with high-end corporate clientele |
BigLaw firms dominate the top tier of compensation, especially in cities like New York, San Francisco, and Chicago. However, the trade-offs—long hours, rigid hierarchy, and intense pressure—drive many attorneys to seek rewarding careers in midsize or boutique settings.
National Trends in Partner Compensation (All Firm Sizes)
- Average partner compensation across the U.S. reached $1.41 million in 2024, a 26% increase since 2022
- Equity partners average approximately $1.9 million, while non-equity partners average $558,000
- Billing rates continue to rise, with many firms charging over $1,100 per hour on average—and more than $2,000 per hour in specialized or premium markets
- Firms are increasingly rewarding originations and client development, rather than tenure or hours alone
Strategic Takeaways: What Attorneys Should Consider
- Midsize firms offer strong compensation, faster advancement, and lifestyle balance, making them ideal for attorneys seeking leadership and security without BigLaw pressure.
- Small firms offer early equity and high autonomy, rewarding entrepreneurial attorneys who can build or maintain a client base.
- Non-equity roles remain valuable, especially for those transitioning to equity, building business, or seeking lifestyle flexibility.
- Firm size should match your personal and professional goals—whether that’s maximizing income, achieving partnership faster, or gaining more control over your career.
- Specialization drives earnings in small firms, while performance and origination are key differentiators in midsize settings.
| Want to see how partner compensation varies by firm size? Dive into our in-depth report: Midsize vs Small Law Firm Partner Compensation: Complete Firm Size Analysis 2024–2025. |
