Law Firm Partner Salaries (1 Viewer)

[turtleface]

I was reading the AFR yesterday and it has on the frontpage stuff about lawyers salaries at the big firms approaching $1.5 million as if it was a big deal. It also mentioned some of the smaller top tier firm Equity Partner salaries mostly were up to the 700K mark (I think) (sorry I left the paper somewhere else and am going off memory for the details, pls don't castigate me if I'm incorrect.)

Anyway, with the 2005 BRW Accounting survey (i.e. accounting firm equity partner salary from $1 million - 1.55 million), and some of the comments from current accounting firm workers on this board, (e.g. average partner salary at E&Y being 700K), I was thinking:

Does this mean that Accounting Firm partners get paid more than Law firm Partners? (In Australia)

Does this mean: so much for the notion that Lawyers get paid more than Accountants?

 

[phrred]

u really do love your accounting

 

[AppleXY]

YES! Let Accounting be the top! Accounting, Accounting, Accounting!!!

 

[NiKz*~]

haha, i dont see how comparing partner renumeration is indicative of the whole profession

 

[turtleface]

haha, i dont see how comparing partner renumeration is indicative of the whole profession

in my opinion its a fair indicator, though obviously far from perfect, as I think on average Lawyers are paid more.

However, the important thing about partner remuneration is that it is pretty much the pinnacle for most people, and so is more relevant for materialistic people like me. I personally don't care if Accountants get even 50% less than lawyesr at lower levels, as long as at Partner level, they get higher, because it is the cash at the top that matters (to me anyway). Like many people I don't plan to spend my life at Associate level (though whether I can actually even achieve partnership is debateable, but I hope so).

 

[Bobness]

i think the fact of the matter is, traditionally law is seen as more prestigious then your run-of-the-mill 'boring' accountant.

of course accts are now raking in the money for some reason or another but in our society, the snobbiness and prestige associated with law and medicine will continue to see it as the desirable path for many young school leavers.

 

[turtleface]

i think the fact of the matter is, traditionally law is seen as more prestigious then your run-of-the-mill 'boring' accountant.

of course accts are now raking in the money for some reason or another but in our society, the snobbiness and prestige associated with law and medicine will continue to see it as the desirable path for many young school leavers.

lol very true, especially the "for some reason or another" bit. The funniest (I guess not haha funny) was how Accountants were dabbling into computer system implementation on a mass scale before the whole 2001/02 Enron and co. disasters

On another not, has anyone got a subscription to HBR? lol http://harvardbusinessonline.hbsp.harvard.edu/b01/en/common/item_detail.jhtml;jsessionid=3SOATZSOOJ414AKRGWDR5VQBKE0YIISW?id=899301&referral=8636&_requestid=24841

 

[GoodToGo]

i think the fact of the matter is, traditionally law is seen as more prestigious then your run-of-the-mill 'boring' accountant.

of course accts are now raking in the money for some reason or another but in our society, the snobbiness and prestige associated with law and medicine will continue to see it as the desirable path for many young school leavers.

Werd.

Also, I don't see how the figures for partners are more important than starting or associate salaries. Chances are, very few of us will make partner...and a lot of us working in top tier will have a change of heart after a few years.

Graduate salary at a top-tier law firm is $65 000-$70 000 p.a. (pre-qualification remember)...this is more than big-4 accounting firms.

Having said that, there are far more lucrative areas than law or accounting.

 

[Bobness]

k homie.

 

[turtleface]

Also, I don't see how the figures for partners are more important than starting or associate salaries. Chances are, very few of us will make partner...and a lot of us working in top tier will have a change of heart after a few years.

Graduate salary at a top-tier law firm is $65 000-$70 000 p.a. (pre-qualification remember)...this is more than big-4 accounting firms.

I dunno...I agree with you on the 'not everyone makes partner' point, but I just don't plan on spending the next 30 or so years as a graduate.

 

[Omnidragon]

Some people don't see themselves working in a corporation for even 10 years, let alone 30 years (especially as a graduate).

I spose I wouldn't get too hung up about very distant salaries (you are talking about equity partners here). By 32, you could be the next big thing since John Ilhan. Or you could always be the next John So...

Anyway, it's nice to dream once in a while.

 

[AppleXY]

All big $$$ come with major responsibilities, so you might not even have the time to enjoy that extra cash that you get... however, Do Assurance Partners work less hours than IBers ? LOL

 

[Not-That-Bright]

Does this mean: so much for the notion that Lawyers get paid more than Accountants?

Yes, why not? Personally I'm more than fine earning 50k/year for any desk job. If you have aspirations of being a partner, of course accounting etc might be better in Australia, however I would argue an Australian lawyer at that level could get into business in HK/UK if they really want and earn a lot more. Anyway, Investment Banking is probably better than them all in Australia, I'm pretty sure most Senior macquarie bank employees earn more than both lawyers and accountants.

But O-wellz.

 

[Bobness]

why HK?

i know (well heard of) acct partners in australia relocating and working in USA

 

[AppleXY]

fkn USA, ranked 10th in the UN HDI rankings... so damn racist to blacks grrr lol.. (australia's ranked 3rd )

 

[turtleface]

Yes, why not? Personally I'm more than fine earning 50k/year for any desk job. If you have aspirations of being a partner, of course accounting etc might be better in Australia, however I would argue an Australian lawyer at that level could get into business in HK/UK if they really want and earn a lot more. Anyway, Investment Banking is probably better than them all in Australia, I'm pretty sure most Senior macquarie bank employees earn more than both lawyers and accountants.

But O-wellz.

Oh yeah for sure, Investment Bankers earn probably 10 million at the heads of dept level.

Though it should be noted that the head of the IBD at Macquarie (and tipped to succeed Moss as CEO of the bank) is a Chartered Accountant with a Com/Law qualification and who started at E&Y (I think, one of the big 4 anyway) Tax department.

 

[ND]

Though it should be noted that the head of the IBD at Macquarie (and tipped to succeed Moss as CEO of the bank) is a Chartered Accountant with a Com/Law qualification and who started at E&Y (I think, one of the big 4 anyway) Tax department.

Why?

 

[turtleface]

its just that someone mentioned Macquarie Investment Bankers being paid more than Accountants/Lawyers and its interesting that the highest paid investment banker at Macquarie is actually from an Accounting background and has a law degree too.

Ibanking seems like something that various people do, its not a specific profession like accounting and law where you actually have to have a qualification in the respective area to get in.

 

[ND]

Ibanking seems like something that various people do, its not a specific profession like accounting and law where you actually have to have a qualification in the respective area to get in.

It's definately a specific profession, but there is no specific academic background required (though some are far better than others).

 

[turtleface]

It's definately a specific profession, but there is no specific academic background required (though some are far better than others).

yep sorry I couldn't think of the right words. I agree.