Probably not, particularly given the fact that the average income for the 354,000 attorney’s who filed as solo practitioners was $49,130 in 2012!
Given that average income statistic I would therefore assume that few if any are expressing pity for the disparity in the lifestyles between the top and the bottom rungs of the Am Law 100 equity partners!
However, for those who may actually may be interested in some of the ‘sacrifices’ being made by equity partners at the lower end of the income spectrum when compared to their higher earning brethren, read on…
From The American Lawyer, ‘this year we’ve seen the biggest spread in average profits per partner in 30 years (Wachtell’s $5.5 million vs. Dentons’ $495,000). Moreover, 12 firms topped $3 million in profits per partner, and the average PPP wasn’t shabby, either: $1,547,383.’ (Source)
The graphics below describe the difference between some of the lifestyle choices that are being made by those who are merely very well off to those who are downright wealthy.
The income levels that were used when making the comparisons are $500,000, $1.5MM and $3MM+.
And, for the majority who make do on much less, there will be few tears shed for any of this!
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Article author Michael Haltman is the President of Hallmark Abstract Service in New York.
HAS is a provider of title insurance in New York State for residential and commercial real estate transactions.
For anyone either buying or refinancing a property your attorney will likely recommend a title insurance provider, although you always have the right to choose your own (click here to learn more)!
If you have any questions you can reach Michael by email at mhaltman@hallmarkabstractllc.com.
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