The most widely read magazine for Canadian lawyers
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This year's survey again sheds light on the earnings, salaries, bonuses, perks, and other compensation factors for lawyers across the land. The results were gleaned from an online survey, and again give managing lawyers a unique glimpse at trends as they aim to lure top legal talent. LAW FIRMS Managing partners and sole practitio- ners from 60 law firms across the coun- try offered up their compensation data for this year's survey. On the question of legal hiring, 48 per cent said they planned to hold steady and keep the same number of lawyers in 2011, 44 per cent planned to hire more, while just eight per cent planned to cut the num- ber of lawyers within their firm. Merit-based pay for partners was the most common among respondents, at 39 per cent. Twenty-two per cent said their compensation method involves equal partnership, five per cent said lockstep, and 34 per cent said they use a different approach entirely. Meanwhile, 62 per cent said part- ners' earnings at their firm increased in 2010 over 2009. Most respondents (76 per cent) said their firm does not have an annual billable hour target for partners. Of those that do provide such targets, just 11 per cent said their firm pays out bonuses accordingly, and 92 per cent said there is no penalty for partners who fail to reach their tar- get. See the accompanying chart for a breakdown of law firm partners' com- pensation, consisting of annual draws and splits. Turning to associates' compensation trends, 70 per cent of law firm respon- dents said their firm does not have an annual billable hour target. However, 46 per cent said they do enforce an annual monetary billing target for their associates, with the highest portion (47 per cent) falling in the range of $200,000 to $300,000. Sixty-seven per cent of respondents said their firm paid associates a general bonus in 2010, with 70 per cent reporting that such pay- ments were discretionary. Associates will be glad to hear that 63 per cent of responding managing partners said their firm would increase salary ranges next year. However, firms appear to be reluctant to fiddle with their compensation methods, with just seven per cent reporting plans to alter their approach next year. See the accompanying chart for details of asso- ciates' salary ranges based on year of call. IN-HOUSE LAWYERS Chief legal officers and corporate law department leaders appeared more eager than their law firm counterparts to divulge compensation data this year, with 117 of them participating in the survey. In terms of average legal spends GET FAST ACCESS TO THE LATEST EMPLOYMENT AND LABOUR LAW NEW EDITION CONSOLIDATED FEDERAL EMPLOYMENT AND LABOUR STATUTES AND REGULATIONS 2011 A practical source for all the legislation you need to be able to quickly reference key employment and labour statutes and regulations applicable to federally regulated workplaces – whether in Board meetings and arbitrations, during meetings or on the road. NEW IN THE 2011 EDITION The 2011 edition incorporates amendments to several acts and regulations, including the following new legislation: • Under the Pension Benefits Standards Act: – Canadian Press Pension Plan Solvency Deficiency Funding Regulations, SOR/2010-245 ORDER # 983537-60567 $99 Softcover approx. 1920 pages May 2011 978-0-7798-3537-9 Annual volumes supplied on standing order subscription Shipping and handling are extra. Price subject to change without notice and subject to applicable taxes. • Under the Financial Administration Act – Employment Insurance Regulations (work-sharing claimants) — Remission Order, SI/2010-53 AVAILABLE RISK-FREE FOR 30 DAYS Order online at www.carswell.com Call Toll-Free: 1-800-387-5164 In Toronto: 416-609-3800 36 JULY 2011 www. CANADIAN Lawyermag.com Carswell-25346_CL_July_11.indd 1 6/13/11 10:34:06 AM