The Marketing & Business Development Compensation Survey Provides Insight for the Legal Industry & Highlights Continued Compensation Disparity Between Genders in C-Level Roles
New York, NY - September 21, 2022 - ALM has just released the 2022 Marketing and Business Development Compensation Survey. This report provides intelligence on trends in law firm marketing and business development departments while also allowing firms to benchmark compensation for a wide range of job titles, functions, and geographies for marketing and business development roles. It also contains detailed compensation trends for six groups- Chiefs/1st Chair Directors, Second Chair Directors, Coordinators, Managers, Senior Managers, and Specialists/Senior Specialists.
"Over the past decade, law firms' concerted efforts to improve diversity and inclusion amongst FTE attorneys produced steady year-over-year improvements,' said Patrick Fuller, Vice President and General Manager of ALM Intelligence. "As the marketing & business development compensation survey data shows, law firms need to focus on compensation equity for business professionals. It is unacceptable that women comprise 75% of large- and mid-market law firm Chiefs or 1st-Chair Directors, yet earn, on average, 30% less than their male counterparts."
Key Takeaways from this year's results:
- Diversity: While only 24% of marketing and business development chief/first-chair director roles in the U.S. sample are held by men, they earn over $100,000 more annually than their female counterparts. Just two years ago in 2020, these groups were separated by $75,000 (with men out-earning women) - Compensation: The average salary for marketing and business development chiefs/first-chair directors in the U.S. sample is $282, 934, which is 11% higher than this group's average annual salary in 2020- Career Path Options: 76% of the marketing and business development professionals interviewed in the U.S, sample claim their firm has not provided clear career path options
- Average Compensation as a Percentage of Average RPL by Firm Size: ALM debuts the "Average Compensation as a Percentage of Average RPL" metric in this year's report. For Chiefs and 1st Chair Directors in Am Law 200 firms, firms with 750 or more lawyers, the average compensation is more than 60% of the average revenue per lawyer (RPL). For firms under 750 lawyers, the percentages drop below 50% compensation to RPL. Not surprisingly, men earn a greater percentage of RPL than women
- Job Satisfaction: While 70% of marketing and business development professionals interviewed in the U.S. sample report they are content within their current role, many of them are concerned by the volume of work being too high without sufficient support
"The data included in the 2022 Marketing and Business Development Compensation Survey report and the accompanying Excel-based Data Slicer enables marketing and business development professionals to benchmark and effectively negotiate salaries for themselves and their team members," said Kayla McCaleb, Research Manager, ALM Intelligence, "Among other metrics, the report highlights trends in marketing departments, contentment levels among marketing and business development professionals, and challenges faced by these professionals."
The data included in the report is from a survey conducted from February 2022 to April 2022 of marketing and business development professionals on their challenges, contentment levels, and compensation.
The results can be purchased by going to: Surveys & Rankings.
Law.com Compass subscribers can download the full results by logging in to their accounts.
ALM is the most trusted media, information services, and data company supporting both the practice of and business of professionals in the legal, insurance, commercial real estate and financial services industries. ALM delivers premium content, influential audiences and high value data essential for growing businesses globally to over 7 million professionals. Please visit alm.com for more information.
Tags: Business Development, Law.com Compass, diversity, Law Firm, compensation, Legal Marketing, Law Firm Marketing
See Campaign: https://www.alm.com
Name: Eliza Sawyer
Job Title: Marketing Director
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