Pay for Lawyers Is So High People Are Comparing It to the NBA

Lawyers' pay is reaching unprecedented levels, drawing comparisons to the salaries of N.B.A. stars. Top corporate lawyers, particularly those catering to private equity clients like Apollo and Blackstone, are commanding eight-figure pay packages, a significant increase from a decade ago. This surge in pay is driven by the expanding legal needs of private equity giants diversifying into various sectors. Law firms such as Kirkland & Ellis are at the forefront of this trend, poaching talent and reshaping compensation structures to retain top lawyers. The competition for legal talent has led to multimillion-dollar pay packages becoming more common, with some partners earning as much as big bank CEOs. Firms are adopting more commercial practices, moving away from traditional seniority-based models to attract and retain talent. The legal landscape is evolving rapidly, with firms like Kirkland benefiting from early investments in private equity relationships. The trend is reshaping the economics of major law firms, with hiring wars and lucrative compensation packages becoming the norm across the industry.