NEW YORK (June 25, 2008) – LAWFUEL – Legal Announcement Service – ALM Research, a leading source of business intelligence for the legal profession, today announced the release of its Annual Compensation Survey for Paralegals/Legal Assistants and Managers, 2008 Edition. More than 363 organizations participated in the survey (285 law firms and 78 law departments), representing a total of 14,216 paralegal positions. The study was conducted by ALM’s recently-acquired Altman Weil Publications group, in conjunction with the International Paralegal Management Association (IPMA). For further information, or to purchase a copy of the survey, visit www.lawcatalog.com.
Among the results of the survey were the following:
• – The compensation of paralegals in U.S. law firms and corporate law departments showed solid increases over the previous year, above the rise in the cost of living.
• – Paralegals working in law firms received somewhat higher increases than their law department peers, For exempt paralegals at firms, salaries increased by an average of 4.9% compared to 3.8% in corporate law departments.
• – Within law firms, the highest paid paralegals are litigation support/technology managers who earned a median annual base compensation of $115,000.
• – The average billing rate for paralegals was more than $150 per hour, with rates for most positions exceeding $175. Paralegal case managers in law firms averaged 1,642 billable hours, followed by senior paralegals at 1,530.
ALM Research produces ALM Research Online, a subscription database of legal market intelligence, as well as a number of syndicated survey reports, including the annual Law Firm Business Development Survey, the 2007 ALM Research Survey of Law Firm Billing Rates and Practices, and the 2006 Global Law Firm Knowledge Management Survey.
About the IPMA
The International Paralegal Management Association (IPMA), founded in 1984 as the Legal Assistant Management Association, promotes the development, professional standing and visibility of paralegal management professionals and consists of members throughout the United States and Canada as well as parts of Europe, Asia and the Caribbean. More information on the IPMA can be found at www.paralegalmanagement.org.
ALM is a leading integrated media company, focused on the legal and business communities. ALM currently owns and publishes 33 national and regional magazines and newspapers, including The American Lawyer, Corporate Counsel, The National Law Journal and Real Estate Forum. The company is one of North America’s largest producers of conferences and trade shows for business leaders and the legal profession. ALM’s Law.com is the Web’s leading legal news and information network, while ALM’s GlobeSt.com is the Web’s leading information source for commercial real estate professionals. Other ALM businesses include book and newsletter publishing, court verdict and settlement reporting, production of professional educational seminars, market research and content distribution. For more information, visit www.alm.com. ALM is an Incisive Media company.
About Incisive Media
Incisive Media is a rapidly growing provider of specialist business information, in print, in person and online. Incisive Media operates in four principal markets: financial services, risk management, professional services and marketing services. Incisive Media’s market leading brands include Investment Week, Post Magazine, Risk, Search Engine Strategies, Accountancy Age, Professional Pensions, Computing and Legal Week. For more information, visit www.incisivemedia.com.