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ALM Legal Intelligence has released The Law Firm Revenue Enabler Compensation Report and Benchmarking Tool. The report provides intelligence on trends in law firm marketing and business development departments while the tool allows firms to benchmark compensation for a wide range of job titles, functions, and geographies for marketing and business development roles.
Some key findings of the report indicate that most “1st Chair” marketing and business development leaders report directly to their firm’s managing partner, that career progression is not clearly defined within most firms, and that total compensation varies widely between firms. Notably, the study found that the average C-level marketing and business development roles now earn $400,000 in total compensation. The study also found that marketing and business development departments are hiring most quickly in middle management and business development roles.