Despite the daily news feedings of the economy's doom and gloom, there's actually good news for paralegals out there in LegalLand. ALM Research and the International Paralegal Management Association together announced the results of the 2008 Compensation Survey.
Surveying 285 law firms and 78 law departments, representing a total of 14,216 paralegal positions, the study, conducted by ALM’s recently-acquired Altman Weil Publications group, in conjunction with the International Paralegal Management Association (IPMA) highlighted 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.
For more information or to purchase the survey, please go to: www.lawcatalog.com.