Wisnik Law Firm Marketing / BD Survey 2014

Transcription

1 Wisnik Law Firm Marketing / BD Survey 2014 By Eva Wisnik November 2014 Wisnik Career Enterprises, Inc [email protected]

2 Our Goal Is To Help You Achieve Your Goals Dear Friends of Wisnik, We wanted to share the current findings from the Wisnik Law Firm Marketing/BD Survey with you. The following information is based on a survey sent to all levels of legal marketing and BD professionals at top law firms in New York, Chicago, and Washington, D.C in October The results that follow were generated from 262 responses. Thank you to all of those who participated! Our goal in sharing this information with you is to offer benchmarks for where you, your staff, and your department fall as compared to your peers. We believe that these salary and bonus numbers reflect the current market accurately. By this, I mean that if a firm were to call tomorrow and ask us what they needed to pay a marketing manager, we would confidently quote them the numbers in this report. We have found that the new jobs we have received since January fall into these ranges. We hope that you find the enclosed information valuable. Your responses to this Wisnik Law Firm Marketing/BD Survey help us to capture and confirm market trends. As for the market, we have definitely seen a continued increase in new law firm marketing/bd positions throughout the year and are hopeful that new opportunities will continue to grow. Have a wonderful Thanksgiving and New Year and please let us know if there is any way we can help you achieve your goals! All the best, Eva Wisnik & Ann Sawner 2

3 Bios Eva Wisnik President, Wisnik Career Enterprises, Inc. Eva Wisnik founded Wisnik Career Enterprises, Inc. in 1996 after serving as Director of Recruitment and Training for Schulte Roth & Zabel and Cadwalader, Wickersham & Taft. She has worked with over 100 law firms, including 74 of the AmLaw 100. Eva has conducted over 600 training programs for attorneys on topics that include Business Development Skills, Time Management and Myers Briggs and has conducted over 35 salary surveys for law firm professionals since Eva holds an MBA in Marketing from Fordham University and a BA in Psychology from Barnard College. Ann Sawner is Wisnik s Manager of Operations & Special Projects. Ann holds a Master s in Organizational Psychology from Columbia University. In addition to working with clients and candidates, Ann also develops training programs and has managed and analyzed data from over 15 legal industry salary surveys. She earned her BA from the University of Virginia in both Economics and Spanish.. 3

4 Response Breakdown Total of 262 marketing professionals salary and industry information By Position Chief: 19 Director: 71 Manager: 104 Specialist/ Sr. Coordinator: 44 Coordinator: 19 Assistant: 5 By Location New York: 163 Washington, D.C.: 62 Chicago: 36 By Firm Size 1 250: : : : : 66 4

5 Summary of Interesting Survey Results 73% received a bonus AND a raise last year; 22% received either a bonus OR a raise 84% of you plan to be in legal marketing 2 years from now Over 55% of Chiefs and Directors have a graduate degree (JD, Master s, or MBA) In the last 2 years: 62.7% say their department has increased in size 44% of respondents have been promoted with a title change 5

6 Profile of a Marketing/BD Professional

7 Degree of Education Attained by Legal Marketers Some College 2% J.D. 14% Master's/ MBA 28% Bachelor's Degree 56% There are twice as many legal marketing/bd professionals with an MBA or Master s degree as there are with JDs! All Respondents 7

8 2014 Highest Degree of Education, by Job Title Bachelor's 39% J.D. 17% Master's/ MBA 44% Bachelor's 42% J.D. 20.5% Master's/ MBA 33% Some College 4.5% Bachelor's 56% J.D. 16% Master's/ MBA 28% Chief J.D. 5% Some College 5% Director Manager Master's/ MBA 14.5% Master's/ MBA 28% Bachelor's 75.5% Bachelor's 72% Bachelor's 100% Spec./Sr. Coord. Coordinator Assistant 8

9 Average Years of Experience Law Firm Marketing / BD Professionals: Years of Experience Avg. Years at Current Firm Avg. Years Legal Mar/BD Total Years of Experience Assistant Coordinator Spec./Sr. Coord. Manager Director Chief Average Chief tenure at a firm is now 6 years! 9

10 (%) of Directors Percentage (%) of Respondents (%) of Chiefs Primary Areas of Work Focus 100% 90% 90% Chiefs 90% All Respondents 80% 60% 68% 80% 76.6% 40% 70% 60% 50% 54.7% 20% 0% 21% BD Mar/Comm PR Other 40% 30% 20% 10% 0% 18.8% 8.2% BD Mar/Comm PR Other 100% 80% 60% 40% 78% Directors 48% 30% 20% 10% 0% BD Mar/Comm PR Other 10

11 (%) of Coordinators (%) of Assistants (%) of Managers (%) of Spec./Sr. Coord. Primary Areas of Work Focus (cont d) 100% Managers 100% Spec./Sr. Coord. 80% 73% 80% 75% 60% 55% 60% 40% 40% 41% 20% 12% 21% 20% 5% 8% 0% BD Mar/Comm PR Other 0% BD Mar/Comm PR Other 100% Coordinators 100% Assistants 100% 80% 80% 60% 63% 47% 60% 60% 40% 20% 16% 40% 20% 0% 0% 0% 0% 0% BD Mar/Comm PR Other BD Mar/Comm PR Other 11

12 Wisnik Salary Findings

13 2014 Average Salaries, By Title Title (# responses with salary data) Avg. Salary Median Avg. Bonus Avg. Raise Chief (17): $404,706 $430,000 $42, % Director (65): $217,652 $204,000 $21, % Manager (99): $134,402 $130,000 $7, % Specialist/ Sr. Coord. (41): $80,394 $80,000 $4, % Coordinator (18): $57,494 $57,400 $2, % Assistant (5): $45,825 $46,250 * * * Insufficient number of responses Note: Salary data shown is base salary 13

14 Average Salaries by City Title New York Chicago Washington, D.C. Chief: $443,750 $316,667 $428,333 Director: $235,713 $182,500 $191,700 Manager: $138,649 $117,285 $131,510 Specialist/ Sr. Coord.: $83,902 $76,033 $70,100 Coordinator: $60,764 $45,812.5 $61,000 Assistant: $45,825 * * * Insufficient number of responses Note: Salary data shown is base salary 14

15 Salary Breakdown by Position and Location

16 Average Salary, Bonus, & Raise by Location All Chiefs = 17 Average Salary = $404,706 Median = $430,000 Average Bonus = $42,967 Average Raise = 4.6% Location: New York Chicago Washington, D.C. Average Salary: $443,750 $316,667 $428,333 Median: $425,000 $225,000 $450,000 Average Bonus: * * $43,750 Average Raise: * * 3.9% * Insufficient number of responses 16

17 Average Salary, Bonus, & Raise by Location All Directors = 65 Average Salary = $217,652 Median = $204,000 Average Bonus = $21,329 Average Raise = 5.4% Location: New York Chicago Washington, D.C. Average Salary: $235,713 $182,500 $191,700 Median: $227,500 $163,500 $190,000 Average Bonus: $26,705 $17,714 $10,464 Average Raise: 5.7% 6% 4.3% 17

18 Average Salary, Bonus, & Raise by Location All Managers = 99 Average Salary = $134,402 Median = $130,000 Average Bonus = $7,165 Average Raise = 4.6% Location: New York Chicago Washington, D.C. Average Salary: $138,649 $117,285 $131,510 Median: $130,000 $120,000 $130,000 Average Bonus: $8,178 $5,364 $5,380 Average Raise: 5% 3.4% 3.9% 18

19 Average Salary, Bonus, & Raise by Location All Specialist / Sr. Coordinators = 41 Average Salary = $80,394 Median = $80,000 Average Bonus = $4,211 Average Raise = 5.5% Location: New York Chicago Washington, D.C. Average Salary: $83,902 $76,033 $70,100 Median: $83,500 $74,000 $68,850 Average Bonus: $4,015 $6,350 $3,083 Average Raise: 6.1% 6.2% 2.9% 19

20 Average Salary, Bonus, & Raise by Location All Coordinators = 18 Average Salary = $57,494 Median = $57,400 Average Bonus = $2,158 Average Raise = 3.6% Location: New York Chicago Washington, D.C. Average Salary: $60,764 $45,813 $61,000 Median: $59,900 $45,000 $64,000 Average Bonus: $2,300 * $1,875 Average Raise: 3.3% * 3.6% * Insufficient number of responses ** Insufficient data for Assistant breakdown 20

21 Salary Breakdown by Position and Firm Size

22 Average Salary, Bonus, & Raise by Firm Size All Chiefs = 17 Average Salary = $404,706 Median = $430,000 Average Bonus = $42,967 Average Raise = 4.6% Firm Size: Average Salary: $375,000 $495,833 Median: $375K $500K Average Bonus: * $62,000 Average Raise: * * * Insufficient number of responses for Firm Sizes and , and some bonus/raise data 22

23 Average Salary, Bonus, & Raise by Firm Size All Directors = 65 Average Salary = $217,652 Median = $204,000 Average Bonus = $21,329 Average Raise = 5.4% Firm Size: Average Salary: $187,400 $244,250 $222,600 $199,154 $226,053 Median: $171,000 $225,000 $172,000 $197,000 $230,000 Average Bonus: Average Raise: $20,025 $30,042 * $12,091 $23, % 3.5% * 5.6% 6.4% * Insufficient number of responses 23

24 Average Salary, Bonus, & Raise by Firm Size All Managers = 99 Average Salary = $134,402 Median = $130,000 Average Bonus = $7,165 Average Raise = 4.6% Firm Size: Average Salary: $115,708 $126,564 $153,110 $140,552 $129,906 Median: $109,000 $122,500 $145,000 $130,000 $125,275 Average Bonus: Average Raise: $3,167 $6,936 $7,044 $8,105 $7, % 5% 4% 5.9% 4.1% 24

25 Average Salary, Bonus, & Raise by Firm Size All Specialist / Sr. Coordinators = 41 Average Salary = $80,394 Median = $80,000 Average Bonus = $4,211 Average Raise = 5.5% Firm Size: Average Salary: $82,500 $82,000 $79,892 $80,823 Median: $85,000 $82,000 $74,500 $80,000 Average Bonus: Average Raise: * * $3,783 $4,931 * 3.4% 6.1% 6.4% * Insufficient number of respondents for Firm Size and some Bonus/Raise data 25

26 Average Salary, Bonus, & Raise by Firm Size All Coordinators = 18 Average Salary = $57,494 Median = $57,400 Average Bonus = $2,158 Average Raise = 3.6% Firm Size: Average Salary: $57,160 $59,667 $57,523 Median: $59,800 $57,500 $55,625 Average Bonus: $2,260 $1,775 * Average Raise: 2.8% * * * Insufficient number of respondents for Firm Size and , and some Bonus/Raise data ** Insufficient data for Assistant breakdown 26

27 Industry Findings: Firm Structure & Staffing

28 Average Department Size Size of Firm vs. Size of Marketing Department Firm Size 28

29 Average Marketing / BD Department Size Size of Firm vs. Size of Department, by City 100 New York Chicago Washington, D.C * Firm Size * Insufficient data for Chicago size

30 Has Your Department Size Changed? No Change 28.8% Decreased 8.4% Increased 62.7% Same 37.5% Decr. 12.5% Incr. 50% Same 27% Decr. 14% Incr. 59% All Respondents Decr. 11% Incr. 75% Same 14% Decr. 3.2% Same 35.5% Incr. 61.3% Decr. 6% Same 26% Incr. 68% 30

31 Department Size Changes: City Comparison My Department Size has: Decr. 8% No Change 27% Increased 65% No Change 32% Decr. 10% Increased 58% No Change 31.5% Decr. 9% Increased 51.5% New York Chicago Washington, D.C. 31

32 Department Size Changes: Comparison My Department Size has: No Change 28.8% Increased 62.7% No Change 36.5% Increased 54.5% No Change 38.5% Increased 50.5% Decr. 8.4% 2014: All Respondents Decreased 9% 2013: All Respondents Decreased 11% 2011: All Respondents 32

33 Department Size Changes: 2014 Comparison with Recruiting My Department Size has: No Change 28.8% Decreased 8.4% Increased 62.7% No Change 59% Increased 24% Decreased 17% 2014: Marketing/BD Departments 2014: Recruiting Departments* * Recruiting info drawn from NY & DC 2014 data and Chicago 2013 data 33

34 Average Weekly Hours Average Weekly Hours Average Hours Worked Per Week, Since January 1, 2014 By City By Position New York Chicago Washington, D.C. 0 Asst. Coord. Spec./ Manager Director Chief Sr. Coord. 34

35 Years of Experience Salaries (in Thousands) Average Salary vs. Years of Experience 30 $ $ $350 $300 Years of Legal Marketing Experience $ $250 $200 Years of Total Work Experience $ $ $ Assistant Coordinator Spec./Sr. Coord. $ Manager Director Chief $150 $100 $50 $0 Average Salary (in thousands) 35

36 Percentage of Respondents Reporting Structure: Who Does Marketing/BD Department Report To? 35% 30% 25% 28.4% 25.4% 22.9% 20% 15.9% 15% 11.4% 10% 5% 5% 3% 2.5% 0% * Departments may report to more than one entity 36

37 In the Past 2 Years, Have You Had a Promotion with a Title Change? No 76.5% Yes 23.5% No 57% Yes 43% No 60.6% Yes 39.4% Chief Director Manager No 27.5% Yes 72.5% No 61% Yes 39% No 100% Spec./Sr. Coord. Coordinator Assistant 37

38 Industry Findings: Compensation Trends

39 Salary (in thousands) Senior Mar/BD Professionals: Average Salary Comparisons, $450 $400 Salary Percent Change from 2013: Managers: +4.8% $386 $405 $350 $300 Directors: +4.3% Chiefs: +17.5% $255 $344.5 $250 $213 $209 $218 $212 $200 $ $150 $128 $127.5 $128 $134.5 $125 $100 $50 $0 Manager Director Chief 39

40 Salary (in thousands) Junior Mar/BD Professionals: Average Salary Comparisons, $100 $80 Salary Percent Change from 2013: Assistants: +0.9% Coordinators: -1.2% Spec./Sr. Coord.: -3.8% $83.6 $80.4 $58.2 $57.5 $60 $45.4 $45.8 $40 $20 $0 Assistant Coordiantor Spec./Sr. Coord. * No comparison data for junior roles prior to

41 Average Salary (in thousands) Why did Chief Salaries Dip in 2013? Comparison Overall, Chief salaries dipped in The reasons are due to respondent location and firm size In general, Chicago salaries are lower than NY or DC, and the 2013 survey had more Chicago Chiefs than the 2011 or 2014 surveys 2013 Chicago Chiefs also came from smaller firms (lower salaries), whereas 2011 and 2014 respondents were from larger firms (higher salaries). $500 $400 $300 $200 $386 $344 $405 $357 $345 $444 $234 $317 $431 $407 $428 Compared to 2011 and 2014, the increased number of Chief respondents from smaller firms, and a greater number of Chicago Chief responses, skewed the overall 2013 Chief salary information downward. $100 $0 Overall New York Chicago DC * Insufficient responses to provide 2011 Chicago average salary data. 41

42 Did You Get a Bonus or a Raise? Both 60% Bonus 40% Both 80% Raise 8% Bonus 9% Neither 3% Both 72% Raise 17% Bonus 8% Neither 3% Chief Director Manager Both 72.5% Raise 15% Bonus 10% Neither 2.5% Both 72% Raise 11% Neither 11% Bonus 6% Both 25% Neither 75% Spec./Sr. Coord. Coordinator Assistant 42

43 Are You Satisfied with Your Compensation? No 40% Yes 60% No 25% Yes 75% No 34% Yes 66% Chief Director Manager No 44% Yes 56% No 56% Yes 44% No 25% Yes 75% Spec./Sr. Coord. Coordinator Assistant 43

44 By City, Are You Satisfied with Your Compensation? No 37% Yes 63% No 21% Yes 79% No 37% Yes 63% New York Chicago Washington, D.C.

45 Responsibilities of a Marketing/BD Professional

46 Percentage (%) of Chiefs Chiefs: Responsibilities and the Future 100% say they plan to be in legal marketing/bd in two years Where do you spend your time? 50% I would leave my current Firm for: Technology 8% Other 8% Rankings, Awards 5% BD 23% 40% 30% 31% 37.5% 37.5% 31% Events 6% CI 5% PR 11% Client Relations 14% Mar./Comm. 20% 20% 10% 0% More $$ 12.5% Increased Responsibility Career Growth Other Would Not Leave 46

47 Percentage (%) of Directors Directors: Responsibilities and the Future 91% say they plan to be in legal marketing/bd in two years Technology 5% Other 8% Rankings, Awards 8% Events 7% CI 5% Where do you spend your time? PR 9% Client Relations 13% BD 26% Mar./Comm. 19% 60% 50% 40% 30% 20% 10% 0% 46.3% More $$ I would leave my current Firm for: 31.3% Increased Responsibility 56.7% Career Growth 13.4% Other 19.4% Would Not Leave 47

48 Percentage (%) of Managers Managers: Responsibilities and the Future 85% say they plan to be in legal marketing/bd in two years Where do you spend your time? Technology 2.5% Other 3.5% 70% 60% 58.2% I would leave my current Firm for: 63.3% Rankings, Awards 10.5% Events 14.5% BD 26% 50% 40% 30% 33.7% 26.5% CI 5% PR 8% Client Relations 9% Mar./Comm. 20% 20% 10% 0% More $$ Increased Responsibility Career Growth 12.2% Other Would Not Leave 48

49 Percentage (%) of Spec./Sr. Coord. Specialists / Sr. Coordinators: Responsibilities and the Future 72.5% say they plan to be in legal marketing/bd in two years Where do you spend your time? Technology 2% Other 2% 90% 80% 77.5% I would leave my current Firm for: Events 11.5% Rankings, Awards 11% BD 32% 70% 60% 50% 40% 52.5% 62.5% PR 2% CI 9.5% Client Relations 9% Mar./Comm. 21% 30% 20% 10% 0% More $$ Increased Responsibility Career Growth 17.5% 17.5% Other Would Not Leave 49

50 Percentage (%) of Coordinators Coordinators: Responsibilities and the Future 67% say they plan to be in legal marketing/bd in two years Where do you spend your time? I would leave my current Firm for: Technology 10% Rankings, Awards 7% Other 3% BD 31% 60% 50% 40% 55.6% 38.9% 55.6% 30% Events 19% 20% 22.2% CI 6% PR 1% Mar./Comm. 20% Client Relations 3% 10% 0% More $$ Increased Responsibility Career Growth 5.6% Other Would Not Leave 50

51 Percentage (%) of Assistants Assistants: Responsibilities and the Future 50% say they plan to be in legal marketing/bd in two years CI 2.5% Rankings, Awards 6% Where do you spend your time? Technology 2.5% Events 17.5% BD 27.5% 80% 70% 60% 50% 40% 30% I would leave my current Firm for: 50% 50% 75% PR 2.5% Client Relations 11.5% Mar./Comm. 30% 20% 10% 0% More $$ Increased Responsibility Career Growth Other Would Not Leave 51

52 Wisnik Law Firm Marketing / BD Survey 2014 By Eva Wisnik November 2014 Wisnik Career Enterprises, Inc [email protected]