How Partner Pay Differs by Firm Size — Midsize vs. Small (2025–2026)

September 30, 2025

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How Partner Pay Differs by Firm Size — Midsize vs. Small (2025–2026)

BCG Attorney Search has just released a compelling new breakdown of partner compensation trends — comparing midsize firms and small firms across the U.S. legal landscape. The report explores how firm size, structure, and practice specialization influence what partners take home, offering fresh perspective for attorneys weighing their next move.

If you’re an associate eyeing partnership, or a partner evaluating lateral options, the insights here are key.

🏢 Defining the Firm Sizes & Benchmark Numbers

The report defines small firms as those typically with 100 or fewer attorneys, while midsize firms fall in the 101–600 attorney range (with some overlap depending on structure).

Here are core comparative compensation snapshots:

Small Firm (≤100 attorneys)
• Median equity partner compensation: ~ $387,000
• Median non-equity partner pay: ~ $205,000
Midsize Firm (101–600 attorneys)
• Median equity partner compensation: ~ $633,000
• Median non-equity partner pay: ~ $275,000

These figures illustrate how compensation scales with firm size—especially in equity roles. As BCG notes, the “equity partner premium” (i.e. how much more equity partners make relative to non-equity) grows sharply going from small to midsize, while non-equity compensation scales more modestly.

Bonuses and profit distributions also tend to favor larger firms, where cash flow and revenue pools enable more generous payouts.

🧭 Regional & Practice Area Influences

Firm size is not the only factor. Geography and practice specialty continue to shape earnings dramatically:

Midsize firms in coastal or growth markets often deliver higher compensation to match cost of living and competitive talent markets.
Practice areas with higher demand or technical depth—such as IP, technology, healthcare, energy, or M&A—tend to command premiums even within midsize settings.
Small firms and boutiques often thrive when they niche down. A well-positioned small or boutique practice with deep expertise in a specialized area (e.g. securities litigation, patent law) can sometimes rival or exceed midsize compensation benchmarks.

🔍 Structural & Compensation Model Differences

The report also highlights how compensation models differ by firm size:

Small firms often rely more heavily on “eat-what-you-kill” or equal distribution models, where partner pay is closely tied to individual origination and revenue.
In midsize firms, formulas or hybrid/combination models are more common, blending objective metrics with discretionary adjustments.
Non-equity partner pay in both small and midsize settings tends to be more constrained, with narrower ranges versus equity partner pay.

These structural differences reflect trade-offs: small firms favor agility and direct ownership, while midsize firms try to balance incentives with predictability and collaboration.

✅ Why This Matters

For attorneys making career decisions or firms setting compensation policies, the lessons are clear:

Evaluate total value, not just headline numbers. A smaller firm with lower overhead or cost of living might offer higher net benefit.
Specialization can defy size constraints. Niche practices in small or boutique settings can punch above their weight if they command premium rates.
Understand the compensation model. Whether eat-what-you-kill, formulaic, or hybrid will affect upside, risk, and stability.
Growth trajectory counts. Midsize firms often present clearer paths to scale, with more ability to invest in shared infrastructure, business development, and support.

The difference in median equity partner earnings between small and midsize firms is substantial—over 60% more in many cases. But it’s not all one-directional: the smaller firm side offers chances for nimbleness, tighter client relationships, and entrepreneurial upside that sometimes large or midsize structures can’t match.

Thinking about whether a small firm, midsize practice, or BigLaw is right for you? Don’t just compare compensation—discover the opportunities waiting for you.