|2015 ISBA Economic Survey shows law practices in good shape|
Iowa attorneys appear to be holding their own – or maybe even enjoying a slight improvement – in their financial well-being based on the results of the 2015 ISBA Economic Survey. The survey, which is conducted every four to five years, monitors the financial health of the legal profession in the state, provides an understanding of the demographics of the membership, and collects accurate information on the economic realities of the legal profession to share with future attorneys and others who need information about the legal profession.
Of the 803 attorneys practicing full-time who responded to the question about change in their base salary compared with last year, 43 percent said it had increased. Thirty seven percent said it was unchanged.
The median (midpoint) for salaries for all attorneys was $86,300. That amount varied according to gender, with males reporting a median salary of $97,500 and females a median salary of $75,000. It also varied by number of years licensed, primary practice area and judicial election district where the practice was located.
Survey respondents reported additional income of $27,100 in bonuses, profit sharing, stock options and other compensation.
Conducted online by Readex Research in
Stillwater, Minn., the survey also asked active ISBA members practicing in Iowa
about salaries for staff and new associates, overhead expenses, billable hours
and other practice management subjects. New to the survey this year were
questions about student loan debt including the amount at graduation, the
monthly payment and the number of years remaining before the debt is paid off.