Survey also shows that half of partners expect their income to grow in 2015, with highest paid respondent earning more than 1m per year
Four out of ten partners at law firms in Portugal have seen their income increase in the last year, according to new research
A study conducted by Iberian Lawyer revealed that 41 per cent of law firm partners received an increase in their income in the last 12 months. In addition, a similar proportion of partners now have a bigger income than they did before the onset of the economic crisis - 42 per cent of partners said their income had increased when compared to that before the crisis.
There is also a significant amount of optimism among partners that their income will increase in the coming year. Just under half (49 per cent) said they expected their income to grow in the next 12 months. Of those that expected their income to increase, the biggest proportion (35 per cent) said they expected their income to increase by more than 10 per cent. A total of 24 per cent of respondents predicted a more modest income increase of 7 to 8 per cent, while a further 24 per cent of respondents said they were expecting a 5 to 6 per cent increase in income.
Not back to pre-crisis levels
However, not all partners have enjoyed recent increases in income. The survey revealed that just under 30 per cent had not received an increase in income for more than two years. The majority of partners (58 per cent) said that there income was not as high as it was prior to the economic crisis, while 51 per cent said they did not expect their income to increase in the coming 12 months. As one respondent remarked: "Anyone who says Portugal is no longer in crisis is a terrible liar."
All the partners that participated in the survey had been a partner for at least six years. The breakdown was as follows: 32 per cent of respondents had been partners for six to 10 years; 19 per cent of respondents had been partners for 11 to 15 years, with 49 per cent of respondents having been partners for more than 15 years.
How much do partners in Portugal earn?
Respondents were not asked to reveal the name or size of the firm they worked for or the practice area in which they worked, but were asked to indicate their salary band. The highest paid respondent, a man, said they earned 'more than1m' per year. The second highest paid respondent was a woman who said she had an income in the range of925,000-950,000. The lowest paid respondent identified...