A Brief Goodwin Law Firm Overview
Goodwin is a distinguished American law firm with a well-respected history and a strong reputation for excellence. Founded in 1888, the firm has grown to become one of the largest and most prominent full-service law firms in the United States, with offices in major cities across the country and around the world.
Throughout its more than a century in business, Goodwin has cultivated a reputation for high-quality legal services and a commitment to client satisfaction. The firm has advised a wide range of industries, including financial services, healthcare, life sciences, private equity, real estate, technology, and energy and cleantech. They take pride in offering their clients the benefit of their extensive experience and deep industry knowledge .
Goodwin is also known for fostering a collaborative work environment that emphasizes diversity and inclusion, as well as professional development. They value the contributions of each employee and provide numerous opportunities for growth and advancement within the firm.
The firm’s emphasis on excellence and teamwork has helped establish them as a leader in the legal field. Their deep understanding of the law and commitment to their clients has earned them a number of accolades and honors over the years. Today, they are recognized among the top law firms in the country and continue to enjoy an enviable reputation in the legal community.
Goodwin Law Firm Average Salaries
The average salary for a junior associate in the Boston office of Goodwin Law Firm is approximately $150,465 per year. Those who are advanced to senior associate rank can expect to earn about $162,919 in the same location. As for associates in New York, they bring in an average of $172,122 when hired right out of law school. Senior New York associates at Goodwin get $188,766 on average. Partners at Goodwin Law Firm earn an average of $319,500 per year in the New York office. For Boston, partners bring in about $309,000 per year on average. Senior partners make up the highest tier for all levels, earning an average of $590,000 and up. The highest earning partners of the firm make $1 million to $5 million per year. The figure of $175k for a starting income for associates puts Goodwin above the 75th percentile for starting salaries, which comes out to roughly $158k per year. This gives Goodwin a significant leg up on the majority of firms. For comparison, the median starting pay for those hired by Cleary Gottlieb is $164k in 2014. Starting associates employed by Wachtell Lipton earn around $180,000.
Factors Impacting Goodwin Law Firm Salaries
Multiple factors influence the salaries of employees at a large law firm like Goodwin. These include the practice area an employee is in, location, experience, education, workload, and even equity partner status. The big variables, however, are geographical location and experience levels. For the sake of brevity, we will briefly review just these two areas.
Location
Goodwin has offices in major markets nationwide. As one might expect, these locations have a large and upwardly mobile workforce. Annual reports place Angeleno associates with the highest average salaries, also with the largest cohort. San Francisco and Boston boast the second level of salary, and are practically tied with a good number of associates working in each of these locations. Washington, DC and New York associates round out the top tier of firms.
Experience
Like all other law firms, Goodwin salaries for associates increase with experience. An associate with four years’ experience can expect to receive a raise that may result in a salary of as much as $40,000 more than a starting associate. After eight years of experience, compensation can be repeated in this way, and an associate at the top of the scale may expect to earn six figures more than a first year associate.
Goodwin Law Firm Bonuses and Benefits Analysis
The variety of employee benefits and bonuses offered by Goodwin Law Firm depend on the employee’s role, seniority and level of experience. Generally, entry-level attorneys and legal staff receive a comprehensive package of benefits and bonuses. These may include contributions to individual retirement accounts, health insurance, life and long-term disability insurance, flexible spending accounts, and dependent and parking plans . Benefits for career attorneys may include bonuses based on billable hours and or business development. Executives may be eligible for bonuses based on firm performance or revenues. Other perks such as telecommuting or flexible work hours may also be available to help employees balance their professional and personal schedules.
Goodwin Law Firm Career Development and Pay Changes
At Goodwin, they are committed to an inclusive workplace culture, respecting the diverse talents and contributions of their over 1,200 attorneys and business staff. As part of this commitment, they support your aspirations and offer the opportunity to grow personally and professionally through various programs.
Opportunities at Goodwin include:
- Bar membership and citizenship fee reimbursement
- Substantial professional development training
- One-on-one coaching with senior attorneys and partners
- Annual company-paid education and professional development allowance
- Study expenses are paid in full upon completion of the Legal Studies Program so that new lawyers graduate debt-free
- Business development training
- Participation as a mentor in Goodwin’s Attorney Sponsorship Program
- An attorney bonus program linked to both individual and firm performance
- Promotion to a partnership or other senior level position
- Changes in role such as transitioning from billable hours to more general advisor work, or from federal court work to tax or private client work
- Following an upward trajectory, including promotion to counsel or partner level or transition into a senior leadership role
- Title and responsibilities changes, such as elevated responsibility in the management of junior lawyers or changes in focus from case law to business law
- An increase in base salary, bonuses, merit increases and other forms of compensation, including raises and bonuses.
Goodwin Law Firm Job Satisfaction and Compensation
One of the critical aspects of understanding employee satisfaction at Goodwin Law Firm is the correlation between compensation and workplace morale. According to employee reviews and testimonials, there seems to be a direct relationship between how valued employees feel by the firm and their financial compensation. A recent anonymous employee review posted on Glassdoor noted, "The pay is great, especially for the legal industry. They really know how to compensate a good worker." Such comments are consistent with publically available data that indicate that top earners at the firm can earn total annual compensation of well over $200,000. However, compensation at the firm is not universal across all role in the organization. Lower-level and administrative roles earn significantly less , with total annual compensation rarely topping the $50,000 mark. In surveys about their work experience and satisfaction, firm employees have indicated a desire for better communication from firm leadership, as well as an increased ability to accomplish their job duties due to staffing shortages. However, there is general consensus that the compensation offered by the firm keeps employees satisfied in their roles. Another anonymous review on Glassdoor states, "Goodwin Pay is great as compared to other firms. This is one highlight of my time at Goodwin." Other reviews have noted an excellent health benefits package as well, stating that Goodwin’s support of its workers goes beyond just satisfactory pay.