Annual Salaries of 20 Billion Won Abound... 'This Job' Surpassed Finance Professionals as the Highest Income on Wall Street

To Get Advice from Star Lawyers, It Costs 2.6 Million KRW per Hour
Many Lawyers Earn Nearly 20 Billion KRW Annually
Global Bank Executives' Salaries Return to Pre-Financial Crisis Levels

What is the highest-paying job on Wall Street, where money from around the world flows in? People often think of banking professionals, but it turns out that lawyers actually earn the most.

On the 22nd (local time), The Wall Street Journal (WSJ) reported that the salaries of executives at global major investment banks (IB) located on New York's Wall Street are at levels similar to those just before the global financial crisis in 2007. When adjusted for inflation, this actually means their pay has decreased.

According to financial consulting firms such as Bay Street Advisors, the average annual salary of bank executives, excluding top management, in recent years ranges between $1 million and $2 million (approximately 1.3 billion to 2.6 billion KRW), including stock bonuses.

The average annual salary over the past three years for general managing directors, who are not division heads, at the top 20 investment banks was $1.9 million (about 2.5 billion KRW). Salaries for employees at lower ranks have reportedly decreased compared to before the financial crisis.

The profession that has surpassed the dominance of Wall Street bankers is lawyers. Partners holding equity stakes at top-tier law firms earn more than $3 million (about 3.9 billion KRW) annually. This figure has increased more than threefold compared to 20 years ago.

In particular, to receive legal advice from elite lawyers working at New York’s top law firms such as Wachtell, Kirkland, and Paul Weiss, clients reportedly have to pay over $2,000 (about 2.6 million KRW) per hour.

As a result, some star lawyers earn more than $20 million (about 26 billion KRW), and it is estimated that a significant number earn annual salaries exceeding $15 million (about 19.5 billion KRW).

The reason for this shift in the flow of large sums of money is analyzed to be that nowadays lawyers often take on roles traditionally held by bankers. WSJ reported that law firm lawyers play a key advisory role in issues such as conflicts with regulatory authorities and corporate succession.

Also, changes in law firms’ compensation systems contributed to this trend. By restructuring to reflect not only seniority but also productivity, fierce competition for high salaries to attract talent has intensified.

However, WSJ explained that lawyers work almost 24 hours a day, seven days a week, to earn such money. Lawyer recruiter Mark Rosen told WSJ, "It is not uncommon for lawyers among our clients to work 18 hours a day even on weekends."