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1、TECHNOLOGY&SERVICES PRACTICE2024 US Professional Services Partner Compensation SurveyContentsA message from the authors 3Introduction 4Firm and partner background 5Year-over-year hiring trends 11Future outlook and expectations 17State of professional services partner compensation 212024 US PROFESSIO

2、NAL SERVICES PARTNER COMPENSATION SURVEY2 Welcome to the 2024 US Professional Services Partner Compensation Survey,our survey focused on professional services partners compensation,as well as their role structures,support ratio,and expectations.For this report,Heidrick&Struggles compiled compensatio

3、n and organization data from a survey of 187 partners in the professional services industry in the United States.We hope to expand the number and scope of respondents in future years.We hope you enjoy reading the report.As always,suggestions are welcome,so please feel free to contact usor your Heidr

4、ick&Struggles representativewith questions and comments.With warmest regards,On confidentialityThe US professional services partner compensation survey,2024,has been conducted on an anonymous basis.All data is reported anonymously and in aggregate.Gustavo AlbaGlobal Managing Partner Technology&Servi

5、ces PLiz HayesPartner Technology&Services PAdele AvilesEngagement Manager Technology&Services PA message from the authorsMethodologyIn an online survey,we asked participants to provide information on their role,their sales revenue targets,and data on compensation for the 2023 fiscal year.All data co

6、llected was self-reported and has been aggregated.Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES3 IntroductionAfter a booming 2021 and 2022,the professional services industry market has slowed.Consulting firmsmanagement and advisory,

7、strategy,technology and IThave all had to navigate choppier markets as interest rates rise and geopolitical volatility creates uncertainty.Firms have elevated the bar at both the staff and partner levels and have not had to pay the same premiums to retain talent.Still,our survey respondents average

8、outlook for their firms fiscal year compared to the previous fiscal year skews slightly optimistic.Through restructuring and performance improvements as well as glimmers of hope in value creation through AI,looking ahead,firms might consider what actions they can take now that may be countercyclical

9、 but will pay off laterinvesting in DE&I,for example.Key findings Reported partner turnover was higher in 2024 compared to 2022:49%of respondents said partner turnover was higher or significantly higher compared to their expectations at the beginning of the year;only 30%said the same in 2022.In 2024

10、,there was notably higher than expected turnover at technology and IT consulting firms.Compared to 2022,in 2024,significantly more respondents said that their firm did not have to pay junior consultants notably more than in prior years.Compared to 2022,in 2024,significantly fewer respondents said th

11、eyre paying a premium to attract or retain diverse consultants at any level.Respondents average outlook for their firms fiscal year compared to the previous fiscal year skews slightly optimistic,with 44%who are optimistic.When asked about their outlook for performance this financial year,respondents

12、 at the largest firms,those with more than$20 billion in revenue,were least often optimistic,and most often neutral.Those respondents at mid-cap companies were feeling more optimistic.Regardless of respondents general outlook,interest rates and their impact on the economy,AI,and the US presidential

13、election and geopolitical uncertainty are key factors influencing respondents outlook.Overall 2023 average total cash compensation for partners at professional services firms was$672,000.Partners at strategy consulting firms saw the highest total cash compensation.2024 US PROFESSIONAL SERVICES PARTN

14、ER COMPENSATION SURVEY4 Firm and partner backgroundFirm and revenue backgroundRespondents to this years survey work predominantly in management and advisory consulting.Management/advisory consultingWhich of the choices below best describes your firm?StrategyTechnology/ITOtherManagement/advisoryWhat

15、was your firms revenue in your most recent fiscal year?Strategy consultingTechnology/IT consultingEconomic or litigation consultingOther30541917447619282826265929471826481518393Current firm information(%)Firm revenue,by firm type$5.01bn$20.00bnMore than$20.00bn$50.00m or less$51.00m$250.00m$251.00m$

16、500.00m$501.00m$1.00bn$1.01bn$5.00bn$5.01bn$20.00bnMore than$20.00bnPrefer not to answerLess than$1.00bn$1.00bn$5.00bnNote:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=181Note:Numbers may not sum to 100%,because

17、 of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=158Note:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=1551313767Thirty-nine percent of respondents report their f

18、irms revenue is more than$20 billion.The highest share of those firms are technology and IT consulting firms,where nearly 60%are in that revenue bracket.Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES5 As for their personal revenue ta

19、rget,respondents targets are consistent with our 2022 survey results,with almost half(48%)of respondents reporting a personal revenue target of more than$10 million.By firm type,respondents at technology and IT firms reported the highest personal revenue targets.This was unsurprising given that tech

20、nology services projects tend to be larger in scale.What was your personal revenue target in your most recent fiscal year?1431719885517519103530242319151810191313115212Less than$1.00m$1.00m$3.00m$3.01m$6.00m$6.01m$10.00m$10.01m$15.00m$15.01m$20.00m$20.01m$25.00m$25.01m$30.00mMore than$30.00mPrefer n

21、ot to answerNote:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=155StrategyTechnology/ITOtherManagement/advisoryPersonal revenue targets,by firm typeLess than$1.00m$1.00m$3.00m$3.01m$6.00m$6.01m$10.00m$10.01m$15.0

22、0m$15.01m$20.00m$20.01m$25.00m$25.01m$30.00mMore than$30.00mPrefer not to answerNote:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=155220000000533444446666668Personal revenue targets(%)2024 US PROFESSIONAL SERVIC

23、ES PARTNER COMPENSATION SURVEY6 By firm size,we saw a correlation between personal revenue targets and firm size(the smaller the firm size,the smaller the revenue target),with the exception of the largest firms;for respondents at firms with more than$20 billion in revenue,there was more of an even d

24、istribution of revenue targets.4627131922142691624101829111016229212820102021141377107777713141488817142820107Less than$1.00bnLess than 3 years$5.01bn$20.00bn610 yearsMore than$20.00bnMore than 10 years$1.01bn$5.00bn35 yearsPersonal revenue targets,by firm sizePersonal revenue targets,by tenure at f

25、irmLess than$1.00m$1.00m$3.00m$3.01m$6.00m$6.01m$10.00m$10.01m$15.00m$15.01m$20.00m$20.01m$25.00m$25.01m$30.00mMore than$30.00mPrefer not to answerLess than$1.00m$1.00m$3.00m$3.01m$6.00m$6.01m$10.00m$10.01m$15.00m$15.01m$20.00m$20.01m$25.00m$25.01m$30.00mMore than$30.00mPrefer not to answerNote:Numb

26、ers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=155Note:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=1550000000000555555555533332

27、222223344We also saw a positive correlation between personal revenue targets and tenure at current firm,with those who have been at their firm longer having higher targets than their less-tenured peers.Personal revenue targets(%)Diverse region,inclusive workforces:Diversity and inclusion policy and

28、practice in Asia PacificHEIDRICK&STRUGGLES7 By tenure in their current role,there is a correlation between revenue targets and tenure in role for those who are either new in their role or are more tenured.More-junior respondents identified lower personal targets,while more-senior respondents identif

29、ied higher targets.Respondents in their current role for two to three years have slightly higher personal revenue targets than their counterparts with tenure between four and five years:48%of respondents with two to three years tenure reported personal revenue targets below$10 million,while 63%of re

30、spondents with four to five years of experience reported the same.And 28%of respondents with two to three years tenure in their current role reported personal revenue targets of$20 million or more,while only 19%of respondents with four to five years of experience reported the same.018107211421241120

31、712887Less than 2 years45 yearsMore than 5 years23 yearsPersonal revenue targets,by tenure in roleLess than$1.00m$1.00m$3.00m$3.01m$6.00m$6.01m$10.00m$10.01m$15.00m$15.01m$20.00m$20.01m$25.00m$25.01m$30.00mMore than$30.00mPrefer not to answerNote:Numbers may not sum to 100%,because of rounding.Sourc

32、e:Heidrick&Struggles US professional services partner compensation survey,2024,n=155424022191913136333007012101015247122Practice leaderRegional leaderOffice leaderNoWhat is your current role?Do you have any additional firm leadership roles?954730Current role information(%)Source:Heidrick&Struggles U

33、S professional services partner compensation survey,2024,n=187Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=169Respondent demographicsCompared to 2022,there is a slightly higher share of respondents(70%)who say they have an additional firm leadership role.The

34、vast majority of respondents are at the partner level.Partner(or partner-equivalent)Pre-partner793Personal revenue targets(%)2024 US PROFESSIONAL SERVICES PARTNER COMPENSATION SURVEY8 Note:Numbers may not sum to 100%,because of rounding.In 2024,on average,the time from when respondents joined their

35、firm to when they started their current role is 3.2 years,which suggests that these respondents joined their firms in more-senior roles.One-third of respondents joined their current firm in their current role.Current role information(%)How many years have you been a partner at your current firm or a

36、ny other firm?How many years have you been with your current firm?How many years have you been in your current role?Less than 1 year13 years45 years610 yearsMore than 10 years261391812243839392N/A1182226171919202927N/A116942422322102177Prefer not to answerSource:Heidrick&Struggles US professional se

37、rvices partner compensation survey,2024,n=149Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=153Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=15120242022Diverse region,inclusive workforces:Diversity and inclusion policy an

38、d practice in Asia PacificHEIDRICK&STRUGGLES9 The professional services partners who responded to this survey were mostly white men.This,overall,reflects the demographics of the industry.There are more women represented in this years survey;however,there are fewer respondents from ethnic or racial m

39、inority groups.Of the women who responded,47%are in management consulting,while the smallest share,11%,are in technology and IT consulting.Our respondents who are women also far more often are at firms with less than$1 billion in revenue,whereas the men are far more often at firms with more than$20

40、billion in revenue.Though the ethnicity breakdown of respondents to this years report is similar to those of two years ago,we found it notable that the share of Black respondents halved,while the share of Hispanic or Latino respondents doubled.Gender breakdown831348686Gender and ethnicity(%)MenWomen

41、Prefer not to say20242022Note:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=144White6165Asian or Asian American1916Prefer not to answer1410Black42Mixed/two or more races21Arab/Arab American/Middle Eastern11Native

42、 American or Alaska Native11Native Hawaiian or Pacific Islander01Other01Hispanic or Latino36Ethnicity breakdown202420222024 US PROFESSIONAL SERVICES PARTNER COMPENSATION SURVEY10 Partner turnover(%)Partner turnoverIn response to a slower 2023,wherein people voluntarily or involuntarily chose to leav

43、e,respondents reported partner turnover was higher in 2024 compared to 2022:49%of respondents said partner turnover was higher or significantly higher compared to their expectations at the beginning of the year;only 30%said the same in 2022.Year-over-year hiring trendsNote:Numbers may not sum to 100

44、%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=144Significantly lower59Lower1413About the same4527Significantly higher614Prefer not to answer61Higher2435In your most recent fiscal year,how much partner turnover was there at your firm compa

45、red to your expectations at the beginning of the fiscal year?20242022Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES11 Broadly,there was higher turnover across all sectors,but with notable spikes at IT consulting firms,where more than

46、 60%of respondents from those firms saw higher or significantly higher turnover than expected.Across all firms,nearly half,49%,saw higher or significantly higher than expected turnover.It is possible that the high turnover rate can be in part attributed to layoffs in the industry.In your most recent

47、 fiscal year,how much partner turnover was there at your firm compared to your expectations at the beginning of the fiscal year?Note:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=144Note:Numbers may not sum to 10

48、0%,because of rounding.For those at firms with less than$1.00bn,6%of respondents preferred not to answer.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=144OverallManagement/advisory consultingOverall$1.00bn$5.00bn$5.01bn$20.00bnMore than$20.00bnLess than$1.00bn

49、48186273514913273514913Other25381961313352626Strategy consulting304555114 12353812Technology/IT consulting2048164 121445262142922191515156By firm typeBy firm revenueIn your most recent fiscal year,how much partner turnover was there at your firm compared to your expectations at the beginning of the

50、fiscal year?Significantly lowerSignificantly lowerLowerLowerAbout the sameAbout the sameHigherHigherSignificantly higherSignificantly higherPartner turnover(%)2024 US PROFESSIONAL SERVICES PARTNER COMPENSATION SURVEY12 By firm revenueDelivery supportIt is likely that larger firms were not investing

51、as much in their most recent fiscal year.In terms of delivery support,40%of all respondents at firms with more than$20 billion in revenue said they had less support,and nearly as many at companies with$5.01 billion to$20.00 billion said the same.Note:Numbers may not sum to 100%,because of rounding.S

52、ource:Heidrick&Struggles US professional services partner compensation survey,2024,n=144Overall$1.00bn$5.00bn$5.01bn$20.00bnMore than$20.00bnLess than$1.00bn3413873822221743538128384401675333096 352In your most recent fiscal year,did the average delivery support ratio at your firm change?Yes,partner

53、s had less supportNoYes,partners had more supportIt varied too much to sayDont know/prefer not to answerSource:Heidrick&Struggles US professional services partner compensation survey,2024,n=143No438Yes,to attract them86Yes,to retain them13886Dont know/prefer not to answerIt varied too much to say62Y

54、es,for both attraction and retention6734In your most recent fiscal year,did your firm have to pay junior consultants notably more than in prior years?20242022Junior talent(%)Attracting junior talentIn 2024,we saw substantial changes in firms ability to attract junior consultants.Two years ago,when t

55、he market was significantly more competitive and with more work requiring more delivery support,88%of respondents said that their firms had to pay junior consultants notably more than in prior yearsfor attraction,retention,or bothwhile only 4%said that they did not have to do so at all.In 2024,these

56、 shares have shifted dramatically,with nearly 40%saying that they did not have to pay junior consultants notably more.Delivery support(%)Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES13 Technology/IT consulting2041660By firm typeNote

57、:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=143Overall$1.00bn$5.00bn$5.01bn$20.00bnMore than$20.00bnLess than$1.00bn38684839289844864435943369945NoYes,to attract and/or retain themIt varied too much to sayDont

58、 know/prefer not to sayBy firm revenueOverall386848Other311950Strategy consulting4971430NoYes,to attract and/or retain themIt varied too much to sayDont know/prefer not to sayStrategy consulting respondents least often said they had to pay junior consultants more,while technology and IT consulting r

59、espondents most often said they had to pay junior consultants more.Junior talent(%)In your most recent fiscal year,did your firm have to pay junior consultants notably more than in prior years?In your most recent fiscal year,did your firm have to pay junior consultants notably more than in prior yea

60、rs?Respondents at the largest firms least often said they needed to pay junior consultants more;still,two-thirds of respondents at companies with revenue between$5 billion and$20 billion said that they did have to pay junior consultants notably more compared to prior years.Management/advisory consul

61、ting4135422024 US PROFESSIONAL SERVICES PARTNER COMPENSATION SURVEY14 Note:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=144Yes4927No1940It varied too much to say812Dont know/prefer not to answer2321In your most

62、recent fiscal year,did your firm pay a premium to attract or retain diverse consultants at any level?20242022Diverse talent(%)Attracting diverse talentMeanwhile,significantly fewer respondents said theyre paying a premium to attract or retain diverse consultants at any level.We found the results of

63、this years survey disappointing,if not surprising.As firms face more uncertain market conditions,we are seeing the focus on diversity and inclusion wane slightly across industries as firms retreat to more traditional hiring practices.More forward-looking firms,however,will find themselves best posit

64、ioned for future success by both continuing to prioritize competition for a diverse group of partners and cultivating a diverse leadership pipeline of more junior talent.Respondents at strategy consulting firms more often said that they did not pay a premium for diverse talent at any level.Overall27

65、122140Other31191931Management/advisory consulting29121941Strategy consulting1872055Technology/IT consulting36162820YesNoIt varied too much to sayDont know/prefer not to sayBy firm typeNote:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner comp

66、ensation survey,2024,n=144In your most recent fiscal year,did your firm pay a premium to attract or retain diverse consultants at any level?Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES15 YesNoIt varied too much to sayDont know/pref

67、er not to sayNote:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=144Overall$1.00bn$5.00bn$5.01bn$20.00bnMore than$20.00bnLess than$1.00bn2712214039269264215311224929381591858By firm revenueIn your most recent fisc

68、al year,did your firm pay a premium to attract or retain diverse consultants at any level?Diverse talent(%)There was an overall decline in reported premiums paid to attract diverse consultants compared to 2022.This decrease in the investment in diverse hiring is disappointing,and we hope to see the

69、trend reverse itself in future surveys.2024 US PROFESSIONAL SERVICES PARTNER COMPENSATION SURVEY16 Outlook for this fiscal yearRespondents average outlook for their firms fiscal year compared to the previous fiscal year skews slightly optimistic,with 44%who are optimistic.Very pessimisticSomewhat pe

70、ssimisticNeutralSomewhat optimisticVery optimisticInterest rates and their impact on the economyUS presidential elections/geopolitical uncertaintyRise of AIEffects of hybrid work models on our organizationIncreasing threat of cyberattacksRise of industrial automationRise of green resources and susta

71、inable technologyCommercial real estate marketOther44%are optimistic26%are pessimisticWhat is your outlook on your firms overall performance this fiscal year compared to last fiscal year?What are the key external factors influencing your overall outlook for this fiscal year?(Select all that apply)Ou

72、tlook for current fiscal year(%)Key external factors influencing outlook(%)Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=142Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=144380235630528342271011119Future outlook and expe

73、ctationsFor this years report,given the unpredictability of the economy and professional services market,we asked respondents to share their expectations for the current fiscal yearwhether they are optimistic,neutral,or pessimistic,and what external factors are most contributing to that outlook.Unsu

74、rprisingly,interest rates,AI,and the US presidential election and geopolitical uncertainty seem to be top of mind for everyone,regardless of their general outlook.What was more notable was respondents outlook regarding the effects of hybrid work models on their organizations.Those with a pessimistic

75、 outlook cited the effects of hybrid work only 13%of the time,while those with an optimistic outlook cited hybrid 27%of the time.It is encouraging to see that new working norms are more often a cause for a positive outlook,especially following so many years of uncertainty and conflict.Regardless of

76、these factors,our survey respondents average outlook for their firms fiscal year compared to the last year skews slightly optimistic.Respondents at smaller firms,those with between$1 billion and$5 billion in revenue,were the most optimistic.External factors contributing to outlookRegardless of respo

77、ndents general outlook,interest rates and their impact on the economy is the top key external factor influencing respondents outlook.This is unsurprising given the effect interest rates have on all of consulting.It is also notable that the top three external factors influencing respondents Diverse r

78、egion,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES17 1037Commercial real estate marketRegarding the second and third key external factors,those with a more positive outlook more often referenced AI as the next key factor influencing their outlook

79、.Those with a more pessimistic outlook selected US politics or geopolitical uncertainty as their next key external factor.We expect AI to remain top of mind for our respondents for the next few years,while some of the focus on interest rates and geopolitical uncertainty will dissipate somewhat over

80、the course of the coming year,particularly after the US presidential election.Key external factors influencing outlook for current fiscal year,by current general outlook(Select all that apply)PessimisticNeutralOptimistic817781455761824532Interest rates and their impact on the economy31013Rise of ind

81、ustrial automation1353Rise of green resources and sustainable technology12135Increasing threat of cyberattacks212713Effects of hybrid work models on our organizationRise of AI11518OtherUS presidential elections/geopolitical uncertaintySource:Heidrick&Struggles US professional services partner compen

82、sation survey,2024,n=142Key external factors influencing outlook(%)2024 US PROFESSIONAL SERVICES PARTNER COMPENSATION SURVEY18 When compared to respondents at other types of firms,those at management consulting firms least often cited AI as a key external factorunsurprising,given that management con

83、sulting is still in the early stages of planning for and implementing AI technologies into their products,services,and processes.We also find it unsurprising that respondents at strategy consulting firms reported the most concern about the US presidential election and geopolitical issues,given that

84、much of work is at the board level.It makes sense that these issues are top of mind for board members.For respondents in IT consulting,it also makes sense that there was slightly less overall focus on interest rates and their impact on the economy,given that their services are in many ways a commodi

85、ty for organizations and are therefore less likely to be as significantly impacted by economic shifts.Key external factors influencing outlook for current fiscal year,by firm type(Select all that apply)6551604053446067818172801284051220771016014193240715420Interest rates and their impact on the econ

86、omyUS presidential elections/geopolitical uncertaintyRise of AIEffects of hybrid work models on our organizationIncreasing threat of cyberattacksRise of industrial automationRise of green resources and sustainable technologyCommercial real estate marketOtherSource:Heidrick&Struggles US professional

87、services partner compensation survey,2024,n=142Strategy consultingManagement/advisory consultingTechnology/IT consultingOther120132Key external factors influencing outlook(%)Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES19 By firm ty

88、pe,technology and IT firms were least often optimisticat only 28%and by far the most often neutral.Respondents from management and advisory consulting firms were the most splitwith a higher share of optimistic respondents than those at both strategy and technology and IT firms,and with the highest s

89、hare of pessimists:one-third said they are pessimistic,which is 11 percentage points or more higher than respondents at any other firm type.By firm revenue,respondents at smaller firms,those with between$1 billion and$5 billion in revenue,were the most optimistic83%reported feeling optimistic,22 per

90、centage points higher than the next closest group,the smallest firms,and more than double the share of respondents at firms with$5 billion to$20 billion in revenue.Respondents at the largest firms,those with$20 billion or more in revenue,were least often optimistic,and most often neutral.Note:Number

91、s may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=142Less than$1.00bn$5.01bn$20.00bnMore than$20.00bn$1.00bn$5.00bn1861213135353626389839Key external factors influencing outlook for current fiscal year,by firm typeKey exte

92、rnal factors influencing outlook for current fiscal year,by firm revenuePessimisticNeutralNote:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=142Strategy consultingTechnology/IT consultingOtherManagement/advisory

93、consulting234136202852196913344620PessimisticNeutralOptimisticOptimisticKey external factors influencing outlook(%)2024 US PROFESSIONAL SERVICES PARTNER COMPENSATION SURVEY20 Average total cash compensationOverall 2023 average total cash compensation for partners at professional services firms was$6

94、72,000.Despite almost a quarter being pessimistic(see chart at the top of page 20),partners at strategy consulting firms saw the highest total cash compensation,almost double the average total cash compensation of their peers in management consulting.Unsurprisingly,total cash compensation rose by te

95、nure as a partner,though partners with current firm tenure at between three and five years saw the lowest total cash compensation.Average total cash compensation was relatively steady across gender and racial or ethnic groupswith white people and men only slightly outearning their lesser-represented

96、 counterparts.Average total cash compensation($thousands)State of professional services partner compensationOverall(n=155)Strategy consulting(n=47)Management/advisory consulting(n=64)Technology/IT consulting(n=27)Other(n=17)Less than$1.00bn(n=37)$1.00bn$5.00bn(n=23)$5.01bn$20.00bn(n=29)More than$20.

97、00bn(n=61)Less than 6 years(n=34)610 years(n=56)1115 years(n=26)More than 15 years(n=31)Less than 3 years(n=37)35 years(n=43)610 years(n=30)More than 10 years(n=42)Less than 2 years(n=28)23 years(n=49)45 years(n=32)More than 5 years(n=41)Men(n=119)Women(n=19)Racial or ethnic minority(n=39)White(n=11

98、6)OverallFirm typeFirm revenueTenure as partnerTenure at firmTenure in current roleGenderRace/ethnicity1,0694214155555215988689204491,039776650656936641472651908727497688622646638672Source:Heidrick&Struggles US professional services partner compensation survey,2024Diverse region,inclusive workforces

99、:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES21 By firm type,though respondents at strategy consulting firms saw the highest average total cash compensation,and most often reported total cash compensation of more than$1 million,respondents at management and advisory

100、firms saw the largest increase in total cash compensation from our last survey;49%reported total cash compensation of more than$1 million in our 2024 survey,an 8 percentage-point increase from the 2022 survey.Total cash compensation,by firm type(%)StrategyManagement/advisoryTechnology/IT5132291230$4

101、00,000 or less$401,000$600,000$601,000$800,000$801,000$1.00m$1.01m$2.00m$2.01m$3.00mMore than$3.00m1615102320221313109127120189274192112842932294522336602200Note:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=155S

102、ource:Heidrick&Struggles US professional services partner compensation survey,2022,n=192202420222024 US PROFESSIONAL SERVICES PARTNER COMPENSATION SURVEY22 Total cash compensation,by firm revenue(%)$400,000 or less$401,000$600,000$601,000$800,000$801,000$1.00m$1.01m$2.00m$2.01m$3.00mMore than$3.00mN

103、ote:Numbers may not sum to 100%,because of roundingSource:Heidrick&Struggles US professional services partner compensation survey,2024,n=155Source:Heidrick&Struggles US professional services partner compensation survey,2022,n=192Less than$1.00bn23303022121916071224033$1.00bn$5.00bn541026101784152241

104、17109$5.01bn$20.00bn77211772017103352333More than$20.00bn111113181410261014821430020242022By firm size,total cash compensation was down at smaller companies,and up for respondents at larger companies.This is interesting given that,as we have seen,respondents from smaller companies have a more optimi

105、stic outlook on the future than do respondents at larger companies(see chart at the bottom of page 20).0Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES23 Total cash compensation,by tenure as partner(%)Less than 6 years610 yearsMore th

106、an 10 years$400,000 or less$401,000$600,000$601,000$800,000$801,000$1.00m$1.01m$2.00m$2.01m$3.00mMore than$3.00m15261735159219291522223334716131214430163046445112516916254772745Note:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensatio

107、n survey,2024,n=155Source:Heidrick&Struggles US professional services partner compensation survey,2022,n=19220242022By tenure as a partner in any firm,total cash compensation is down for those with fewer years of tenure,but it has increased for those with longer partner tenure,with a notable excepti

108、on:partners with more than 10 years tenure have a lower share of extremely high earners(that is,those earning more than$2 million)in 2024 compared to 2022.2024 US PROFESSIONAL SERVICES PARTNER COMPENSATION SURVEY24 Total cash compensation,by tenure at current firm(%)$400,000 or less$401,000$600,000$

109、601,000$800,000$801,000$1.00m$1.01m$2.00m$2.01m$3.00mMore than$3.00mNote:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=155Source:Heidrick&Struggles US professional services partner compensation survey,2022,n=192L

110、ess than 3 years22301516111620611262203335 years3221312193361622653130610 yearsMore than 10 years25547131915101522172740571413167191316275733020242022By tenure at current firm,total cash compensation has also,on the whole,decreased for those with fewer years of tenure and increased for those with si

111、x or more years of tenure.For longer-tenured partners,there were more respondents with compensation in the$2 million to$3 million range in 2022,whereas in 2024 there are more respondents in the$1 million to$2 million range.From this,we infer that this is likely a market-driven drop in performance bo

112、nuses.Diverse region,inclusive workforces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES25 Total cash compensation,by gender(%)$400,000 or less$401,000$600,000$601,000$800,000$801,000$1.00m$1.01m$2.00m$2.01m$3.00mMore than$3.00mNote:Numbers may not sum to 100%,because

113、of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=155Source:Heidrick&Struggles US professional services partner compensation survey,2022,n=192Women201113377540701342005Men221013151813151651411293620242022By gender,total cash compensation overall trende

114、d higher for women in 2024 compared to 2022.We saw a sharp spike in total cash compensation for women in the$1 million to$2 million range,and a sharp decline for men in the$800,000 to$1 million range.2024 US PROFESSIONAL SERVICES PARTNER COMPENSATION SURVEY26 Total cash compensation,by race/ethnicit

115、y(%)$400,000 or less$401,000$600,000$601,000$800,000$801,000$1.00m$1.01m$2.00m$2.01m$3.00mMore than$3.00mNote:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=155Source:Heidrick&Struggles US professional services pa

116、rtner compensation survey,2022,n=192Racial or ethnic minorityWhite821121312212912243100215331211192599166127303820242022For respondents who represent racial or ethnic minorities,total cash compensation was split:46%of respondents of racial or ethnic minority groups reported compensation of more than

117、$1 million,up from 38%in 2022.However,55%reported compensation of$800,000 or less,a substantial increase from 32%in 2022.Equity or non-cash compensationThe share of respondents with an equity or non-cash element to their compensation decreased from 66%in 2022 to 59%in 2024.For those who do receive n

118、on-cash compensation,more than half,56%,report that it is 25%or less of their total compensation.Equity or non-cash compensation(%)Do you have an equity or non-cash element to your compensation?As a percentage of your total cash and non-cash compensation,what share is non-cash?1%25%26%50%51%75%76%10

119、0%101%150%More than 150%Source:Heidrick&Struggles US professional services partner compensation survey,2024,n=15556325412202420226659YesSource:Heidrick&Struggles US professional services partner compensation survey,2024,n=84Diverse region,inclusive workforces:Diversity and inclusion policy and pract

120、ice in Asia PacificHEIDRICK&STRUGGLES27 Respondents at management and advisory consulting firms least often had an equity or non-cash element to their compensation,though the share is still more than half.The share of respondents with an equity or non-cash element to their compensation increased by

121、tenure at current firm,though not by tenure as a partner or tenure in current role.Interestingly,a much larger share of women,79%,reported an equity or non-cash compensation element than did men,at 57%.Respondents of racial or ethnic minorities also more often had an equity or non-cash element to th

122、eir compensation than their white counterparts:69%of members of racial or ethnic minorities compared to 55%of white respondents.Equity or non-cash compensation(%)Overall(n=155)Strategy consulting(n=47)Management/advisory consulting(n=64)Technology/IT consulting(n=27)Other(n=17)Less than$1.00bn(n=37)

123、$1.00bn$5.00bn(n=23)$5.01bn$20.00bn(n=29)More than$20.00bn(n=61)Less than 6 years(n=34)610 years(n=56)1115 years(n=26)More than 15 years(n=31)Less than 3 years(n=37)35 years(n=43)610 years(n=30)More than 10 years(n=42)Less than 2 years(n=28)23 years(n=49)45 years(n=32)More than 5 years(n=41)Men(n=11

124、9)Women(n=19)Racial or ethnic minority(n=39)White(n=116)OverallFirm typeFirm revenueTenure as partnerTenure at firmTenure in current roleGenderRace/ethnicity5545762470305248653546547624613953476139693163384654811957435149574368324159613955456931574379215941Note:Numbers may not sum to 100%,because of

125、 rounding.Source:Heidrick&Struggles US professional services partner compensation survey,2024YesNo2024 US PROFESSIONAL SERVICES PARTNER COMPENSATION SURVEY28 5213356782550113958132952143343253284165743561331422137756195593653740591328471835581132332740561232703060103053123563112659734432929561232By

126、firm size,respondents at firms with more than$20 billion in revenue most often reported non-cash compensation that was more than 50%of their total compensation.Notably,by tenure in their current role,respondents with the shortest tenures reported the highest share of non-cash compensation27%said the

127、ir non-cash compensation is more than 50%of their total compensation.Share of total compensation that is non-cash(%)Overall(n=84)Strategy consulting(n=23)Management/advisory consulting(n=31)Technology/IT consulting(n=18)Other(n=12)Less than$1.00bn(n=21)$1.00bn$5.00bn(n=14)$5.01bn$20.00bn(n=19)More t

128、han$20.00bn(n=28)Less than 6 years(n=16)610 years(n=33)1115 years(n=16)More than 15 years(n=19)Less than 3 years(n=15)35 years(n=19)610 years(n=17)More than 10 years(n=32)Less than 2 years(n=15)23 years(n=30)45 years(n=10)More than 5 years(n=25)Men(n=68)Women(n=14)Racial or ethnic minority(n=27)Whit

129、e(n=57)OverallFirm typeFirm revenueTenure as partnerTenure at firmTenure in current roleGenderRace/ethnicityNote:Numbers may not sum to 100%,because of rounding.Source:Heidrick&Struggles US professional services partner compensation survey,20241%25%26%50%More than 50%Diverse region,inclusive workfor

130、ces:Diversity and inclusion policy and practice in Asia PacificHEIDRICK&STRUGGLES29 Leaders of Heidrick&Struggles Technology&Services PracticeTechnology&Services PracticeHeidrick&Struggles global Technology&Services Practice solves senior executive leadership issues that will not only grow and evolv

131、e an organization but also enable business transformation over a longer period of time.Technology companies today are experiencing tremendous challenges and fundamental change.Our clients are part of the evolving business landscape and turn to our experts to help them face many important issues,incl

132、uding globalization,emerging and converging technologies,identifying new sources of revenue,and talent management and retention.Gustavo AlbaGlobal Managing PGlobalCopyright 2024 Heidrick&Struggles International,Inc.All rights reserved.Reproduction without permission is prohibited.Trademarks and logos are copyrights of their respective owners.Gustavo Alba Miami and New York Leanne Arcinue New York Liz Hayes Chicago Martn Vanin Philadelphia and Washington DC Elmer Velasquez New York Colleen Vogt New York Heidrick&Struggles US Consulting Services sector