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 compensation and organization data from a survey of 187 partners in the professional services industry in the United States. We hope to expand the numbers 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 us—or your Heidrick & Struggles representative—with questions and comments.

Key findings 

After a booming 2021 and 2022, the professional services industry market has slowed. Consulting firms—management and advisory, strategy, technology and IT—have 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 outlook for their firm’s 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 but will pay off later—investing in DE&I, for example.

• 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, 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 they’re paying a premium to attract or retain diverse consultants at any level.
• Respondents’ average outlook for their firm’s 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 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 election and geopolitical uncertainty are key factors for 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.

About the authors

Gustavo Alba (galba@heidrick.com) is the global managing partner of Heidrick & Struggles Technology & Services Practice; he is based in the New York and Miami offices.

Liz Hayes (lhayes@heidrick.com) is a partner in the Technology & Services and Private Equity practices; she is based in the Chicago office.

Adele Aviles (aaviles@heidrick.com) is an engagement manager in the Technology & Services Practice; she is based in the Washington, DC, office.