My cell has been ringing non-stop the last few weeks with Secondaries Associates and junior Partners all asking the same question: Are those comp packages really true?

For those that might be out of the loop, there's been a string of high-profile moves across the private Funds and Secondaries space (both at the junior Partner and Counsel levels), marking the arrival of some newly-minted Secondaries millionaires on Wall St.

Before I get into the details, here's a bit of background...

The secondaries market behind the pay packages

In 2024, global Secondaries reached $162 billion in transaction volume (a 45% increase from $112 billion in 2023). Projections for 2025 suggest volumes could exceed $185 billion, however, I know a few Partners in the market (and Lazard) have expectations $220 billion+.

Most firms, as you know, are largely focused on either the LP or the GP side, depending on their clients. To give you a quick breakdown:

  • GP-Led transactions totaled $72 billion in 2024, representing 44% of the market. Single-asset continuation vehicles became increasingly popular, allowing sponsors to retain high-performing assets while providing liquidity to investors (CAIS, 2025).
  • LP-Led transactions accounted for approximately $89 billion in 2024, a 41% YOY increase. Average pricing for LP-led deals reached 89% of NAV, with buyout strategies achieving up to 94% of NAV (CAIS, 2025).

There's a certain level of prestige on the GP side, and the larger comp packages generally support those with at least some GP-led experience.

The Legal Talent Gap

I was recently picked up by SecondaryLink about the Secondaries 'boom' and the legal talent driving it.

The Secondaries legal market has experienced significant growth, driven by record-breaking transaction volume, not only increasing the demand for the business and deal-side folks, but the legal talent, too.

Over the last 12 months, we've seen Secondary placements almost double. Associates and Partners once only had very little choice in the market, but more and more law firms are now looking to establish their footprint in the Secondaries space. Associates and Partners now have real choice in the market and the competition is strong.

While many of the established houses are doubling down on their 'no signing bonus' policy, newer entrants are using money to lure the very best talent away with the promise of a bigger seat at the table earlier on (the downside risk being, you'll be in start-up mode).

"The surge in Secondaries placements highlights a clear market shift, with more firms prioritizing this talent pool as it evolves from it's 'niche' roots into a fully-fledged asset class within private equity. While the traditional powerhouses remain dominant, we're seeing strategic hiring from newer entrants looking to establish and scale their secondaries capabilities. As a result, demand for experience associates is at an all-time high." - SecondaryLink

Law Firm Financials

My view is that firms are investing in secondaries talent because they see an opportunity to build lasting client relationships and fee income. Transaction volume helps explain interest in the market, but it is not a measure of legal fees.

Demand for liquidity can support secondaries activity when other exit routes slow. That does not make the practice immune to changes in the market.

How To Be A (Junior) Wall Street Millionaire

Now to the only part you probably care about...

Let me be clear: these numbers we're seeing are by no means the new norm, and in my view, will not be here to stay. I hope I'm wrong.

A secondaries partner or counsel without a substantial book should not assume an exceptional package will be available. The opportunity depends on the firm, the role, and the business case for the hire.

For those with a serious book of business...there's some life-changing money on the table.

Law firms are investing in you, your business plan, the cultural fit, and your reputation in the (very small) market. There's also timing. You don't want to leave this to 'luck'. You need to have strategy here, and that's where I can help.

For some folks, it is sometimes a better strategy to have smaller package at the NSP level, in lieu of a far superior package once you make equity. However, the more firms that grow out in the Secondaries space and potentially take a piece of the pie, you have to consider what that future draw might look like.

For others, working in a start-up environment, trying to attract new business, and grow a team might not be for them, and frankly, it goes both ways. We all have our preferences for the work we do and the environments we want to be in, and only a certain amount of money can talk.

As always, there's a bit to consider here.

For anyone considering a career in secondaries, there's more to weigh than the headline compensation. If you'd like to discuss your circumstances, the platform you're considering, or your plans for building a practice, I'm available to chat at (+1) 917-694-8315.

Read about GPS’s advice for associates and counsel on development, compensation, and firm fit.

~Stef

Stefano grew up in Australia where he practiced as a Corporate and Funds Attorney from 2015, before moving to the US to work in Secondaries. He is now Director of the New York Office at Sonder Consultants where he works across all major US and global legal markets with a focus on PE, Funds, and Secondaries.