You may not be underpaid in your role.
A lot of lawyers I speak to feel like they are, and sometimes that’s absolutely the case.
I have seen plenty of people move firms and secure significant salary increases. Usually this is because they were genuinely below market rate in their previous role, they move to a different type of firm or a change in location shifts the benchmark.
At the same time, there are also plenty of people who are already well positioned in the market for their level and location, but still feel either unsure (or sometimes convinced) they would be earning significantly more at another firm. Occasionally, there are also people who have expectations of huge salary jumps that don’t always align with what is typically achievable in the market they are in, with figures plucked from the air as to what "they should be on" that are not grounded in reality.
Significant salary increases tend to come with a clear step up in some form, whether that’s seniority, responsibility, firm calibre or geography. When people move laterally to a similar type of firm in a similar location it doesn’t always translate into a hugely significant increase in pay.
So if salary is the main driver behind a move, it can be helpful to get a clear sense of where you actually sit in the market before making assumptions either way as you may actually be getting paid pretty well where you are in comparison to other firms.