I’ve been an academic attending for 4 years.
Compensation is rank and experience based. In the beginning, I worked easily as hard as people in private practice, albeit with less overnight call. About a third of my billing was kicked up to the top levels of the group and the hospital. Now the numbers are slightly less obscene since I make more and have some admin and academic time, but I still generate more than I take. The upper associates and full professors take more than they generate and take little to no call. So to make this a good deal, you need 1) longevity and 2) a niche. Without that, you’ll be slumming in the general ORs for life, and I’ve seen that happen to many people (you can probably think of some from your own training). Interestingly, some of the more prestigious institutions tend to be more egalitarian with their NC time from the start, albeit with lower pay.
Generally rooms are divided into complex cases with felllows or senior residents and then the bread and butter are done solo or with CRNAs. As a result I get a pretty good mix. Typically 2:1 with one busy room and one room with long or a complex case. 3 or 4:1 reserved for busy times and easy rooms.
Residents have a lot of power now and good programs have been put on probation for work hours and perceived lack of teaching. As such, most places now rely less on residents for day to day work and more on attendings and CRNAs (this has been the case throughout medicine).
To be honest, I would probably be happiest in a solo private practice. I like teaching, but I don’t like supervising CRNAs and I see no conceivable future where that isn’t more a part of the job. The academic chair of the future will be more of an MBA bean counter than a researcher, and even the researchers salivate at the idea of doing their research all day while ‘supervising’. I have seen this in all of the surgical fields at our institution as well and many depts have gone from having no NPs to using them as a primary workforce in just 3 years.
So to conclude, academics makes sense if you have a niche and can self promote to turn yourself into ‘the airway guy’, ‘the liver guy’, etc. To get there, though, expect to do a lot of writing and publishing in your free time for no additional compensation. After a few years it will hopefully pay off. If you just want to teach and do cases, there may be better options. Lots of good private practice groups have resident rotations with better compensation packages.