Many slaves in the Roman Empire held responsible positions and earned a decent income. However, most slaves were treated harshly, and all slaves lacked legal status and basic rights.
with all respect (literally with all fear): Peter might be urging slaves to fear God (see 2:17; compare 1:17) or fear the master's punishment. However, he often uses this kind of language to describe the respectful attitude that Christians should show toward others (3:16).