Big Law: What it REALLY Means & Why You Should Give It a Try!

The largest and most prosperous law firms in the nation are referred to as “Big Law” in the legal community. These firms typically have their headquarters in major U.S. cities like New York, San Francisco, Chicago, or Los Angeles. 

It is difficult to find a well-paying job in Big Law. Therefore, new associates or attorneys in their early careers must make an immediate impression. 

Additionally, it is advantageous to work for a Big Law company. This is because they often pay the market rate for an attorney’s services, with a starting salary of $225,000 and long, demanding hours. 

Moreover, there are a lot of mixed feelings about Big Law because the environment presents both chances and difficulties. However, is it really THAT bad? Or have things been just blown out of proportion? 

In this article, I will talk about the definition of Big Law, the salary structure, and the workload of associates. Additionally, I will talk about the benefits and drawbacks of Biglaw culture and whether or not law students should be vying for a Biglaw position. 

What is a Big Law?

Biglaw is the word used in the legal business to refer to the biggest and most prosperous law firms, and the lawyers who practice there are usually referred to as Biglaw attorneys. 

Across the United States and the world, some of these big law firms have over a thousand partners. 

Because of their revenue, equity partners, or reputation, many boutique law firms are included in Biglaw. However, you need to keep in mind that not all Biglaw firms function at this enormous scale. 

Generally, a Biglaw company will have more than 100 attorneys and provide the highest legal salaries in the business. 

On the path to becoming a partner, students of law from the top law schools in the country compete for an interview to become summer associates. For instance, a full-time, paid position as a new associate may result from a summer associate’s experience with the company. 

Furthermore, big law firms do not concentrate on a particular area, such as criminal law or personal injury. Instead, they provide comprehensive legal services in business law practice areas. 

Large enterprises, investment entities, family officials, and affluent people are examples of clients. They value the influence and one-stop-shop service that these large companies offer. 

The degree of pressure and responsibility that these companies promote leads to an understanding of why associates typically earn extremely high salaries. However, enormous responsibility also calls for enormous personal demands. 

Big Law Firm Salary

An associate attorney is a licensed legal professional in the early stages of their career. However, despite having the most coveted educational backgrounds, they typically lack practical experience. 

Inspite of the fact that many in-house counsels criticize the inexperience of a typical first-year associate, they carry out the duties of “grinders.” “What’s THAT??” Well, it is a phrase used to characterize the lawyers who carry out the writing, research, and other support activities related to the practice of law. 

Ultimately, in the end, they are expected to have extremely prosperous and successful legal professions. As I have already mentioned, new Biglaw associates often make $225,000 plus a bonus. 

If this figure seems promising or startling, let me tell you one thing! It’s a tactic used by Biglaw companies to draw in the best legal talent in the country. 

The law school class of a graduate influences how Biglaw firms set wages. The salary they give new associates is typically almost the same. This is because Biglaw is competing for the best and brightest up-and-coming talent in the industry, the wages. 

According to data from the National Association of Law Placement, almost 30% of first-year associates start out at $225,000. The amount advances according to the year of graduation. A second-year associate might make $235,000, for instance, and so forth. 

Work Responsibilities of Big Law Employees

If the salaries that I have mentioned above seem generous, it is because they are. However, there is a cost to the Biglaw associate, and the legal industry is well aware of the high turnover. 

All levels of Biglaw employees put in a great deal of overtime. Furthermore, partners assign them the responsibility of completing a minimum payable hour requirement of at least 2,000 hours annually. 

Additionally, this figure shows that they must work on customer accounts for thirty-eight hours on average per week. However, it excludes vacation time and other work-related duties. For instance, aspiring young attorneys naturally put in at least sixty hours a week at their jobs. 

Senior and junior colleagues are usually available around the clock. Furthermore, the companies provide or purchase cell phones so they may stay in touch with them regularly. 

This means that they need to be accessible to answer questions at family dinners, vacations, and even everyday excursions to the grocery store. 

Additionally, when an associate is on-call, their personal lives can never truly separate from the company without prior planning. 

It’s never a given because you might have to work on weekends, holidays, or evenings to complete a transaction or case. If you wish to become a partner at a Biglaw firm, it’s all part of the agreement. 

Ultimately, this desire stems from the fact that Biglaw firms never compromise on their integrity. Additionally, they provide legal services in a fast, legitimate manner, and promise their clients above and beyond perfection. 

Best Big Law Firms in the USA Right Now!

Most members of the legal community begin their search for those big law firms by consulting American Lawyer’s yearly list of the country’s largest firms, which is regarded as the Fortune 500 of the legal industry. 

In 1986, American Lawyer started releasing its list. And TBH, it is evident that Big Law has grown to be a significant industry when comparing the listings from that era to the present. 

The top firms on the American Lawyer’s list, now known as the “Am Law 100,” made $7 billion in total revenue in 1985, and partners had an average profit of $309,314. 

Half of the Am Law 100 companies made over $1 billion annually in 2022. Furthermore, the overall revenue of the 2023 list was $130.8 billion. 

While other organizations sent partners home with twice that amount, equity partners enjoyed an average profit of $2.56 million last year. 

However, times have changed. The Big Law has experienced a significant change that extends beyond its rapidly increasing profits. 

So, who are the Big Law firms now? In case you were wondering about this, I have the answer for you! Here are the best big law firms that you need to know about: 

Firm Name	Number of Lawyers	Annual Revenue	About
Kirkland Ellis	2,300	$6.04 billion	Founded in 1909, this Chicago-based company has nine major locations in the United States and focuses mostly on commercial disputes and other corporate interests.
Latham Watkins	2,500	$5.49 billion	With locations in Europe, the Middle East, and Asia, this New York-based firm has a diverse clientele and a wide range of practice areas.
Norton Rose Fulbright	3,300	$2.1 billion	This global firm was established in 2013 by the merging of US-based Fulbright Jaworski and UK-based Norton Rose. Its primary clients are financial institutions, large corporations, and creative startups.
Baker McKenzie	4,700	$3.13 billion	This general practice firm has 77 offices across 46 countries, with its headquarters located in Chicago.
White & Case	2,100	$2.87 billion	This global business, which has 44 locations across 30 countries and is headquartered in New York, focuses on “white-collar” law, including intellectual property and antitrust.
Hogan Lovells	2,600	$2.61 billion	This general practice business, which has dual headquarters in New York City and London, is the result of a 2020 merger between US-based Hogan Hartson and UK-based Lovells.
DLA Piper	3,700	$3.47 billion	This firm has offices in 40 countries and serves a wide range of practice areas.
Jones Day	2,500	$2.45 billion	Established in 1893, this company focuses on corporate management, regulation, finance, and other aspects of corporate law while representing more than half of the Fortune 500 firms in a variety of practice areas.

What It’s Like Working in a Big Law

A Biglaw firm’s culture differs from that of a small or medium-sized legal practice. To put it briefly, lawyers are more likely than general to work long hours and take their work home with them. 

Additionally, even if the best Biglaw companies prioritize work-life balance, not all of them follow suit because the industry is highly competitive. Given the high cost of hiring a new associate, a firm typically has no interest in having an associate leave Biglaw. 

In reality, the Biglaw firm lawyers have minimal influence on the kinds of cases or deals they take on. The people who handle the paperwork and carry out the manual labor involved in case management and litigation are frequently new associates. 

Lower-level players can feel overburdened by ineffective communication. Moreover, if the Biglaw culture seems hectic, then there is truth to that claim. 

Because of this, companies that are more supportive of work-life balance try to make the process as simple as possible for their employees. 

For instance, they might cover yearly bonuses and moving costs. Some even have daycare centers and gyms on the premises. Some people who put in a lot of labor are given supper allowances.

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