If you’ve been looking to learn more about Biglaw salaries, you’ve come to the right place.
Today, we’ll talk about the salaries of Biglaw lawyers and partners, how those salaries are calculated, which firms pay the most, and more.
But first, let’s take a look at the 2023 and 2024 Biglaw salaries.
2023:
| CLASS | SALARY | ANNUAL BONUS | TOTAL |
|---|---|---|---|
| 1st Year | $215,000 | $20,000 | $235,000 |
| 2nd Year | $225,000 | $30,000 | $255,000 |
| 3rd Year | $250,000 | $57,500 | $307,500 |
| 4th Year | $295,000 | $75,000 | $370,000 |
| 5th Year | $345,000 | $90,000 | $435,000 |
| 6th Year | $370,000 | $105,000 | $475,000 |
| 7th Year | $400,000 | $115,000 | $515,000 |
| 8th Year | $415,000 | $115,000 | $530,000 |
Source: Above the Law
2024:
| CLASS | SALARY | ANNUAL BONUS | TOTAL |
|---|---|---|---|
| 1st Year | $225,000 | $20,000 | $245,000 |
| 2nd Year | $235,000 | $30,000 | $265,000 |
| 3rd Year | $260,000 | $57,500 | $317,500 |
| 4th Year | $305,000 | $75,000 | $380,000 |
| 5th Year | $355,000 | $90,000 | $445,000 |
| 6th Year | $380,000 | $105,000 | $485,000 |
| 7th Year | $410,000 | $115,000 | $525,000 |
| 8th Year | $425,000 | $115,000 | $540,000 |
Source: Above the Law
How are Biglaw salaries calculated?
In Biglaw, salaries are decided using what’s called the Cravath Scale, which sets the standard for Biglaw salaries each year.
The salaries on the Cravath Scale take into account how many years a lawyer has been out of school and the salary paid to those at the same level working for Cravath, Swaine & Moore LLP.
Why Cravath, Swaine & Moore LLP? Because the firm is often considered to be the industry’s salary trendsetter.
The scale has been a staple since the 1960s, mainly because of how competitive the industry is.
Think about it: Every Biglaw firm competes against the others to hire the best law students from the most prestigious schools.
This means that if one firm offers a higher salary, others will have to follow suit to keep candidates’ attention.
There’s no question that Biglaw salaries are high – but that’s because the industry is highly competitive, challenging to break into, and incredibly demanding.
Most young lawyers are expected to put in at least 2,000 billable hours every year, but most work even more. On average, Biglaw associates work 66 hours per week, but that number can be as high as 80.
How are Biglaw bonuses calculated?
In addition to their salaries, those working in Biglaw also receive thousands of dollars in bonuses at the end of each year.
Unlike salaries, bonuses on the Cravath Scale don’t change every year.
This year, first-year lawyers whose firms follow the Cravath Scale will receive a bonus of $20,000.
Their 4th-year counterparts will earn a $75,000 bonus, while 7th- and 8th-year lawyers will see a $115,000 bonus.
Likewise, in 2024, bonuses for first-time lawyers on the Cravath Scale will remain $20,000. Bonuses will stay the same for 4th-year lawyers ($75,000) and 7th- and 8th-year lawyers ($115,000) as well.
Just like salaries, bonuses are typically determined by the bonuses given out by other leading firms. Cravath, Swain & Moore LLP are typically the first to announce their bonus structure each year and, therefore, are the ones to set the bar.
These bonuses are given by firms as a means of motivating and retaining their lawyers. So, how does a lawyer earn a bonus?
The requirements for a bonus vary by firm but often depend on things like meeting a certain number of billable hours, the firm’s overall performance, and the state of the market.
Are all Biglaw lawyers paid the same?
Yes, all lawyers working for Biglaw firms earn the same salary across the board – for the most part.
If you’re working for a Biglaw firm that chooses to follow the Cravath Scale, you’ll make the same amount and earn the same bonus as the others in your year, regardless of the firm you work for.
But it’s important to note that while most firms follow the Cravath Scale, doing so is just expected – not mandatory – so Biglaw salaries can vary slightly.
For example, Arnold & Porter Kaye Scholer was the first Biglaw firm to go against it when they chose not to use it for 2023.
Keep reading to find out where Biglaw attorneys earn the highest salaries.
Which Biglaw firm pays the most?
Wachtell, Lipton, Rosen & Katz was named the highest-paying Biglaw firm in 2023 by Vault.
According to the report, the firm offered a first-year base pay of $220,000, which is $5,000 more than the Cravath Scale’s 2023 base pay of $215,000.
It was followed closely by Clifford Chance US LLP and Morgan, Lewis & Bockius LLP, both of which offered first-year base pay of $215,000.
Remember, that’s the salary for lawyers who have just started their career in Biglaw. So what about those with the most experience in a firm – the partners?
We’ll discuss their salaries next, so keep reading!
How much does a Biglaw partner earn?
Becoming a partner in a Biglaw firm is the crowning achievement for anyone in the industry.
To become a partner, you need to be great at your job, have interpersonal skills, and, most importantly, be able to prove you’re profitable for the firm you’re working at.
According to a report by the Wall Street Journal, equity partners at Biglaw firms can earn as much as $3 million per year. That’s more than three times what they earned 20 years ago.
And that’s not even the highest partner salary in the industry.
At firms like Wachtell, Lipton, Rosen & Katz, as well as Paul, Weiss, Rifkind, Wharton & Garrison and Kirkland & Ellis, partners reportedly earn a salary of as much as $15 million or more each year.
If you’re interested in working in Biglaw – or at least earning the salary – you might be wondering how to break into the industry.
I’ll talk about just how hard it is and how to do it in the next section.
Is Biglaw hard to get into?
The truth is, landing a job in Biglaw is hard.
Competition is steep, and being invited to interview is a big deal for any young lawyer.
It isn’t impossible, though.
There are two main things to be aware of when looking to start a career in Biglaw.
The first is what firms are looking for in a candidate – which is most often said to be pedigree.
It’s true that most, if not all, Biglaw candidates have an impressive background.
Some of the best law schools in the country see more than 60% of their class going into Biglaw upon graduation – schools like Columbia (66%), Cornell (64%), and Northwestern (62%).
Of course, you don’t have to go to a T-10 school to get into Biglaw. But the truth is that the more prestigious your school is, the better your chances are.
Most T-14 schools see at least half of their students go into Biglaw after graduation, while only a few T-30 schools see a comparable rate.
But it’s not all about where your school falls.
Things like your work experience and extracurricular activities can also make a difference.
The other thing you should be aware of is the Cravath System.
While the Cravath Scale determines Biglaw salaries, it’s the Cravath System that has helped firms determine who has what it takes to be an associate.
The system is designed to help firms find the right first-year lawyers based on a few key indicators.
These indicators point to whether or not a candidate is the kind of person who can be shaped into a successful lawyer during their time at the firm.
What are firms looking for, exactly? Things like high law school grades, a dedication to law, the ability to work hard, a desire to grow, and attention to detail.
But your law school and where you fall on the Cravath System will only get you so far. It’s in the interview stage that you’ll really get to show the interviewer what you’re made of.
So be sure to do your research on the firm to be prepared, and in your interview, be specific, dress professionally, ask the right questions, and be enthusiastic.
Keep reading to learn more about the average lawyer’s salary.
How much do lawyers make?
Taking into consideration Biglaw and non-Biglaw alike, lawyers in the U.S. earn an average of $163,770 per year or $13,647.50 per month.
There are several factors that determine a lawyer’s salary, including the type and size of the firm they’re working for.
For example, entry-level attorneys at a firm of 50 lawyers or less made a median salary of $85,000 in 2021. In the same year, entry-level attorneys at Biglaw firms following the Cravath Scale earned $205,000.
It’s also important to note the difference in salary between the public and private sectors. A first-year lawyer at a private firm often makes double the median salary of a public service attorney with nearly two decades of experience.
But it also depends on where you practice and what you specialize in.
Lawyers make the most money in these states:
- California ($201,530)
- Massachusetts ($196,230)
- New York ($188,900)
- Connecticut ($174,520)
- Colorado ($168,680)
- Nevada ($166,740)
- Texas ($166,620)
- Georgia ($165,560)
- New Jersey ($163,690)
- Minnesota ($163,480)
The best-paying specialties for lawyers are:
- Patent attorney ($143,492)
- Corporate attorney ($137,364)
- Tax attorney ($134,322)
- Family lawyer ($128,809)
- Bankruptcy lawyer ($125,048)
- Intellectual property lawyer ($119,583)
- Real estate attorney ($105,938)
- Civil litigation attorney ($101,177)
- Personal injury lawyer ($89,686)
- Employment law associate ($83,580)
For a more detailed look into lawyer salaries, check out my full guide to how much lawyers make here.
Next steps
There you have it!
Everything you need to know about the Biglaw salary scale.
If your goal is to work in Biglaw after graduation, you should start by getting into the right law school – and that’s where I come in.
I’ll help you create the kind of application that will get you into one of your top ten law schools and prepare you for success in Biglaw.
If you want to learn more, you can find out what working with me is like here.
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