What is Big Law?
"Big Law" refers to the largest and most prestigious law firms in the United States, typically those in the AmLaw 100 (the 100 highest-grossing U.S. law firms). These firms are characterized by high starting salaries, demanding work hours, sophisticated legal work, and major corporate clients.
Big Law firms handle complex matters including mergers and acquisitions, securities offerings, high-stakes litigation, intellectual property disputes, and cross-border transactions. Their clients include Fortune 500 companies, private equity funds, investment banks, and high-net-worth individuals.
Big Law by the Numbers
Largest Firms: 1,000+ attorneys
Global Offices: 20-50+ locations worldwide
Revenue: $1B+ annually (top firms)
PPP: $2M-$7M+ (profits per partner)
Leverage: 4-6 associates per partner
Partner Track: 8-10 years typically
Big Law Salaries: The Cravath Scale (2026)
Most Big Law firms follow the "Cravath scale," named after Cravath, Swaine & Moore, the firm that typically sets the market rate for associate compensation. When Cravath raises salaries, other top firms quickly match.
| Class Year | Base Salary | Bonus (Target) | Total Comp |
|---|---|---|---|
| 1st Year | $225,000 | $20,000 | $245,000 |
| 2nd Year | $235,000 | $30,000 | $265,000 |
| 3rd Year | $260,000 | $50,000 | $310,000 |
| 4th Year | $310,000 | $80,000 | $390,000 |
| 5th Year | $345,000 | $100,000 | $445,000 |
| 6th Year | $370,000 | $115,000 | $485,000 |
| 7th Year | $400,000 | $130,000 | $530,000 |
| 8th Year | $420,000 | $140,000 | $560,000 |
Note: Some elite firms (Wachtell, Quinn Emanuel, elite boutiques) pay above scale. Partner compensation ranges from $500K to $10M+ depending on firm and book of business.
Work Expectations and Hours
Big Law's high compensation comes with demanding work expectations. Understanding billable hour requirements is crucial before accepting an offer.
Billable Hour Requirements
Most Big Law firms have billable hour targets of 1,800-2,000 hours annually. However, actual working hours are significantly higher:
- 1,800 billables = ~2,500 actual hours
- 2,000 billables = ~2,800 actual hours
- 2,200 billables = ~3,100 actual hours
What This Means Daily
To hit 2,000 billable hours annually:
- 8+ billable hours per day
- 10-12 hours in office typical
- Weekends during deal closings
- Evening/weekend email monitoring
Reality Check: About 80% of Big Law associates leave within 5 years. The demanding hours, while compensated well, lead many attorneys to seek better work-life balance in-house, in government, or at smaller firms.
Big Law Practice Areas
Big Law firms are typically organized into practice groups. Understanding these areas helps in choosing your specialty.
Corporate / M&A
Mergers and acquisitions, private equity transactions, venture capital deals, joint ventures. High-intensity work with unpredictable hours around deal closings. Often considered the "prestige" group at many firms.
Litigation
Commercial disputes, securities litigation, antitrust, white-collar defense. Hours can be more predictable (except trial prep), but cases span years. Strong writing and oral advocacy skills essential.
Capital Markets
IPOs, debt offerings, securities compliance. Specialized knowledge of SEC regulations. Work is cyclical with market conditions affecting deal flow.
Tax
Transaction structuring, tax planning, controversy work. Often requires an LL.M. in tax. Hours more predictable than corporate but less client interaction.
Intellectual Property
Patent prosecution, IP litigation, licensing. Technical backgrounds (engineering, science) valuable for patent work. Growing demand with tech sector importance.
Real Estate
Commercial real estate transactions, financing, development. Tangible deals with visible outcomes. Hours vary with market cycles.
The Path to Partnership
Making partner at a Big Law firm is increasingly difficult, with only 10-20% of associates eventually making partner at their starting firm.
Two-Tier Partnership System
Most firms now have two partner tiers:
Income Partner (Non-Equity)
Fixed salary (typically $400K-$800K), no ownership stake, 6-8 years to make. Stepping stone to equity or permanent position at some firms.
Equity Partner
Owns stake in firm, shares profits, 8-12 years typically. Compensation varies wildly from $500K to $10M+ based on book of business and firm profitability.
Keys to Making Partner:
- Business Development: Ability to originate clients becomes critical by senior associate years
- Specialization: Become the go-to expert in a specific niche
- Relationships: Strong sponsors among current partners who advocate for you
- Consistency: Sustained high-quality work over many years
- Timing: Firm economics and departures create or eliminate opportunities
How to Get into Big Law
1. Attend a Top Law School
The most reliable path to Big Law is attending a T14 law school. Students at Harvard, Yale, Stanford, and other elite schools have 60-80% Big Law placement rates. Outside the T14, you typically need to be in the top 10-20% of your class.
2. Excel in 1L Year
First-year grades are crucial for summer associate positions. Top firms interview 2Ls based almost entirely on 1L grades. At most schools, you need to be above median (ideally top third) for Big Law consideration.
3. Summer Associate Programs
The standard path is a 2L summer associate position, which typically converts to a full-time offer. Summer programs pay prorated associate salary (~$4,300/week) and have 90%+ offer rates at most firms.
4. On-Campus Interviews (OCI)
Big Law recruiting happens primarily through OCI during fall of 2L year (or spring of 1L at some schools). Be prepared for behavioral questions and "why Big Law/why this firm" questions.
5. Alternative Paths
If you miss traditional recruiting, alternatives include: judicial clerkships (highly valued), 3L recruiting, lateral entry after starting at smaller firms, or building expertise in hot practice areas.
Pros and Cons of Big Law
Advantages
- ✓ Top-tier compensation and benefits
- ✓ Sophisticated, complex legal work
- ✓ Excellent training and mentorship
- ✓ Prestigious credential for future opportunities
- ✓ Strong exit options (in-house, government)
- ✓ Pay down student loans quickly
Disadvantages
- ✗ Demanding hours, poor work-life balance
- ✗ High stress and burnout rates
- ✗ Limited client contact as junior associate
- ✗ Narrow, specialized work early on
- ✗ Low partnership odds (10-20%)
- ✗ "Up or out" culture at many firms
Top Big Law Firms (2026)
The "Vault 10" Elite
- 1. Cravath, Swaine & Moore
- 2. Wachtell, Lipton, Rosen & Katz
- 3. Davis Polk & Wardwell
- 4. Sullivan & Cromwell
- 5. Skadden, Arps
- 6. Simpson Thacher & Bartlett
- 7. Kirkland & Ellis
- 8. Latham & Watkins
- 9. Paul, Weiss
- 10. Gibson, Dunn & Crutcher
Rankings based on Vault Law 100, which factors prestige, selectivity, and attorney satisfaction.
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