7 Key Facts That Define IS Big Law and the Big Law Scale?

Ben Thomson* Big law scale enticement is one of the key money attractions for those seeking to work for Big Law firms. ‘Big Law’ refers to the largest and most prestigious law firms in the United States, United Kingdom and elsewhere, offering comprehensive legal services in corporate law practice areas and paying market rate salaries starting at $215,000 plus bonuses.

According to Big Law Investor, these firms typically have more than 500 attorneys and operate in multiple cities around the world.

They are often referred to as “mega-firms” and are known for their high-profile clients and complex legal work and they are continuing to grow and expand, as we reported recently with the merger of Allen & Overy and Shearman & Sterling.

Revenues for the top three biglaw firms—Kirkland & Ellis, Latham & Watkins, and DLA Piper—exceeded $3 billion for the 2020 fiscal year, according to Investopedia.

The big law scale is something often reported and big law revenues have risen since then despite the slowdown in the world economy in 2023.

Characteristics that Define Big Law Firms

Big Law firms are characterized by several distinguishing features, largely based on their size – offices, expertise, salaries.

 A Forbes survey recounted in a recent book on working for Big Law and found “the #1 worst and unhappiest job in America was that of associate at a Big Law firm.”   

A recent book written by an AmLaw partner, Big Law Confidential, is intended as a comprehensive guide to Big Law and what it means to work for these firms.

It contains voluminous information about Big Law meant to teach its readers “how to survive the grueling, incredibly stressful, and immensely challenging work experience[.]” 

The key ‘Big Law’ defining factors:

• Size: Big Law firms are known for their large size, typically employing hundreds or even thousands of attorneys across multiple offices. This allows them to handle a wide range of legal matters and provide extensive services to their clients. Check some of the biggest law firms by headcount here.
• Prestige: Big Law firms are often considered the most prestigious in the legal industry, with a reputation for excellence and high-quality work.  They are almost always well-established and have a strong reputation in the legal community representing large corporations, financial institutions, government entities, and high-net-worth individuals. Their client base typically consists of well-known companies and individuals with significant legal needs.They often work on high-profile cases, corporate transactions, and complex legal issues. Their reputation and track record can contribute to their clients’ confidence in their abilities.
• Practice Areas: Big Law firms typically focus on corporate law practice areas and they typically have attorneys who specialize in various areas of law, such as corporate law, mergers and acquisitions, litigation, intellectual property, tax, or real estate. This specialization allows them to provide comprehensive legal advice and representation in specific areas of law.
• Major Resources:  BigLaw firms have substantial resources, including extensive libraries, research tools, technology infrastructure, and support staff. These resources enable them to conduct in-depth legal research, manage large-scale litigation, and handle complex transactions efficiently.
• Compensation: Big Law firms pay their associates market rate salaries, which are among the highest law associate salary levels in the legal industry. Bonuses and profit-sharing programs are also common and the firms are well known for their pay scale as we have written about below and on information on the ‘Cravath Scale’ pay and biglaw pay rates.
• Education: Associates at Big Law firms typically come from desirable educational backgrounds, having graduated from top law schools although that is not necessarily a bar to those talented lawyers from other schools seeking a top class career in a major law firm.
• Culture: Big Law firms are often known for their demanding work culture, with long hours and high levels of stress. Other law firms may offer a more relaxed work environment.

Read: LawFuel List – The 30 Most Prestigious Law Firms in the World

The Benefits of Working at Big Law Firms

Working at a Big Law firm can be a highly rewarding experience for those who are able to secure a position. While the work can be demanding and stressful, the benefits of working at a Big Law firm are significant.

The Financial Benefits

One of the most significant benefits of working at a Big Law firm is the financial compensation.

According to Bankrate, Big Law firms pay their associates market rate salaries, which typically start at $215,000 per year. In addition to base salaries, associates may also receive generous bonuses and profit-sharing programs.

We have reported on big law associate salary levels at this link and you can see easily that the salary and bonus attractions are key ‘big law’ attractive factors.

The Professional Benefits of Big Law

Working at a Big Law firm can also offer significant professional benefits that attract lawyers for any one or more of the following:

• Exposure to High-Profile Clients: Big Law firms often work with high-profile clients, which can offer associates the opportunity to work on complex and challenging legal matters.
• Access to Resources and Technology: Big Law firms typically have access to advanced resources and technology, which can help associates to work more efficiently and effectively.
• Opportunities for Advancement: Big Law firms offer a clear path to advancement for associates who perform well, with opportunities for promotion to senior associate or partner positions.

Big Law Social Benefits

In addition to financial and professional benefits, working at a Big Law firm can also offer significant social benefits that appeal to many lawyers seeking a rewarding career both financially and otherwise.

The detractions of big law in terms of work hours, stress and those long nights of deadline pressures can conceal the upside of all that ‘negativism’. There are benefits, even if lawyers do not wish to continue a biglaw career for their entire working life.

What are some of the benefits?

• Prestige of Working at a Big Law Firm: Big Law firms are often considered the most prestigious in the legal industry, which can offer associates a sense of pride and accomplishment.
• Networking Opportunities: Big Law firms offer numerous opportunities for associates to network with other legal professionals, which can be valuable for career development.
• Travel Opportunities: Associates at Big Law firms may have the opportunity to travel to other cities or countries for work, which can be a valuable and exciting experience.

Overall, working at a Big Law firm can offer significant financial, professional, and social benefits for those who are able to secure a position.

However, it is important to note that the demanding work culture may not be suitable for everyone, and that associates should carefully consider their career goals and priorities before pursuing a career in Big Law.

The Downsides of Working at Big Law Firms

While there are many benefits to working at a Big Law firm, there are also several downsides that should be taken into consideration.

Big Law is not for everyone. The work can be lengthy and stressful, but let’s consider some of the key issues about big law work, whether you are thinking of big law London, big law Washington or any one of literally dozens of offices operated by the big law network.

The conditions you need to consider include the following:

The Working Conditions

Working at a Big Law firm can be extremely demanding, with long working hours and high levels of stress. Associates are often expected to work late into the night and on weekends, and may be required to be on call at all times. This can make it difficult to maintain a healthy work-life balance, which can take a toll on both physical and mental health.

The Competitive Nature of the Job

Big Law firms are known for their competitive work culture, and associates may feel pressure to bill as many hours as possible in order to meet billing targets and achieve promotion.

This can create a cutthroat environment where colleagues may be pitted against each other, and office politics can be a significant factor in career advancement. High attrition rates are also common, with many associates leaving the firm after only a few years.

Despite these downsides, many people still choose to pursue a career in Big Law due to the financial and professional benefits that it offers. However, it is important to carefully consider the demands of the job and whether it is a good fit for your personal and professional goals.

Alternatives to Big Law Firms

While Big Law firms can offer significant financial and professional benefits, they are not the only career option for law students and attorneys. There are several alternative career paths that may be a better fit for those who are looking for a different work environment or career focus.

Small and Mid-Size Law Firms

Many small and mid-size law firms offer a more relaxed work environment and a greater focus on work-life balance. 

These firms may offer a wider range of practice areas, allowing attorneys to explore different areas of law and develop a more diverse skill set. While the financial compensation may be lower than at a Big Law firm, there may be other benefits, such as greater autonomy and the opportunity to work on a wider range of legal matters.

Public Interest Law

For those who are passionate about social justice and making a difference in their community, public interest law may be a good career option and is one that is increasingly embraced by big law firms.

Most big law firms in an increasingly competitive market will spend considerable resources handling pro bono work, public law and other work that is beyond their traditional ‘patch’ of corporate, tax, securities, banking and similar.  But a growing number of smaller law firms provide this sort of work for those keen on specialization in this area.

Public interest lawyers work for non-profit organizations, government agencies, and other organizations that serve the public good.

Without being cynical, these ‘public’ roles and pro bono jobs also help both with recruitment and avoiding the image of being too elevated and money-focused to handle such mundane, unprofitable legal work.

In-House Counsel

Many corporations and businesses have in-house legal departments that provide legal advice and services to the organization. In-house counsel may work on a wide range of legal matters, from corporate governance to employment law to intellectual property.

While the financial compensation may be lower than at a Big Law firm, in-house counsel typically work regular business hours and may have more control over their work-life balance.

Government and Public Service

Lawyers who work for the government or in public service may have the opportunity to work on a wide range of legal matters and make a positive impact in their community.

Government lawyers may work for agencies such as the Department of Justice or the Environmental Protection Agency, while public service lawyers may work for organizations such as Legal Aid or the American Civil Liberties Union.

While the financial compensation may be lower than at a Big Law firm, government and public service lawyers are able to work on meaningful legal matters and make a difference in the lives of others.

Overall, there are many alternative career paths for law students and attorneys who are looking for a different work environment or career focus. While Big Law firms can offer significant financial and professional benefits, it is important to carefully consider your career goals and priorities before pursuing a career in Big Law.

How to Prepare for a Career in Big Law

For those who are interested in pursuing a career in Big Law, there are several steps that can be taken to prepare for this demanding and competitive field.

Think carefully about the work-life balance issue and what you seek in a legal career.

Remember that in these major law firms, as AbovetheLaw recently reported in their review of ‘Big Law Confidential’, twelve-hour days are de rigueur in law firms and all-nighters are not unheard of, and everyone works at least a few hours while on vacation. 

So how do you prepare?

Choose the Right Law School

The first step in preparing for a career in Big Law is to choose the right law school. Big Law firms typically recruit from the top law schools, so it is important to choose a school that is highly ranked and well-respected in the legal community.

Law students should also focus on developing strong legal skills and building relationships with professors and mentors who can provide guidance and support.

Gain Relevant Experience

Big Law firms typically look for candidates who have relevant legal experience, such as working as a summer associate at a law firm or participating in a legal clinic.

Law students should focus on gaining as much legal experience as possible, and should seek out opportunities to work on complex legal matters and develop their legal skills.

Build a Professional Network

Networking is a critical component of success in the legal industry, and building a strong professional network can help law students and attorneys to secure job opportunities and advance in their careers.

Law students should attend legal conferences and events, join professional organizations, and seek out opportunities to meet and connect with legal professionals.

Develop Critical Skills

Big Law firms value candidates who have strong legal skills, such as legal research and writing, negotiation, and advocacy.

Law students should focus on developing these critical skills through coursework, internships, and extracurricular activities.

Consider Alternative Career Paths

While Big Law firms can offer significant financial and professional benefits, they are not the only career option for law students and attorneys. It is important to consider alternative career paths and explore different legal practice areas to determine the best fit for your personal and professional goals.

Overall, preparing for a career in Big Law requires hard work, dedication, and a strategic approach to career development.

By choosing the right law school, gaining relevant experience, building a professional network, developing critical skills, and exploring alternative career paths, law students and attorneys can position themselves for success in this competitive and demanding field.

The Future of Big Law

The legal industry is constantly evolving, and Big Law firms are not immune to these changes. Here are some of the trends and challenges that may impact the future of Big Law.

Technological Disruption

Advances in technology are transforming the legal industry, and Big Law firms must adapt in order to stay competitive.

This includes leveraging legal tech tools such as artificial intelligence, (people, not robots will continue to be ‘lawyers’), machine learning, and data analytics to improve efficiency and accuracy in legal work.

Growing Competition

As the legal industry becomes more crowded, Big Law firms are facing increased competition from smaller and more agile law firms, as well as alternative providers of legal services such as legal process outsourcing (LPO) firms and legal tech companies.

Big Law firms must find ways to differentiate themselves and offer unique value to clients in order to stay competitive.

Changing Client Expectations

Clients are increasingly demanding more value from their legal providers, including more transparency, efficiency, and cost-effectiveness.

Big Law firms must adapt to these changing client expectations in order to remain relevant and competitive in the market and this affects how they will perform – and how you can help them!

Diversity and Inclusion

Diversity and inclusion are becoming increasingly important issues in the legal industry, and Big Law firms are being held accountable for their efforts to create more diverse and inclusive work environments.

Firms that fail to prioritize diversity and inclusion may face reputational damage and struggle to attract top talent in the future.

Globalization of Big Law

As the world becomes more interconnected, Big Law firms are expanding their reach beyond their traditional markets and seeking opportunities in emerging markets such as Asia and Africa.

This requires firms to adapt to new legal systems and cultural norms, and to develop relationships with clients and legal professionals in these regions.

Overall, the future of Big Law is uncertain, but firms that are able to adapt to these trends and challenges will be well-positioned for success in the years to come.

By leveraging technology, differentiating themselves from competitors, prioritizing client value and diversity and inclusion, and expanding their global reach, Big Law firms can continue to thrive in a rapidly changing legal landscape.

In Conclusion

Big Law firms offer significant financial and professional benefits, but they are not the only career option for law students and attorneys.

Alternative career paths such as small and mid-size law firms, public interest law, in-house counsel, and government and public service may be a better fit for those who are looking for a different work environment or career focus.

Preparing for a career in Big Law requires hard work, dedication, and a strategic approach to career development.

By choosing the right law school, gaining relevant experience, building a professional network, developing critical skills, and exploring alternative career paths, law students and attorneys can position themselves for success in this competitive and demanding field.

The future of Big Law is uncertain, but firms that are able to adapt to technological disruption, changing client expectations, and increasing competition will be well-positioned for success in the years to come.

By prioritizing diversity and inclusion, expanding their global reach, and differentiating themselves from competitors, Big Law firms can continue to thrive in a rapidly changing legal landscape.

Thank you for reading this article on Big Law. If you enjoyed this content, be sure to check out our other great articles on the legal industry.

FAQs

What is Big Law and how does it work?

Big Law refers to the largest law firms in the US that offer comprehensive legal services and pay market rate salaries.

Who works in Big Law firms?

Lawyers who come from top law schools and seek high-paying jobs in corporate law practice areas.

How can I prepare for a career in Big Law?

Choose a top law school, gain relevant experience, and develop strong legal skills and networks.

What are the main challenges facing Big Law firms today?

Technological disruption, growing competition, changing client expectations, and diversity and inclusion.

How can Big Law firms stay competitive in a rapidly changing legal landscape?

By leveraging technology, prioritizing client value and diversity and inclusion, and expanding their global reach.

What are some alternative career paths to Big Law?

Small and mid-size law firms, public interest law, in-house counsel, and government and public service.

Author –

Ben Thomson has written extensively about law firm business and marketing, including for LawFuel and may be contacted at webtrafficrules@gmail.com.