For aspiring legal professionals, the term "Biglaw" is synonymous with prestige, high-stakes work, and, most notably, extraordinary financial rewards. A career as a Biglaw associate offers the potential for a compensation package that is among the highest for any entry-level professional role, with starting salaries often exceeding $225,000 plus significant bonuses.
If you're a law student or a lawyer considering a move, understanding the nuances of Biglaw compensation is crucial. This guide breaks down what a Biglaw associate earns, the key factors that dictate that salary, and the career outlook for this demanding but lucrative path.
What Does a Biglaw Associate Do?
Before diving into the numbers, it's important to understand the role. "Biglaw" refers to the largest and most profitable law firms in the United States, typically those ranked in the Am Law 100 or 200 lists. An associate at one of these firms works on complex, high-value legal matters for major corporations, financial institutions, and governments.
Responsibilities often include:
- Conducting extensive legal research and due diligence.
- Drafting and reviewing complex contracts, motions, and briefs.
- Managing aspects of large transactions, such as mergers and acquisitions (M&A).
- Assisting partners in preparing for trials, depositions, and negotiations.
The work is intellectually challenging, the hours are famously long, and the pressure is immense. The high salary reflects the firm's expectation of total commitment and exceptional performance.
Average Biglaw Associate Salary
Unlike many professions, Biglaw associate salaries are not typically represented by a single "average." Instead, they are dictated by a standardized, seniority-based "lockstep" compensation system. This system was historically set by the New York firm Cravath, Swaine & Moore, and the "Cravath Scale" remains the gold standard that other top firms match to compete for talent.
In late 2023, the market leader scale was updated. As of early 2024, the prevailing salary scale for first-year associates at top Biglaw firms is $225,000. This base salary increases annually based on an associate's class year (the year they graduated from law school).
Here is the widely adopted market-rate Biglaw associate salary scale for 2024:
- Class of 2023 (First Year): $225,000
- Class of 2022: $235,000
- Class of 2021: $250,000
- Class of 2020: $295,000
- Class of 2019: $345,000
- Class of 2018: $370,000
- Class of 2017: $400,000
- Class of 2016+: $420,000 - $435,000
*(Source: Reports from legal industry publications like Above the Law and The American Lawyer, reflecting market-wide adoption in late 2023/early 2024).*
It is crucial to note that this base salary is only one part of total compensation. Biglaw associates also receive substantial year-end bonuses, which can range from $15,000 for first-years to over $115,000 for senior associates, depending on firm profitability and individual performance.
For context, the median pay for all lawyers in the U.S. was $135,740 per year in May 2022, according to the U.S. Bureau of Labor Statistics (BLS). This highlights how Biglaw salaries represent a significant and distinct upper echelon of the legal profession.
Key Factors That Influence Salary
While the lockstep model is fairly rigid for base pay at top firms, several factors determine whether you can access this pay scale in the first place and how your overall earnings potential might evolve.
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Level of Education
A Juris Doctor (J.D.) degree from an American Bar Association (ABA)-accredited law school is the non-negotiable entry ticket. However, for Biglaw, the prestige and ranking of your law school are paramount. The vast majority of Biglaw associates graduate from "T14" schools (the top 14 law schools as ranked by U.S. News & World Report) or other highly-ranked T50 institutions. Graduating in the top tier of your class and serving on a prestigious journal like the Law Review are critical achievements that make a candidate competitive.
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Years of Experience
As illustrated by the lockstep scale, experience is the single most important factor determining an associate's base salary. Pay is not tied to performance metrics or billable hours (though these heavily influence bonuses and promotion prospects). Instead, an associate's salary automatically increases each year they remain with the firm, moving up with their graduating class. This provides predictability and transparency for associates.
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Geographic Location
Geography is a critical determinant of Biglaw salaries. The full, market-rate scale is primarily paid in major legal markets where these firms have their largest and most profitable offices. These primary markets include:
- New York City
- Washington, D.C.
- San Francisco / Silicon Valley
- Los Angeles
- Chicago
- Boston
Firms in secondary markets like Houston, Dallas, or Atlanta often pay very high salaries but may be slightly below the top New York scale. According to data from Salary.com, an Associate Attorney in New York, NY, earns a higher average salary than one in, for example, Kansas City, MO, reflecting this geographic premium. Biglaw compensation is intrinsically tied to these high-cost-of-living, major economic hubs.
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Company Type
The "company" here is the law firm itself. Only firms classified as "Biglaw"—typically the 100 largest firms by revenue (the Am Law 100)—consistently pay on the scale mentioned above.
- Mid-size Firms: These firms may have 50-200 lawyers and offer a better work-life balance but at a lower salary point, though still often in the six figures.
- Boutique Firms: Highly specialized, elite boutique firms (e.g., focusing solely on high-stakes litigation or intellectual property) can sometimes match or even exceed Biglaw salaries to compete for top talent.
- Public Sector & Government: Salaries for government lawyers or public interest attorneys are substantially lower, as their compensation models are not driven by corporate profits.
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Area of Specialization
Within a Biglaw firm, your practice area generally does not affect your base salary as an associate due to the lockstep model. An M&A associate and a tax associate in the same class year will earn the same base pay. However, your specialization significantly impacts your bonus potential, your long-term career trajectory, and your exit opportunities.
Corporate and transactional practices like M&A, Private Equity, and Capital Markets are often the biggest revenue drivers for firms and can lead to higher bonuses in busy years. In-demand, specialized litigation areas can be equally lucrative. A strong background in a profitable practice area is essential for making partner, where compensation can climb into the millions of dollars.
Job Outlook
The U.S. Bureau of Labor Statistics projects that overall employment for lawyers will grow 10 percent from 2022 to 2032, which is much faster than the average for all occupations. The BLS anticipates about 39,100 openings for lawyers each year, on average, over the decade.
However, the outlook for *Biglaw* positions is a subset of this broader picture and is far more competitive. Hiring is cyclical and heavily dependent on the health of the economy. When M&A and capital markets are booming, hiring is robust. During economic downturns, hiring can slow or freeze. Despite these cycles, the demand for elite legal talent to handle the most complex corporate work remains constant, ensuring that top law school graduates will always find opportunities in this sector.
Conclusion
A career as a Biglaw associate is one of the most financially rewarding paths a new graduate can pursue. With starting salaries of $225,000 and a clear, lockstep progression into the $400,000+ range within eight years, the earning potential is immense.
However, this compensation is earned through rigorous academic achievement at a top law school and a commitment to a demanding, high-pressure work environment. For those who meet the qualifications and are driven by complex challenges, a career in Biglaw serves as an unparalleled professional launchpad, opening doors to partnerships, in-house counsel positions at Fortune 500 companies, or other prestigious roles in business and law. It is a path where hard work is directly and handsomely rewarded.