Big Law: What Is It And What Are The Average Salaries? Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. SHARE: tsyhun/Shutterstock November 07, 2022 Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. Bankrate logo The Bankrate promise
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Big Law is the term used to describe large law firms in big cities like New York and Chicago. Becoming a lawyer requires a significant investment of time and money, though it might pay off if you get into Big Law; your starting salary at a big firm could be . Here’s what to know if you’re considering law school. Big Law, sometimes styled as BigLaw or biglaw, is a term that describes work with the biggest and most prestigious law firms in the United States. Generally speaking, these law firms tend to have a large presence in Washington, D.C., and larger cities like Los Angeles, Chicago, Boston and Dallas. However, it’s not uncommon for Big Law offices to also have a major presence overseas. By and large, Big Law firms tend to charge clients incredibly high fees, and lawyers who work with these firms are able to earn higher salaries as a result. Big Law salary scale
can vary widely depending on where you decide to practice and what field of law you choose to pursue. Further, lawyers tend to earn more as they progress in their careers, and especially once they have at least five or more years of experience. also show that the size of the law firm plays a huge role in how much lawyers earn. Based on salary figures from 2021, here’s how median starting lawyer salaries stack up based on law firm size: Law firm size Median starting lawyer salaries in 2021 50 or fewer lawyers $85,000 51 to 100 lawyers $127,500 101 to 250 lawyers $130,000 251 to 500 lawyers $170,000 501 to 700 lawyers $155,000 700+ lawyers $190,000 Also note that more experienced lawyers tend to earn considerably more. Here’s how law salaries compare for lawyers in their eighth year across law firms of different sizes. Law firm size Median salary in 2021 for eighth-year lawyers 50 or fewer lawyers $160,000 51 to 100 lawyers $130,000 101 to 250 lawyers $175,000 251 to 500 lawyers $210,000 501 to 700 lawyers $218,175 700+ lawyers $260,000 Where you live in the country can also dictate your ability to earn a high salary, and because Big Law firms tend to be based out of large cities, the potential earnings are much greater. The shows that lawyers in the following metropolitan areas earned the highest annual mean wages in May of 2021: San Jose-Sunnyvale-Santa Clara, CA: $231,200. San Francisco-Oakland-Hayward, CA: $191,460. Washington-Arlington-Alexandria, DC-VA-MD-WV: $186,610. Los Angeles-Long Beach-Anaheim, CA: $177,550. New York-Newark-Jersey City, NY-NJ-PA: $183,870. Is it hard to get into Big Law
Getting into Big Law is difficult, but not impossible. Typically, you will have to attend a prestigious law school, as these are the institutions that Big Law firms most often look to when making employment offers. According to , Columbia, the University of Pennsylvania and Cornell are the top three schools for getting into Big Law, as they have the highest percentage of their graduating classes landing in the field. Even more important is landing in a Big Law summer program. According to the , 97 percent of second-year law students in these programs receive offers for full-time employment as associates after graduation. Why does Big Law pay so well
Big Law firms pay well in part because of the extremely competitive market, in which firms are raising salaries to keep up with each other and capture top talent. That competition is creating a wider divide between the largest firms and the midlevel and small firms. Big Law firms also typically represent clients capable of paying higher fees, generating more money for the firm, and allowing salaries to rise. What type of lawyer makes the most money
While where you live and the size of your law firm can dictate how much you might earn as a lawyer, the industry you work in also comes into play. The Bureau of Labor Statistics reports that the following industries paid the highest annual mean wages in May of 2021: Other information services: $235,280. Scientific research and development services: $230,330. Computer and peripheral equipment manufacturing: $227,290. Aerospace product and parts manufacturing: $220,720. Engine, turbine and power transmission equipment manufacturing: $220,270. Paying for law school
Becoming a lawyer requires a; not only do you have to earn an undergraduate degree, but you have to pay for law school on top of that. You’ll also spend a significant amount of extra time in college instead of in the working world, which can leave you struggling to catch up in terms of your lifetime earnings. With that being said, the average lawyer salary can more than make up for the extra time and money you spend. The key is making sure that you pay for law school in a responsible manner and that you choose a college option that makes sense for your needs and goals. When it comes to, there are a few ways to find funding: Federal loans: Law students can borrow up to each academic year in Direct Unsubsidized Loans. From there, Direct PLUS Loans let you borrow up to the cost of attendance, minus any other financial aid you receive. With these types of loans, lawyers maybe able to find through. Private law school loans: After you max out federal student loans, you can also apply for. These loans can help you fill in the gaps in funding so you can finish law school, and they often come with low rates and flexible repayment plans. Scholarships and grants: don’t have to be repaid. Law school students may be able to find scholarships through local organizations, schools or. The bottom line
If you’re after a Big Law career and a corresponding salary, going to law school is a must. However, you should still put thought into the costs involved in going to law school, as well as the time you’ll need to spend. If you can keep law school debt at a minimum while working your way toward a Big Law career, you’ll have the best shot at getting a return on your investment. Learn more
SHARE: Holly Johnson writes expert content on personal finance, credit cards, loyalty and insurance topics. In addition to writing for Bankrate and CreditCards.com, Johnson does ongoing work for clients that include CNN, Forbes Advisor, LendingTree, Time Magazine and more. Chelsea has been with Bankrate since early 2020. She is invested in helping students navigate the high costs of college and breaking down the complexities of student loans. Related Articles