The Top Paying Law Firms
In 2024, law firms continue to offer lucrative compensation packages in the US, UK and elsewhere, with commercial law firms, particularly those specializing in Mergers & Acquisitions, private equity and other deal-making law firms leading the pack in terms of revenue and lawyer salaries.
We have reported the Vault law pay rankings here, but these pay list details are a compilation of the pay rates which, you will notice, show remarkable similarity given the intense competitiveness of the firms to match one another with their pay deals.
Key Insights:
- Compensation Variations: While top law firms offer competitive salaries, there are notable differences. Some firms maintain consistent pay across all U.S. offices, while others adjust compensation based on local markets.
- The Magic Circle: The UK’s top 5 law firms, known as ‘The Magic Circle’, include Allen & Overy, Clifford Chance, Freshfields, Linklaters, and Slaughter and May. These firms typically hire around 100 trainees annually.
- U.S. Firms Dominate: U.S. law firms generally offer higher salaries compared to their UK counterparts. For instance, Kirkland & Ellis provides newly qualified lawyers with an annual salary of $225,000.
- Top U.S. Firms by Revenue: The leading U.S. law firms by revenue are Kirkland & Ellis, Latham & Watkins, DLA Piper, Baker McKenzie, and Skadden, Arps, Slate, Meagher & Flom.
Salary Chart for Top Law Firms in 2024
Here’s a comprehensive list of top law firms and their salary offerings for first and second-year associates:
| Firm | 1st Year Salary | 2nd Year Salary |
|---|---|---|
| Adam Leitman Bailey | Undisclosed | Undisclosed |
| Akin | $225,000 | $235,000 |
| A&O Shearman | $225,000 | $235,000 |
| Alston & Bird | $225,000 | Undisclosed |
| Arnold & Porter | $225,000 | $235,000 |
| Ashurst | $225,000 | $235,000 |
| Axinn | $225,000 | $235,000 |
| Baker Botts | $225,000 | $235,000 |
| Bracewell | $225,000 | $235,000 |
| Brown Rudnick | $215,000 | $225,000 |
| Cadwalader | $225,000 | $235,000 |
| Cahill | $225,000 | $235,000 |
| Choate | $225,000 | $235,000 |
| Cleary Gottlieb | $225,000 | $235,000 |
| Clifford Chance | $225,000 | $225,000 |
| Cooley | $225,000 | $235,000 |
| Covington & Burling | $225,000 | $235,000 |
| Cozen O’Connor | $170,000-$205,000 | Undisclosed |
| Cravath | $225,000 | $235,000 |
| Davis Polk & Wardwell | $225,000 | $235,000 |
| Debevoise & Plimpton | $225,000 | $235,000 |
| Dechert | $225,000 | $235,000 |
| DLA Piper | $225,000 | $235,000 |
| Duane Morris | $190,000-$210,000 | Undisclosed |
| Faegre Drinker Biddle & Reath | $160,000-$225,000 | Undisclosed |
| Finnegan | $225,000 | $235,000 |
| Fish & Richardson | $225,000 | Undisclosed |
| Foley & Lardner | $225,000 | Undisclosed |
| Foley Hoag | $215,000 | $225,000 |
| Fox Rothschild | $140,000-$190,000 | Undisclosed |
| Freshfields | $225,000 | $235,000 |
| Fried, Frank | $225,000 | $235,000 |
| Gibson, Dunn | $225,000 | Undisclosed |
| Goodwin | $225,000 | $235,000 |
| Goulston & Storrs | $215,000 | Undisclosed |
| Greenberg Glusker | Undisclosed | Undisclosed |
| Greenberg Traurig | Undisclosed | Undisclosed |
| Gunderson | $225,000 | $235,000 |
| Haynes and Boone | Undisclosed | Undisclosed |
| Herbert Smith Freehills | $225,000 | $235,000 |
| Hogan Lovells US | $225,000 | $235,000 |
| Holland & Knight | $225,000 | $235,000 |
| Holwell Shuster | $225,000 | $235,000 |
| Hunton Andrews Kurth | $225,000 | Undisclosed |
| Irell & Manella | $225,000 | $235,000 |
| Jackson Walker | $225,000 | Undisclosed |
| Jenner & Block | $225,000 | Undisclosed |
| Jones Day | $225,000 | Undisclosed |
| K&L Gates | $200,000 | Undisclosed |
| Kasowitz | $215,000 | $225,000 |
| Katten | $225,000 | $235,000 |
| King & Spalding | $225,000 | $235,000 |
| Kirkland & Ellis | $225,000 | $235,000 |
| Kramer Levin | $225,000 | $235,000 |
| Latham & Watkins | $225,000 | $235,000 |
| Linklaters | $225,000 | $225,000 |
| Mayer Brown | $225,000 | $235,000 |
| McDermott | $225,000 | $235,000 |
| Milbank | $225,000 | $235,000 |
| Mintz | $225,000 | $235,000 |
| Morgan, Lewis & Bockius | $225,000 | $235,000 |
| Morrison & Foerster | $225,000 | $235,000 |
| Munger, Tolles & Olson | $225,000 | $235,000 |
| Nelson Mullins | Undisclosed | Undisclosed |
| Norton Rose Fulbright | $190,000-$225,000 | Undisclosed |
| O’Melveny | $225,000 | $235,000 |
| Orrick | $225,000 | $235,000 |
| Patterson Belknap | $225,000 | $235,000 |
| Paul Hastings | $225,000 | $235,000 |
| Paul, Weiss | $225,000 | $235,000 |
| Perkins Coie | $155,000-$225,000 | $160,000-$235,000 |
| Pillsbury | $225,000 | $235,000 |
| Polsinelli | $210,000-$225,000 | Undisclosed |
| Proskauer Rose | $225,000 | $235,000 |
| Reed Smith | Undisclosed | Undisclosed |
| Richards, Layton & Finger | $190,000 | Undisclosed |
| Ropes & Gray | $225,000 | $235,000 |
| Schulte Roth & Zabel | $225,000 | $235,000 |
| Seward & Kissel | $225,000 | $235,000 |
| Seyfarth Shaw | $210,000 | $220,000 |
| Sheppard, Mullin | $225,000 | $235,000 |
| Sidley Austin | $225,000 | $225,000 |
| Simpson Thacher | $225,000 | $235,000 |
| Skadden | $215,000 | Undisclosed |
| Sterne, Kessler | $225,000 | $235,000 |
| Sullivan & Cromwell | $225,000 | $235,000 |
| Vedder Price | $225,000 | $230,000-$235,000 |
| Venable | $205,000 | $215,000 |
| Vinson & Elkins | $225,000 | $235,000 |
| Weil | $225,000 | $235,000 |
| White & Case | $225,000 | $235,000 |
| Wiley Rein | $225,000 | $235,000 |
| Willkie Farr | $225,000 | $235,000 |
| WilmerHale | $225,000 | $235,000 |
| Wilson Sonsini | $225,000 | $235,000 |
| Winston & Strawn | $225,000 | $235,000 |
Note: This data is based on information available as of September 2024. Salaries may vary based on location and individual circumstances.
