Assessing law firm salaries is something of key interest for lawyers anywhere and the Chamber-Associates 2023 salary survey provides an interesting snapshot of the current state of biglaw pay after the recent rises in pay rates.
The competitive nature of the profession has seen the associate pay rates increase. In 2022, the starting salary for first-year lawyers was $205,000, which increased to $215,000 in 2023.
Here’s a look at the salary offerings from five top law firms, according to Chamber-Associate’s 2023 survey:
| Law Firm | First Year Salary | Second Year Salary |
|---|---|---|
| Akin Gump | $215,000 | $225,000 |
| Latham & Watkins | $215,000 | $225,000 |
| Kirkland and Ellis | $215,000 | $225,000 |
| Herbert Smith Freehills | $215,000 | $225,000 |
| DLA Piper | $215,000 | $225,000 |
Each of these firms offers more than just competitive salaries:
- Akin Gump: Founded in 1945, it has grown into a global firm with over 900 lawyers. It’s known for its complex transactions, litigation, public policy, and regulatory matters. Its London office is a major hub.
- Latham & Watkins: Established in 1934, it’s recognized for its social media savvy and commitment to sustainability and gender equity. The firm made 34 new partners in 2023 and was involved in significant European buyouts.
- Kirkland and Ellis: Known for innovation in digital solutions, this Chicago-founded firm has a strong commitment to pro bono work, focusing on immigration, LGBTQ+ rights, and civil rights.
- Herbert Smith Freehills: With a century-long history, it’s celebrated for its energy and infrastructure expertise. The firm is known for its quality training programs and work-life balance.
- DLA Piper: Formed from a 2005 merger, it’s now one of the world’s largest law firms by revenue. DLA Piper is committed to sustainability and pro bono work, having received recognition for its environmental impact.
These firms not only offer excellent salaries but also excel in various aspects like global presence, commitment to social issues, innovation, and work culture, making them top choices for aspiring lawyers.
Let LawFuel know about your pay rates and what is happening in your firm. Big Law continues to expand its offer to associates and others notwithstanding a slowing in transactional work. We want to hear from you about your pay deals and what you are being offered.
Contact us at: news@lawfuel.com
