There are many different and exciting ways to rank law firms. How prestigious are they? How much money are they making? How much do partners earn? How much are associates earning in cash compensation? How big are they?
Yes, size matters, and because the legal profession is obsessed with every single measurable and quantifiable factor law firms have to offer, there’s obviously a ranking for that. And that ranking is even more important this year because not only did the legal profession weather a pandemic — one that started with furloughs and layoffs and ended in white-hot lateral recruitment — but many of these firms are now handing out multiple millions more in compensation to associates and counsel.
Today, the National Law Journal unleashed its annual NLJ 500, a ranking of the largest law firms in the United States covering the previous calendar year. What does law firm headcount look like after the wild ride that was 2020?
These are the 10 largest law firms in America, and these are the salaries associates will be receiving as of July 1, 2021, and the special bonuses they’re due to receive:
1 Baker McKenzie: 4,699
| Firm | Special Bonuses |
| Baker McKenzie Class of 2021: $202.5K Class of 2020: $205K Class of 2013: $365K |
Yes (hours-based) Class of 2020: $12K Class of 2013+: $64K |
2. DLA Piper: 3,998
| Firm | Special Bonuses |
| DLA Piper Class of 2020: $205K Class of 2012+: $375K |
Yes Class of 2020: $12K Class of 2012: $64K |
3. Norton Rose Fulbright: 3,178
| Firm | Special Bonuses |
| Norton Rose Fulbright Class of 2021: $202.5K Class of 2020: $205K Class of 2013: $365K (only applies in California, New York, Texas, and D.C. offices; presumed raises on “regional scale” in other offices) |
Yes (hours-based; only in California, New York, Texas, and D.C.; payouts on “regional scale” in other offices) Class of 2020: $12K Class of 2014+: $64K |
4. Latham & Watkins: 2,858
| Firm | Special Bonuses |
| Latham Class of 2020: $205K Class of 2012+: $375K |
Yes (hours-based) Class of 2020: $12K Class of 2014+: $64K |
5. Kirkland & Ellis: 2,725
| Firm | Special Bonuses |
| Kirkland & Ellis Class of 2020: $205K Class of 2015: $330K |
Yes Class of 2020: $12K Class of 2015+: $59.2K |
6. Hogan Lovells: 2,612
| Firm | Special Bonuses |
| Hogan Lovells Class of 2021: $202.5K Class of 2020: $205K Class of 2013+: $365K |
Yes (hours-based) Class of 2020: $12K Class of 2014+: $64K |
7. Jones Day: 2,490
This firm uses a black box compensation system. While first-year attorneys are typically paid regular market compensation, all other attorneys are on individualized pay scales. To date, we have not heard whether the firm has matched the $205K scale for its first-years.
8. White & Case: 2,257
| Firm | Special Bonuses |
| White & Case Class of 2020: $205K Class of 2013: $365K |
Yes (hours-based) Class of 2020: $12K Class of 2013+: $64K |
9. Greenberg Traurig: 2,171
We have not yet received word on whether this firm has matched the new market compensation, but it is rumored that the New York office received raises. If you have any information, please be sure to text us (646-820-8477) or email us (subject line: “[Firm Name] Matches”).
10. Morgan Lewis & Bockius: 2,014
| Firm | Special Bonuses |
| Morgan Lewis Class of 2020: $205K Class of 2013: $365K |
Yes Class of 2020: $12K Class of 2014+: $64K |
Congratulations go out to Baker McKenzie for employing more lawyers than any other firm. Once again, this firm wins the award for putting the “big” in Biglaw.
Head to the National Law Journal if you’re curious about the firms ranked 11-500, and check out our Salary Wars Scorecard if you’d like to see the firms that have matched or exceeded the new market compensation.
The NLJ 500: Our 2021 Survey of the Nation’s Largest Law Firms [National Law Journal]
The NLJ 500: Ranked by Head Count [National Law Journal]
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.