One thing is certain about Biglaw billable rates — they’re always going up. Despite that maximum, it’s still news in the industry. It was more than a decade ago that partner billing rates first hit $1,000/hour, but it wasn’t much longer before we hit the $2K mark. Now, according to data from Valeo Partners, we’ve approached the $3,000/hr line.
Thanks to the disclosures required in bankruptcy fee filings, Law.com was already able to suss out some of the firms nearing the $3K threshold.
Valeo Partners declined to name the firms. However, some recent bankruptcy fee packages reveal some firms are close to the $3,000 mark already. Wilson Sonsini Goodrich Rosati billed $2,720 an hour this year for top partners in the Rite-Aid bankruptcy. McDermott Will & Emery was charging top partners out at $2,590 hourly at the end of 2023 in the Mountain Express Oil Co. bankruptcy.
AI Built for Litigation. Verified by Design.
Grounded in authoritative content and verified at every step, Protégé is the only legal AI tool that delivers work you can trust—without exception.
Overall, Valeo Partners estimates that, for the Am Law 50, senior partners billing rates will average $2,100 in 2024, with partners averaging $1,900/hour.
However, sky-high rates for the tippy top of the Biglaw food chain are pretty understandable. But that isn’t the only place Biglaw is increasing rates. Third-year associates… yup, those only three years removed from law school… are being billed out at a bunch of firms at over a cool grand.
For associates, rate increases will be more notable among third-years. Currently, 16 of the Am Law 50 firms have third-year associates with rates over $1,000, but Valeo projects around half of the Am Law 50 to have rates of over $1,000 amongst this group by 2025.
Billing rates for first-year associates are approaching $1,000 at a handful of firms, with Paul, Weiss, Rifkind, Wharton & Garrison charging a minimum of $895 for associates in 2024, bankruptcy records show. Sullivan & Cromwell charges nearly as much—$850 hourly—for first-years.
Sullivan & Cromwell and Paul Weiss also have among the top rates for senior associates, with associates maxing out at $1,575 at Sullivan & Cromwell and $1,560 at Paul Weiss.
And while that may give some sticker shock, once senior associates crossed into the four-figure billing rates, it was only a matter of time for junior rates to hit that benchmark. This will, seemingly inevitably, trigger the latest round of complaints over the high cost of top-notch legal talent. Of course, that might just be a ruse for markdown, since in-house counsels’ tolerance for big bills (from the right lawyer) only seems to be growing.
AI Is Reshaping Legal Practice—But Tools Aren’t The Real Differentiator.
Explore the mindset, cultural shifts, and training strategies that define the AI‑savvy lawyer, revealing why human judgment, standardized competence, and integrated learning—not technology alone—will shape the future of the profession.
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @[email protected].