Salary Overview
The Cravath salary scale sets the BigLaw standard: $225,000 base for first-year associates with 5–7% annual increases locked in, reaching $390,000–$430,000 by year 8 (senior associate). Bonuses range from $15,000 in slow years to $100,000+ in strong markets, adding 10–50% to base compensation.
Partnership economics vary dramatically: equity partners at top-tier firms (Cravath, Skadden, Goldman Sachs legal) earn $500,000–$2M+ annually, while lower-tier BigLaw partners earn $200,000–$500,000. Non-equity (of counsel) positions offer $150,000–$400,000 with no partnership risk.
Salary by Role and Experience
Level / YearsBase SalaryWith BonusFirst-Year Associate (1L)$225,000 base$240,000–$325,000 with bonusSecond-Year Associate (2L)$240,000 base$255,000–$340,000 with bonusSenior Associate (3–5 yrs)$300,000–$350,000 base$320,000–$450,000 with bonusCounsel / Non-Equity Partner$150,000–$300,000$200,000–$400,000 with bonusEquity Partner (lower tier)$250,000–$500,000Profit-sharing, $500K–$1M+Equity Partner (top tier)$500,000–$1M+Profit-sharing, $1M–$5M+ elite firms
Return on Investment Analysis
BigLaw offers the fastest law school debt repayment: a $225,000 starting salary with modest $50,000 annual student loans leaves $175,000 after-tax income (roughly $120,000 net) — enough to pay off $160,000 debt in 1–2 years aggressively or in 5 years comfortably.
The real ROI question is partnership track risk. Only 5–10% of BigLaw associates make partner; the remainder lateralize to in-house, smaller firms, or exit law by year 6–8. Career viability requires assessing individual partnership probability, not just compensation.
Factors That Affect Earnings
- Lockstep salary ensures predictable annual increases regardless of individual performance
- Bonus pools fluctuate with firm profits — strong years add $50K–$100K+, slow years may eliminate bonuses
- Partnership track varies by firm and practice area — litigation and corporate have the clearest paths
- Hours expectations (60–80+ per week) affect effective hourly rate and burnout risk
- Lateral partner origination and book of business determine non-equity vs equity partner track
Career Growth Timeline
- Years 1–2: First-year associate, $225K–$240K base, earn partnership experience and client exposure
- Years 2–5: Senior associate, $300K–$350K base, begin business development and client relationship building
- Years 5–8: Partner candidate phase, some lateralize to in-house or counsel roles, earn $150K–$400K
- Years 8+: Partnership decision point (if on track) or lateral exit; partners earn $250K–$2M+, counsel/of-counsel earn $200K–$400K+
Geographic and Industry Variation
New York BigLaw sets the absolute ceiling: Cravath and peers at $225K+ base, with partner distributions reaching $1M–$5M at top equity partner levels. California BigLaw (Paul Hastings, Morrison Foerster) matches or slightly trails New York. D.C. market runs 5–10% below New York for comparable partnership tiers.
London, Hong Kong, and other international BigLaw offices often pay 20–30% above US rates due to local market dynamics, but US-based partnership compensation remains global standard.
Related Reading
Key Takeaways
- BigLaw associates start at $225,000 (Cravath scale) with locked annual increases
- Bonuses add 10–50% to base, varying with firm profitability
- Only 5–10% of associates reach equity partnership; lateralization is the norm
Sources
- BLS May 2024 OES
- NALP salary data
- Glassdoor
BigLaw compensation is the highest in law, but the partnership track offers no guarantees. Most associates lateralize to in-house or smaller firms by year 6–8. The real ROI question is partnership probability and personal sustainability at 60+ hour weeks.
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