How big of a firm is considered "big law"?
Posted: Fri Jun 02, 2017 11:46 pm
And so these firms all pay over 6 figures starting out? Is 100 lawyers considered big law? Do firms of 100 lawyers typically pay 6 figures starting out?
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It's a much larger group than that. Vault rankings have nothing to do with whether a firm is considered biglaw.LurkerTurnedMember wrote:My understanding is that it's the Vault 100 firms, the ones that pay market (180k).
Nothing about this is wrong per se IMO, but if all the OP is looking for is six figure salary paying firms, it's probably a bit too exclusionary as to how "Biglaw" is defined. I think LST has it right in calculating Biglaw scores based on 100+ attorneys. It doesn't capture all of the higher compensated firms, but the amount of those firms it misses is sufficiently small to be excluded in the calculation.Jchance wrote:Vault has a list of 150 under 150 (as in 150 firms with less than 150 lawyers), and none of those firms is considered biglaw. They are midlaw at best and mostly likely considered themselves "boutique."
I've heard cutoff numbers of 100+ (which I think is wrong), 250+, 500+, 700+. Once the firm hover around 500 (say 470), it's definitely a biglaw. People have also used the distinction of regional biglaw and national biglaw. The 700+ firm is likely a national biglaw. The 500-ish (or less) firm is more like a regional biglaw.
UVA2B wrote:Nothing about this is wrong per se IMO, but if all the OP is looking for is six figure salary paying firms, it's probably a bit too exclusionary as to how "Biglaw" is defined. I think LST has it right in calculating Biglaw scores based on 100+ attorneys. It doesn't capture all of the higher compensated firms, but the amount of those firms it misses is sufficiently small to be excluded in the calculation.Jchance wrote:Vault has a list of 150 under 150 (as in 150 firms with less than 150 lawyers), and none of those firms is considered biglaw. They are midlaw at best and mostly likely considered themselves "boutique."
I've heard cutoff numbers of 100+ (which I think is wrong), 250+, 500+, 700+. Once the firm hover around 500 (say 470), it's definitely a biglaw. People have also used the distinction of regional biglaw and national biglaw. The 700+ firm is likely a national biglaw. The 500-ish (or less) firm is more like a regional biglaw.
There is no way to perfectly capture all firms with over $100k+ compensation based on firm size. So whether you call it Biglaw, regional Biglaw, or midlaw is sort of arbitrary and only a minor concern in defining the term. If OP really does want to define it strictly on head count, I have no problem with how you or anyone decides to break it out.
I actually think this distinction doesn't make much sense. I've never heard a firm with 100-150 lawyers referred to as a "boutique". And there are plenty of unambiguous biglaw firms that have fewer than 500 attorneys (Wachtell, Cravath, etc.). The cutoff for biglaw is whether the firm pays market salary for biglaw (which may not be the NYC market salary, depending on region).Jchance wrote:Vault has a list of 150 under 150 (as in 150 firms with less than 150 lawyers), and none of those firms is considered biglaw. They are midlaw at best and mostly likely considered themselves "boutique."
I've heard cutoff numbers of 100+ (which I think is wrong), 250+, 500+, 700+. Once the firm hover around 500 (say 470), it's definitely a biglaw. People have also used the distinction of regional biglaw and national biglaw. The 700+ firm is likely a national biglaw. The 500-ish (or less) firm is more like a regional biglaw.