BigLaw Realities & The Cravath Scale
Understanding the economics of BigLaw. Billable hours, partnership tracks, and market compensation.
"BigLaw" generally refers to the largest, most profitable law firms in the United States, typically those ranked in the AmLaw 100 or 200. These firms operate on a highly leveraged partnership model, requiring intense billable hour commitments from associates.
The Cravath Scale
Compensation in BigLaw is lockstep, meaning every associate in a given class year makes exactly the same base salary, provided they are in a major market (NY, SF, DC, Chicago). This scale is traditionally set by Cravath, Swaine & Moore or Milbank.
The Billable Hour Reality
The standard requirement is 2,000 billable hours per year. Because administrative time, CLEs, and recruiting do not count, an associate must typically be at their desk for 2,400 to 2,600 hours to bill 2,000. That equates to roughly 10 hours a day, 50 weeks a year.
The Partnership Track
The traditional path to equity partner takes 8 to 10 years. However, the attrition rate is structural. Law firms hire classes of 50-100 associates knowing that only 5-10% will remain to make partner. The rest exit to in-house roles, government, or mid-size firms.
- Years 1-3: Junior Associate (Execution)
- Years 4-6: Mid-level (Management & Drafting)
- Years 7-9: Senior (Client interface)
- Year 9+: Non-equity or Equity Partner