In many ways, the legal industry is highly competitive. This includes recruiting top talent. To ensure that they get the best talent, law firms compete on many factors. The salary differences between top law firms are minimal, if any. However, they have changed over time to keep up with market conditions. In 2022, the first-year salary was 205,000. In 2023, this salary has increased to 215,00.
Five of the best law firms in the world and their salaries are listed below.
| Law Firm | First Year Salary | Second Year Salary |
| Akin Gump | $215000 | $225000 |
| Latham & Watkins | $215000 | $225000 |
| Kirkland & Ellis | $215000 | $225000 |
| Herbert Smith Freehills | $215000 | $225000 |
| DLA Piper | $215000 | $225000 |
This chart is based upon Chamber Associate’s salary survey for 2023.
What else makes these five law firms so appealing?
- Akin Gump
Akin Gump, founded in 1945 when Robert S. Strauss returned from war and Richard Gump was looking for a job. The law firm was founded in Dallas and grew rapidly. By 1970, they opened their Washington DC branch. The law firm was already well established and always looking forward.
Akin, a law firm dedicated to excellence and future-focused, helps clients navigate the path to success and anticipate what’s next.
Irving Goldberg of Akin Gump advised Lyndon B Johnson in 1963 to take the oath. The firm is proud of this key moment in its history.
Akin Gump has become a global law company with more than 900 lawyers, advisors and offices in 18 countries. In less than a decade Akin Gump has grown to be one of the biggest law firms in the US. London is Akin’s hub for international practice, and the third-largest office in the firm.
Their strengths include complex transactions, financings, restructurings, high stakes litigation, regulatory issues, and public policy. They also have a unyielding commitment to pro bono. With their headquarters in Washington D.C., and a third office outside the US, they have a global reach of 40 languages.
- Latham & Watkins
The firm was founded in LA in 1934. They have offices around the world in major financial, regulatory, and business centres. Latham & Watkins has offices in 14 locations, with the largest one in New York. They speak 60 different languages.
Law360 reported that Latham & Watkins LLP has been deemed as the U.S. BigLaw Firm with the best social media savvy this year.
They are not only one of the most well-paid law firms, but also take pride in their commitment to sustainability and Women Enriching Business Committee. The firm focuses on the unique challenges women face in the workplace and addresses these issues for both employees and clients.
Law360 has named 5 partners as 2023 MVPs of the Year.
Latham and Watkins offers juniors the opportunity to network with first-year and lateral associates.
Latham & Watkins has a number of high profile projects, including the success of their London finance team advising Permira & Blackstone on “landmark Private Credit Loan Financing for a Voluntary Tender Offer to Acquire All Outstanding Ordinary Class A Shares in Adevinta ASA”. Latham & Watkins is proud to announce this as one of the biggest European buyouts of 2023.
- Kirkland and Ellis
Financial Times named Kirkland & Ellis the “Most Innovative Company in Digital Solutions”, as part of their 2023 North America Innovative Lawyers Report. The Financial Times also recognized them as a leading firm in the Technology Category. They follow the legal trends for 2023, and are successful in competing across a variety of categories.
They were founded in Chicago in 1909 and have expanded exponentially to now have 3,500 attorneys working in offices around the globe. The firm is an international law practice that serves clients in a variety of areas, including private equity, M&A and litigation, government disputes, intellectual property, and white collar.
Our Firm invests substantial talent, energy and resources in pro bono projects across a wide range of areas.
Kirkland is dedicated to helping those in need by taking on immigration, LGBTQ+ cases, veterans cases, civil rights cases, and cases involving incarcerated people. The law firm’s success is rewarded by investing in cases such as these.
- Herbert Smith Freehills
Herbert Smith Freehills is known for much more than just their high salaries. They have a 100-year history, a global 24-office network, and a track record of innovative legal operations and best-in-class technology.
They won the Lawyer Award in 2023 for the energy and infrastructure team along with the real estate team.
The Legal Cheek reported that juniors had commended the firm for its quality training program and mentorship. The law firm retains on average 27 trainees out of 29 at the point of qualification. The Work/Life balance at HSF was also rated as better than average, with the encouragement to attend life-changing events and logoff if work is not urgent.
As one of the best-paying law firms, and as one that values its employees’ time, they are a major competitor to other law firms in recruiting top talent.
- DLA Piper
DLA Piper, compared to the firms previously mentioned, is relatively young as the result of a merger in 2005 between two US and one British firm. The fact that they are relatively new hasn’t slowed down their progress as they now rank third amongst the largest law firms in the world by revenue. The firm has 14 industries, ranging from construction to life sciences.
DLA Piper, while following the legal trends at the time, is committed to supporting sustainability goals in the future. DLA Piper places a high value on their pro bono work. This includes providing free legal advice to non-profits, UN agencies, intergovernmental organisations, and social enterprises. DLA Piper believes it’s important for them to be able to focus on their mission and objectives, and that removing any legal hassle frees their time.
In 2023, the Sustainable Markets Initiative awarded them the Terra Carta seal for their work in creating a sustainable future. The award recognized DLA Piper’s efforts to make a positive environmental impact.