Raphael Bohne
Research expert covering professional services
BigLaw firms in the U.S. - statistics & facts
Prestige, top-tier talent, and global reach; these are just a few of the perks of using a BigLaw firm. These companies typically employ hundreds or even thousands of lawyers and oversee high-stakes legal matters for major corporations, financial institutions, and government agencies. As a result, many of these firms have found themselves in the ranking for the best law firms in the United States by prestige rating. BigLaw is a particularly relevant segment of the industry due to its influence on legal decisions that have the potential to shape business practices and impact the economy at large . As such, lawyers working for these firms typically earn more than the average annual wage of employees in other legal occupations.
Despite the number of lawyers in the United States remaining steady for the past four years, BigLaw firms often have workforces in the thousands. For example, the number of lawyers working at Kirkland & Ellis totaled over 3,400 in 2023. This and other BigLaw firms often combine these huge workforces with the latest technological advancements, making these companies capable of handling complex legal matters swiftly and effectively.
With BigLaw comes big responsibility, and as these companies benefit from economies of scale, allowing them to operate efficiently and invest in top talent, it looks likely that they will continue to further cement their market dominance in the future.
Market dominance means high revenues and vast resources
Due to their size and scope, BigLaw firms in the United States dominate the legal market and charge high fees for their services. The total revenue of leading law firms in the United States topped 130 billion U.S. dollars at the last count, with major players such as Kirkland & Ellis, and Latham & Watkins accounting for over 10 billion U.S. dollars alone. With big wins, these companies develop the reputation and track record to attract more clients, creating a cycle of continued success and influence.Despite the number of lawyers in the United States remaining steady for the past four years, BigLaw firms often have workforces in the thousands. For example, the number of lawyers working at Kirkland & Ellis totaled over 3,400 in 2023. This and other BigLaw firms often combine these huge workforces with the latest technological advancements, making these companies capable of handling complex legal matters swiftly and effectively.
Attorneys, technology, and increasing efficiency
With widespread artificial intelligence (AI) use on the horizon by many BigLaw firms, it looks likely that their market dominance will continue. The attitudes of lawyers toward the benefits of AI usage in their legal work have been largely positive, with efficiency and time savings the most regularly cited benefits. When lawyers have a high tech competence, the resolution time of legal issues is significantly faster, so it is almost inevitable that firms with the resources to employ AI and other time-saving technologies will see the greatest benefit.With BigLaw comes big responsibility, and as these companies benefit from economies of scale, allowing them to operate efficiently and invest in top talent, it looks likely that they will continue to further cement their market dominance in the future.
Raphael Bohne
,
Jun 18, 2024
Raphael Bohne
Research expert covering professional services
