Latham's Leavers: What Do BigLaw Firms Do When Star Partners Quit? | Law.com International (2024)

FAQs

Why do people quit Biglaw? ›

While Biglaw jobs are well-paid and considered to be successful, the lack of work-life balance, toxic work environment, sexism, and lack of career satisfaction are big reasons why increasing numbers of lawyers are leaving them behind.

Big Law firms provide their attorneys with “a fantastic training ground” and “a platform to work with big clients doing interesting transactions where the stakes are high,” Lisa Rohrer, a Boston University professor who co-authored a 2020 book titled “Big Law: Money and Meaning in the Modern Law Firm,” explained.

The average compensation for equity partners is $1.39 million per year. Non-equity partners earn about half that amount, with an average yearly salary of $432,000.

Generally, once an associate steps off the BigLaw train, s/he can never get back on it. Few attorneys stay in BigLaw for long: by the time associates have practiced for five years, almost 80% have left large firm practice. Furthermore, only about 14% of attorneys work for firms with more than 100 attorneys.

The 2023 findings from 128 participating firms in the U.S. and Canada, reflect data from 5,236 associate hires and 3,875 associate departures. The findings also revealed an overall 2023 associate attrition rate of 18%, continuing the decline from 2022's 20% and 2021's historically high 26%.

Why does Big Law pay so well? Big Law firms pay well in part because of the extremely competitive market, in which firms are raising salaries to keep up with each other and capture top talent. That competition is creating a wider divide between the largest firms and the midlevel and small firms.

Big law attorneys can work up to 80-hour weeks. At this point, many law school graduates assume that the cost of a legal career is working long hours. Having to be 'on' so much of the time, whether working on billable hours or not, contributes to biglaw burnout.

The average age to make a partner in a law firm, investment bank, asset management firm, or private wealth management firm is around 35 to 38 years old. However, this can vary depending on the firm and the specific specialty. For example, it may take longer to make a partner in a large law firm than in a smaller firm.

Practice saying no in small increments.

At first, practice saying no in small ways that feel safe. If you start with, “I'm never working with that partner again,” of course it's going to be hard and scary. Instead, try pushing back on one deadline. Say “no” to one bar event that you don't actually want to attend.

How to recover from burnout biglaw? ›

Work-Life Balance:

Part and parcel of stress, many lawyers struggle to maintain a healthy work-life balance due to the demanding nature of the profession. According to a survey conducted by the American Bar Association, more than half of all lawyers are dissatisfied with their work-life balance.

Big law attorneys can work up to 80-hour weeks. At this point, many law school graduates assume that the cost of a legal career is working long hours. Having to be 'on' so much of the time, whether working on billable hours or not, contributes to biglaw burnout.

Slowing demand has forced several major law firms to lay off lawyers and staff and to scale back recruiting targets. “The last three years has taught firms some pretty hard lessons in regard to how to go about building up the associate ranks,” said Summer Eberhard, a California-based legal recruiter at Lateral Link.