There are thousands of top-notch law firms in the world today, with The Medlin Law Firm being one of them. According to the Chambers-Associate’s 2021 salary survey, the salaries of legal professionals have gone up over the years at top-paying firms. This is mainly because the value of the service a law firm provides is deeply rooted in the competency level of their lawyers.

As such, most law firms now focus on curating only the best of the best to maintain the excellence their clients know them for, even if that means adjusting pay. 

Lawyers with less than two years of experience earn about $68,320 annually. Those with about five years of experience earn $91,200 annually. Those with 6-10 years of experience earn $134,550. At the same time, lawyers with 11-15 years of experience earn $164,900. Although this is an average global figure, the law firms listed below have surpassed these figures and are regarded as some of the highest-paid law firms in the world. 

Cahill

What is known as Cahill Gordon & Reindel today started in 1919 with McAdoo, Cotton & Franklin? This New York-based firm got its start in financial and corporate law; however, as the Great Depression ended, it had expanded to handling reorganization, regulatory, and bankruptcy issues. Today, Cahill has offices in Washington DC, New York City, and London with about 278 lawyers employees. In 2020, this law firm recorded gross revenue of $444,400,000 and was ranked 155th in the United States. 

Allen & Overy 

This almost a century-old law firm is focused on helping world-leading businesses grow, innovate and thrive. George Allen and Thomas Overy founded Allen & Overy in 1930 as a commercial practice. The firm’s reputation is attributed to the role of George Allen as King Edward VII’s adviser during the abdication crisis. By the rise of World War II, this law firm was already a leading law firm in London. 

Although the firm started in commercial law, it diversified into finance as the years went by. As of 2021, they recorded 12% more deals than any other law firm globally. They have about 2447 attorneys, over 40 offices worldwide, and a 20% growth in their number of US partners.

Clifford Chance

Clifford Chance as we know it today came into existence in 1987 as the result of the merger between Clifford-Turner and Coward Chance, albeit it was initially founded in 1802. However, this law firm is a “magic circle” law firm. It is also a forerunner in evolving and adopting innovative technology into its system. In 2021, Clifford Chance announced profit and revenue growth for the sixth year in a row despite the core impact of the COVID-19 pandemic on businesses. It also ranks as one of the top ten largest law firms in the world in terms of lawyers and revenues. 

Latham & Watkins

Latham & Watkins is a multinational firm founded by Dana Latham and Paul Watkins in 1934. It has its headquarters in Los Angeles, California. It has grown to be a strong force in state and federal tax law, stemming from Latham serving as commissioner of the US Internal Revenue Service under President Dwight D. Eisenhower. 

Today, Latham & Watkins boasts 18 offices across the globe and 3,000 lawyers that speak over 60 languages. This figure significantly improved from 1960, when it had only 19 attorneys. The 2021 Global 200 survey named this law firm the second-highest-grossing law firm globally.

Gibson Dunn

Gibson Dunn was founded by corporate attorney and democratic litigators John Bicknell and Walter Trask in 1890. However, the law firm as we know it started after Judge James Gibson joined the firm, and it was then merged with the practice of William Dunn and Albert Crutcher. They were former Los Angeles city attorneys and former Assistant City attorneys, respectively. Over the years, the law firm gained a reputation as “The Rescue Squad” due to its impressive response to the legal needs of those clients. It is also known for its strong practice in dispute resolution, international law, and commercial litigation. Today, Gibson Dunn has 20 offices home to about 1,600 lawyers worldwide. They were also awarded as “Law Firm Of The Year” by Law360 in 2021. 

When it comes to the highest-paid law firms, there are hundreds of law firms that make a list, and the ones listed above are the few exceptional ones. Several factors determine the success of a law firm, and they are: monthly expenses, average bill rate, average work rate, percentage of partner hours, and a number of matters opened, amongst others.