People often ask me, “Read How Much Do Corporate Lawyers Make? 2024 Salary Trends” I’ve been a lawyer for over seven years and have helped both small startups and Fortune 500 companies.
The answer is complicated because salaries for corporate lawyers depend on a lot of things, such as
- Years of work experience
- How big the law firm is
- Specialization in an industry
- Place in the world
I’m going to break down the most recent salary data in this blog post so that everyone can see how much corporate lawyers can expect to make in 2024 and beyond.
Corporate Lawyer Salaries for Beginners
People who finish law school, pass the bar, and get jobs at big law firms in cities like New York and Los Angeles can expect to make around $200,000 to begin with. This is based on the idea that you get a job at one of the 50 law firms in the country that make the most money.
A first-year corporate associate at a smaller company can expect to make between $100,000 and $150,000. People who work in secondary markets may make between $80,000 and $90,000 per year.
It is important to know that people who make a lot of money as lawyers often have to work very long hours—at least 2,500 hours a year. Trying to balance work and life can be hard.
In my early years, I worked in mergers and acquisitions at a “Big Law” firm in Los Angeles. The salary was great at $210,000, but the hours were crazy—70 or more per week on average—and there was a lot of travel. A lot of my coworkers burned out after only a few years.
Salaries by Years of Experience
Salaries for corporate lawyers keep going up as they learn new skills and get more work. Here is the typical path of earnings:
- 100k to 200k for 1 to 3 years of experience
- $150k–$300k for 4–6 years of experience
- 200k to 450k for 7 to 10 years of experience
A lawyer’s decision to stay at a big, well-known firm charging high fees or join a smaller, more specialized practice affects a lot of things. People who become partners at the best law firms often make millions of dollars every year.
Robert Half, a staffing company, says that as of 2023, the average base salary for a corporate lawyer with 10 or more years of experience is $281,000. When bonuses are added in, the total pay goes up to about $300,000.
Top Earning Industries
The highest salaries are usually given to corporate lawyers who work in fields that make a lot of money, like investment banking, private equity, venture capital, and energy.
- The average salary for an investment banking lawyer is $234,000.
- The average salary for a private equity lawyer is $315,000.
- The average salary for a venture capital lawyer is $369,000.
- Energy and oil and gas lawyers make an average of $242,000.
The big difference in pay between partners at top law firms like Kirkland & Ellis and Latham & Watkins makes these averages look better than they really are. A lot of senior partners make more than $5 million a year.
As a business lawyer who focuses on the tech industry, I can say for sure that Silicon Valley is still a great place to do business. The best M&A, IPO, and venture capital lawyers make seven figures a year. But the pace of work is very fast, and during busy times, people often work 100-hour weeks.
Top Earning Industries
Where you work as a lawyer also has a big effect on how much you can earn. Most of the time, corporate lawyers in big legal markets like New York, Los Angeles, Chicago, Washington, DC, San Francisco, and others make the most money.
Another important thing is the cost of living. A salary of $250,000 in Ohio gets you a long way compared to New York City.
Based on where they work, here are the average base salaries for mid-level corporate lawyers with 5 to 8 years of experience:
- $224,000 in New York City
- $195,000 in Washington, DC
- $178,000 in Chicago
- $160,000 for Houston/Dallas
- $150,000 for Atlanta
You can see that location is important. Legal markets that are big and competitive pay more, and often by a lot.
The Key to Higher Salaries
From my own experience, there are three things that are necessary to get a high salary as a corporate lawyer:
- Focus on a law area that pays well.
- Learn things that other lawyers don’t know
- Get more friends and status
I think you should find your dream industry or niche and go deep into it instead of staying a generalist. Become well-known as an expert in your field.
For example, I started out in mergers and acquisitions (M&A) and securities law. Then I moved on to the business side of tech startups. By combining my legal knowledge with my knowledge of coding, product development, and growth strategies, I’ve set myself apart and can charge more.
Relationships are the last thing that is needed. In law, as in many other fields, it all comes down to who you know. It’s been on purpose for me to build my network and brand. When combined with legal knowledge, this opens up opportunities that lawyers who aren’t as well known just don’t get.
The Future of Corporate Law Salaries
The legal field is still changing, but I don’t see any end to the rise in corporate lawyer salaries, especially for those who become experts in their fields. Demand for top lawyers will stay high as long as businesses need help figuring out complicated rules, negotiating deals, and lowering their legal risk.
Also, when it comes to million- or billion-dollar deals, clients are usually ready to pay anything to get the best legal advice. Also, big law firms keep raising starting salaries to get the best law school graduates to work for them.
Some legal work is being done automatically by technology, but real expertise and judgment need people. Don’t worry—very good corporate lawyers will continue making good money for many years to come.
Conclusion
A job as a corporate lawyer can be very rewarding, both financially and intellectually. Qualified lawyers can easily make over $100,000 a year, even when they are just starting out.
It is possible to make more than $500k a year if you specialize, network well, and have a little luck. I think you should do what you love, get good at what you do, and let the money come to you.
You now know how much corporate lawyers really make. Feel free to ask me anything in the comments!
Aseem Sahni is a distinguished first-generation corporate lawyer at CorporateLawyers.in, specializing in Corporate and Commercial law. His expertise spans Mergers & Acquisitions, media and entertainment, private equity, and securities laws. Aseem provides strategic guidance on corporate advisory, drafting and negotiating key agreements, and legal due diligence across various sectors, including healthcare, manufacturing, and technology.
With experience from leading national and international law firms, Aseem advises Indian listed companies on securities laws and corporate governance. He actively publishes articles and research papers on legal and societal issues. Connect with Aseem on LinkedIn.