What Do V10, V20, V50 Actually Mean?
BigLaw Bear · 2 min read
On law school forums and Reddit, you will constantly see firms referred to as "V10," "V20," or "V50." These are shorthand for a firm's position on the Vault 100 prestige ranking, and they function as a rough status hierarchy in BigLaw.
How Vault rankings work
The Vault 100 is based on peer surveys. Associates at major law firms rate other firms on a prestige scale. The rankings reflect reputation within the legal profession, not revenue, profitability, or quality of life. It is essentially a popularity contest among lawyers.
The tiers
V10 (Vault top 10). The most prestigious firms. Includes names like Cravath, Wachtell, Sullivan & Cromwell, Skadden, and Davis Polk. These are the firms that set market salaries and attract the strongest candidates from the top law schools.
V20 (Vault 11-20). Extremely prestigious and functionally indistinguishable from V10 firms in terms of work quality and compensation. The difference between the 8th and 15th ranked firm is meaningless in practice.
V50 (Vault 21-50). Still elite firms. Full-market pay, sophisticated work, strong exit options. Many V50 firms are dominant in specific practice areas or markets even if their overall prestige ranking is lower.
V100 (Vault 51-100). Solid BigLaw firms. Most pay market rate. The work is real BigLaw work. The brand carries less weight nationally but may be very strong in a specific city or practice area.
Do the rankings matter?
Honestly? Less than law students think. Here is what the rankings do and do not tell you:
They tell you: How the legal profession perceives a firm's brand. This matters for lateral hiring and some exit opportunities.
They do not tell you: Whether you will be happy there, how good the training is, what the hours are like, or whether the firm is strong in the specific practice area you care about.
A V50 firm with a Band 1 Chambers ranking in your practice area is a better choice than a V10 firm where that practice area is an afterthought.
Use the firm directory to look beyond Vault rankings and compare firms on the metrics that actually affect your day-to-day experience.