What Is a BigLaw Market and Why Does It Matter?
BigLaw Bear · 3 min read
When BigLaw people say "market," they mean the city or region where a firm's office is based. Your market affects everything: the type of work you do, the clients you serve, and sometimes even your pay.
The Major Markets
New York City
The undisputed center of BigLaw. More major firms are headquartered here than anywhere else. Dominant in M&A, capital markets, leveraged finance, securities litigation, and basically every corporate practice. The Cravath salary scale originates here. The hours tend to be the longest. The opportunities are the broadest.
Washington, DC
The regulatory capital. If you're interested in government investigations, white-collar defense, antitrust, international trade, national security, or energy regulation, DC is where that work lives. Many firms have their largest or second-largest office here. Lifestyle tends to be slightly better than NYC.
Chicago
A major corporate market with a strong bar. Great for corporate M&A, private equity, litigation, and real estate. Several top firms are headquartered here (Kirkland, Sidley, Jenner & Block, Mayer Brown). Generally pays Cravath scale with a lower cost of living than NYC.
Los Angeles / San Francisco
The West Coast market has grown significantly, especially with tech, entertainment, and venture capital work. San Francisco and Silicon Valley are dominant for tech-focused practices. LA is strong in entertainment, real estate, and litigation. Some firms pay Cravath scale; others discount slightly.
Houston / Dallas
The energy capital. If you want to do oil & gas, energy transactions, energy regulatory, or energy litigation, Houston is the market. Also strong in general corporate and real estate. Dallas has grown rapidly. Both offer Cravath-scale pay with a much lower cost of living.
Other Markets Worth Knowing
Boston: Strong in life sciences, biotech, IP, and private equity. Atlanta: Regional hub for the Southeast. Miami: Growing quickly, especially for international and Latin American work.
Why Your Market Matters
Practice area availability. Want to do energy work? Don't go to Boston. Want to do entertainment law? Don't go to Houston. Markets specialize.
Cost of living. $225,000 in Houston goes a lot further than $225,000 in Manhattan. This is a bigger deal than most law students think.
Exit options. Your in-house exits will largely be in the same market. If you practice in Chicago for five years, your strongest in-house connections will be Chicago-based companies.
Quality of life. Commute times, housing costs, social scene, weather, these things compound over 3-5+ years.
The Advice
Think about where you want to live, not just where you want to work. Then figure out which firms are strongest in that market. Our firm directory lets you filter by office location to find exactly that.