Published: Nov 09, 2021
Just how important is law firm prestige?
This question might seem strange coming from a Vault Law editor, since we are, after all, known for the Vault Law 100—a ranking of the 100 most prestigious law firms in the U.S. as decided by 20,000+ law firm associates. I’m certainly not here to tell you that prestige doesn't mean anything, because that’s simply not true. But like so many questions in the legal world, the answer here is one that every attorney is familiar with: It depends.
That "it depends" includes honing in on context. Are we talking about prestige as it relates to students going through OCI? To law firm associates seeking a lateral move? To clients looking to hire the best law firm possible? To every one of these groups, prestige will matter for different reasons and to varying degrees.
At Vault Law, our main focus is on legal job seekers and the considerations they have in mind as they evaluate legal employers. We know that prestige is important—as you’ll see below, our data shows that many candidates look to prestige as a guidepost for selecting a law firm. But we also know that prestige is not the be-all and end-all for this population. Even for those specifically seeking BigLaw employment, priorities vary among candidates, and they continue to shift each year.
In our Annual Associate Survey, one of the questions we ask first-year associates is what factors were most important to them in deciding whether to accept a law firm’s offer of employment, and they may select up to three factors. The following chart shows the trend lines for the top five factors we have seen in recent years: 1) firm culture/colleagues, 2) quality/type of work, 3) prestige, 4) location, and 5) specific practice group.
At number three, not only is prestige not the top factor for associates when it comes to selecting a law firm, we also see that the percentage of associates selecting prestige as a top factor is on a steady decline. To more clearly visualize the trend, we pulled out the prestige line to display on its own:
The data is clear: Prestige is not everything to BigLaw candidates. Instead, we see that the work they’ll get to do and who they’ll get to do it with are more important considerations. Given the legal industry's reputation for being hyper focused on prestige, this might come as a surprise to some.
This year, we also saw a number of decision factors (outside of the top five) trend upward, many of which make sense in the context of the social justice movement and global pandemic that affected job seekers in 2020. As the legal industry continues to normalize post-COVID and we see Gen Z enter the legal workforce, we will no doubt continue to see changes in what candidates are prioritizing in their careers.
For now, the best generalization we can make is that candidates are seeking their best firm fit, whether their focus is on prestige or another factor. The resources we create at Vault Law aim to equip candidates with information to help them determine exactly that. In addition to our prestige rankings, we publish the Best Law Firms to Work For, Best Law Firms for Diversity, and Best Midsize Law Firms to Work For to shed light on the quality of life at law firms. We also publish real associate quotes on law firm profiles, which provide commentary on everything from firm culture and compensation to quality of work and training to pro bono and diversity.
If you’re a legal job seeker, be sure to take advantage of these resources, which allow you to look beyond prestige and distinguish firms based on what matters most to you.
Vault Law’s rankings are based on exclusive insider information from verified employees in the law industry. Each year, Vault surveys thousands of law firm associates, and from the results of these surveys, Vault ranks the top law firms in prestige, diversity, quality of life, and overall best to work for.
It used to be the norm that a lawyer would spend their entire career with one firm, but that is increasingly unlikely in this day and age. Many lawyers choose their first legal employer after only one year of law school and with limited information.
Workplace transparency is an important determinant of job satisfaction for law firm associates. Providing insights into various aspects of the firm—from financial health and decision-making to performance reviews and promotion opportunities—is critical to maintaining associate buy-in, motivation, and faith in firm leadership.
For those who are invested in such things, be they prospective students assessing which school to attend or alumni wondering how the prestige of their alma mater is faring, the new US News law rankings released on March 28. There was one extremely significant event in the ranking shifts this year, as some predicted given the changes in US News' methodology over last year.
You’ve just received word that your job is going to switch to the fully remote paradigm. That means no more travel expenses or traffic, no more rushing frenetically from place to place, and no more of the crushing outfit dilemma you’ve faced with each new day.
On Friday, May 20, 2022, Vault Law will host an OCI Readiness Summit for law students looking to prepare for and find summer and other associate positions through OCI. You can register for this free informational summit here, and learn more about it below.