Lawyers rank among the highest-paid professionals in America when it comes to salary. Lawyers working in major cities typically earn higher wages than their counterparts located elsewhere.
But the salaries of lawyers can differ widely depending on various factors including firm size, practice area and geography.
The Bureau of Labor Statistics
Lawyer salaries depend heavily on factors like specialization, location and firm size. According to the Bureau of Labor Statistics, healthcare and law related to medical issues tend to command some of the highest wages among lawyers.
Partners at large law firms typically make seven figures; those working in public service tend to make less, yet their salaries have steadily been increasing over the years.
Lawyers specializing in areas like media, finance and technology often enjoy high salaries, plus bonuses on top of their base salaries. Healthcare lawyers generally earned bonuses between 20%-29%; attorneys who practiced finance earned higher percentages. Legal services is an exciting and lucrative field; its pay is sufficient for living comfortably while saving for emergencies or retirement if pursued properly. Just make sure you consider all factors before venturing down this path!
Law School
Law school can be expensive, and its costs can take years to pay off. Most people do not have enough savings or family resources available to them to cover all costs associated with attending law school and usually rely on loans for tuition, living expenses, bar exam prep fees and moving costs. Therefore, before making a decision about attending any particular law school it is wise to perform a comprehensive analysis of its total cost of attendance before making a final decision about whether or not you wish to attend.
One way of assessing how much a law degree pays is by looking at salary distribution curves of recent graduates. These curves show how salaries cluster into two sets of peaks: left-hand peak for salaries below median; and right-hand peak for typical large firm salaries. Unfortunately, these curves exclude part-time or short-term jobs which reduce accuracy but they still provide insight into typical career paths of new lawyers.
Scholarships
Becoming a lawyer doesn’t come cheap. To become one, one must study for and pass the LSAT, enroll in law school, graduate and pass the bar exam – each step incurring financial costs that could pile up quickly – but there are scholarships to help reduce these costs.
Scholarships vary, from merit-based ones that recognize your LSAT score to those sponsored by law firms or non-profit organizations – such as Insler & Hermann Disabled Students Pursuing a Career in Law scholarship worth $1,000 that supports disabled students looking to become lawyers.
Other scholarships target specific geographic regions. For instance, the Crowder Law Firm Scholarship is open to law school students with a GPA of 3.6 or above and they’re offering two awards worth $1,000 each this year.
Loans
As you embark upon your first year as a lawyer, many factors will play a part in determining your starting salary. One such factor is which practice area you select as attorney salaries vary widely based on specialized skills and caseload.
Larger firms often pay higher starting salaries to first-year associates at larger law firms; smaller law firms usually provide lower starting salaries on average for first-year associates. Furthermore, your chosen area of law (criminal or civil rights cases for instance) could affect your earning potential, as attorneys who specialize in such areas typically earn less compared to those working with business clients.
With an average hourly lawyer cost of $341, it may be difficult for new attorneys to afford legal fees. While some lawyers accept credit cards with higher-than-usual interest rates to cover expenses, personal loans offer lower interest rates with same-day funding – an appealing solution for attorneys just starting their careers.
