Legal profession offers many avenues of financial success; however, being an aggressive attorney might not be for everyone; dealing with high-stakes cases and clients’ expectations often leads to stress and burnout.
Some lawyers are compensated more than others as specialists in specific areas of law. This article will explore which lawyers receive the highest salaries.
Employment Lawyers
Employment law attorneys assist both individuals and companies to navigate the many laws that regulate employees. Common issues addressed by employment lawyers include wrongful termination; wage and hour disputes such as minimum wage violations or overtime violations; sexual harassment issues in the workplace and discrimination laws.
Additionally, these attorneys often handle matters regarding retaliation and contract disputes, and may handle cases on a contingency fee basis so they are only paid if their case wins.
Employment lawyers who make the highest earnings tend to work for larger firms that offer resources and quality assurance to draw in high-paying clients. Experienced and respected employment lawyers may charge higher rates based on reputation or experience – for instance in New York City an experienced and well-regarded employment attorney could make $2,000 an hour while less experienced lawyers might make only $200 an hour.
Intellectual Property Lawyers
Intellectual property law encompasses an umbrella of practices designed to help companies safeguard their inventions and creative works, from patenting them through trademark registration and copyright acquisition, all the way through litigation proceedings to protect those assets. This may involve counseling clients on how to secure patents, trademark registration and copyrights as well as representing clients during such legal disputes.
Leading IP firms possess substantial capabilities in both contentious and transactional IP matters involving patents, trademarks and copyrights. Skadden Arps Slate Meagher & Flom LLP & Affiliates stands out for its experience with complex patent litigation as well as in the life sciences field, including Hatch-Waxman litigation.
Shearman & Sterling is widely respected for its strong technology practice and regularly represents high-profile clients for patent infringement disputes. Additionally, Shearman & Sterling is highly regarded as an advocate for generic pharmaceutical companies involved in complex Hatch-Waxman litigation proceedings.
Litigation Lawyers
The highest-paid lawyers specialize in fields requiring either specialized expertise, high stakes, or both, such as medical malpractice law, family law, tax law and entertainment law. Law firms in major cities typically offer higher salaries compared to smaller practices elsewhere.
Robert Half Legal’s report revealed that litigation specialists working on complex cases tend to command higher pay than their counterparts who do not. Such professionals have the capability of working autonomously while managing multiple issues at once – an ability which makes them in high demand.
Erin Brockovich, who earned millions for representing residents against Pacific Gas and Electric in their lawsuit over contaminated water supplies, used her success to forge an exciting new career as an environmental activist and public speaker. Family law attorneys that specialize in high-profile divorce and custody cases also can command huge salaries; Laura Wasser, for instance, represents celebrities such as Angelina Jolie and Johnny Depp among her high-profile clientele.
Patent Lawyers
Patent lawyers have become among the highest-paid professionals in legal industry in recent years, thanks to a specialized field that requires technical know-how and the ability to litigate high-stakes cases such as patent disputes. Compensation largely depends on firm size and location; for example, large firms in major cities like SF and NYC typically follow Cravath’s scale which begins at $190k for first year associates and increases incrementally as their careers advance; small and mid-sized firms generally set their own salary scales.
Patent attorneys with significant experience and proven results may command annual salaries over $200,000. Many firms also offer bonuses or equity stakes to further boost earning potential. With more patent prosecution and infringement cases underway than ever, demand remains strong for qualified candidates.
