Becoming a lawyer is both rewarding and demanding; to increase your earnings to their fullest, excel during your 1L year, secure a competitive clerkship position, participate in law review or moot court activities and receive excellent academic grades. To achieve maximum salary results, focus on excelling during 1L year studies, secure competitive clerkship positions as soon as possible and participate in law review/moot court activities as soon as possible.
Perform well in these areas to become a partner at your firm and increase earnings, however the primary factor affecting lawyer pay is which area of law you specialize in.
Criminal Law
Criminal attorneys provide services for people under investigation or charged with crimes, from murder cases to petty theft. Criminal defense attorneys make a profound difference in their clients’ lives and are thus well compensated. It is crucial that you locate an experienced and respected criminal defense lawyer such as Todd Spodek in New York; his hands-on approach has strengthened many cases. He’s one of two generation of defense lawyers and has successfully represented thousands of cases.
Personal Injury
Personal injury lawyers are an invaluable resource if you have been injured in an accident. Most often they work on contingency basis – meaning they take a percentage of what you win as payment; but the final amount received in any settlement could depend on numerous factors.
One of the key factors when it comes to personal injury cases is how much they’re worth, with this figure often differing depending on case specifics and expertise of legal representation. Experienced attorneys may be better at getting you a higher settlement amount than their inexperienced counterparts.
Look for a personal injury attorney with strong ties to the legal community, such as one recognized as a Super Lawyer based on independent research and peer nomination.
Corporate Law
Of course, many people become attorneys in order to make more money; however, the profession goes well beyond financial gain. Corporate lawyers provide crucial services that enable businesses to expand and manage their assets, while also consulting when faced with legal hurdles – this explains why John Finley from Blackstone and Kathryn King Sudol from KKR lead New York-based list of highest-paid general counsels with $22.2 and $18.6 million total compensation respectively.
Unsurprisingly, the highest-paid lawyers tend to work at large law firms in larger cities such as New York, Los Angeles and Chicago. Though their pay may be impressive, working at these large firms often entails long hours and high expectations from management.
Employment Law
Employment lawyers specialize in legal matters pertaining to employer-employee relationships, such as contract negotiation, workplace policies and defending against discrimination claims or wrongful termination lawsuits. Their hourly rates typically range from $200-500 an hour depending on reputation and experience.
Many attorneys utilize a retainer system, wherein a deposit is taken upfront to cover future legal services, and will bill against this total until its funds have been depleted. This approach is often employed when cases require ongoing representation or are highly complex as it helps clients understand exactly how much their total costs will be right from the outset.
Attorneys working at large law firms tend to earn the highest salaries as these businesses possess greater resources and can afford to compensate top talent for their expertise. This is especially true in cities like New York, Los Angeles and Chicago where employers willing to pay higher legal fees may also require superior legal representation from attorneys. Some employment lawyers even work on contingency basis whereby payment only occurs if their client wins their case successfully.
