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What type of lawyer gets the largest salary?
#lawyer #attorney #business-lawyer #attorney #law #criminal-lawyer
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charles’s Answer
Mia M,
In general, attorneys who are experts in complex, intricate, difficult fields, are rewarded with the highest remuneration.
As you might expect, there is an extremely large salary range for starting lawyers fresh out of law school. Salaries vary by experience, geographic region, state, specialty, and whether you are a certified specialist. Although I don't have precise figures, recent graduates of top tier law schools with excellent grades can earn well over $100,000 per year in large urban centers. High-end specialties (patent law, securities litigation and other fields that require a mastery of a difficult practice area) pay much more than, for example, working as a staff counsel for a rural county in the Southern part of the United States..
In general, highly intelligent, hard-charging, creative, entrepreneurial, warrior “Type-A” attorneys earn a much higher paycheck, just like those titans of the business world. Elon Musk, Jeff Bezos and Bill Gates make or made billions of dollars. While generally the highest paid attorneys don’t make Fortune’s list of wealthiest Americans, they can and do earn millions of dollars per year as the founder and sole owner or principal partner of high-end litigation firms. Extremely hard-working, confident, risk-taking attorneys can take on toxic tort litigation, class action lawsuits, product defect cases or catastrophic personal injury cases (especially if creating a new theory of recovery) on a contingency fee basis, (no payment if no recovery – 33% or more if you win or settle); and earn millions (or even tens of millions) of dollars in any given year.
Finally, owners of successful firms receive a much higher reward (often multiple hundred thousands of dollars per year or even several million dollars), although the potential downside risk is higher, given the personal investment that you must make in the firm as owner, partner or shareholder.
In summary, while many lawyers are extremely well-paid, the remuneration for most attorneys is no greater than the amount received by successful sales or businesspersons. So, my recommendation to those considering a career in law, is to not enroll in law school if your primary motivation is to get rich. Most law schools are expensive. In addition, you have to invest three hard-working years in classes before studying for the one exam that you must pass before you can be licensed. In California, where I practice, many people fail the Bar Exam every year (typically close to 50%).
I hope that I was able to provide you with useful information. Good luck to you as you consider your fields of study and career options.
In general, attorneys who are experts in complex, intricate, difficult fields, are rewarded with the highest remuneration.
As you might expect, there is an extremely large salary range for starting lawyers fresh out of law school. Salaries vary by experience, geographic region, state, specialty, and whether you are a certified specialist. Although I don't have precise figures, recent graduates of top tier law schools with excellent grades can earn well over $100,000 per year in large urban centers. High-end specialties (patent law, securities litigation and other fields that require a mastery of a difficult practice area) pay much more than, for example, working as a staff counsel for a rural county in the Southern part of the United States..
In general, highly intelligent, hard-charging, creative, entrepreneurial, warrior “Type-A” attorneys earn a much higher paycheck, just like those titans of the business world. Elon Musk, Jeff Bezos and Bill Gates make or made billions of dollars. While generally the highest paid attorneys don’t make Fortune’s list of wealthiest Americans, they can and do earn millions of dollars per year as the founder and sole owner or principal partner of high-end litigation firms. Extremely hard-working, confident, risk-taking attorneys can take on toxic tort litigation, class action lawsuits, product defect cases or catastrophic personal injury cases (especially if creating a new theory of recovery) on a contingency fee basis, (no payment if no recovery – 33% or more if you win or settle); and earn millions (or even tens of millions) of dollars in any given year.
Finally, owners of successful firms receive a much higher reward (often multiple hundred thousands of dollars per year or even several million dollars), although the potential downside risk is higher, given the personal investment that you must make in the firm as owner, partner or shareholder.
In summary, while many lawyers are extremely well-paid, the remuneration for most attorneys is no greater than the amount received by successful sales or businesspersons. So, my recommendation to those considering a career in law, is to not enroll in law school if your primary motivation is to get rich. Most law schools are expensive. In addition, you have to invest three hard-working years in classes before studying for the one exam that you must pass before you can be licensed. In California, where I practice, many people fail the Bar Exam every year (typically close to 50%).
I hope that I was able to provide you with useful information. Good luck to you as you consider your fields of study and career options.
Updated
Glenn’s Answer
I agree with Desiree's answers to your questions. I would add that the more complex, difficult areas of the law require a great deal of experience you can get only from practicing in that area of the law for many years. And the more complex and difficult the area of law, the harder it is to find good, experienced attorneys in that area of the law. And the more difficult it is to find good, experienced attorneys in that area of the law, the higher the salary/hourly rate they can charge. If you can do something in the law that many other attorneys can do well, you should not expect to be highly compensated. But, if you have skills or experience that very few have, and in an area of the law that attracts clients that can afford to pay high rates for your services, you can expect to be highly compensated.
Updated
Desiree’s Answer
There are many resources that can answer this with an on-line search (e.g., https://crushthelsatexam.com/lawyer-salary/ https://www.lorenzandlorenz.com/blog/what-are-the-highest-paid-types-of-lawyers/ https://www.hasnerlaw.com/what-are-the-highest-paid-types-of-lawyers/).
The type of law one practices is a big factor, but there are many other factors: (1) the city where they practice (NYC attorneys often make more than say... Topeka attorneys); (2) the number of years they have been practicing (new, more junior attorneys make less than more experienced attorneys); and (3) how they practice law - big firm, small firm, corporate in-house (i.e., company lawyer), government. Certain types of government work may pay less, but qualify to help forgive student loans.
It's fair to say the more highly compensated the role, the more demanding it is on your time and personal life, too. Consider reading this, too: https://lawschooltoolbox.com/how-much-do-lawyers-make-the-truth-about-attorney-salaries/
Search attorney salarys on-line
Consider other factors that impact salary (and, potentially, cost of living)
Think about work/life balance
The type of law one practices is a big factor, but there are many other factors: (1) the city where they practice (NYC attorneys often make more than say... Topeka attorneys); (2) the number of years they have been practicing (new, more junior attorneys make less than more experienced attorneys); and (3) how they practice law - big firm, small firm, corporate in-house (i.e., company lawyer), government. Certain types of government work may pay less, but qualify to help forgive student loans.
It's fair to say the more highly compensated the role, the more demanding it is on your time and personal life, too. Consider reading this, too: https://lawschooltoolbox.com/how-much-do-lawyers-make-the-truth-about-attorney-salaries/
Desiree recommends the following next steps:
Thank you!!
Mia
Updated
Pablo’s Answer
If you see our vocation just to win money, let me tell you that you dont understand the final Target of this beauty career: help to the people without any posibility to save the empire of laws
This is an important perspective to mention but it doesn't directly answer the question. Can you provide a little more info on salaries of different types of lawyers
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