No one should be unaware of the fact that some fields of law make more money than others, so if you want a career in law it would pay to excel during your 1L year and explore high-earning practice areas as soon as possible.
Certain cities provide higher compensation, leading to an increase in attorney salaries. Read on to discover where lawyers make the most money in America.
Big Law
Big law firms have entered the high-pay salary arena, providing young lawyers with an avenue for rapid wealth accumulation. Firms frequently hire graduates of elite law schools as associates and offer bonuses that exceed base salaries.
Many law firms operate around the globe and you may have seen their buildings dotting major city skylines. While some firms employ thousands of attorneys, others specialize in specific practice areas or geographic regions.
But not all Big Law firms offer equal revenue or profit potential. Firms that handle more complex, newsworthy cases and transactions typically pay the highest salaries – thus drawing in top lawyers from across the legal profession. Therefore, if you want to become one of these top earners yourself, start planning now: excel during your 1L year, seek tutoring opportunities during law school tutoring days and focus on emerging legal fields with high earning potential.
Small Law
What type of law and where you practice can have a dramatic impact on your salary. While many choose law for financial gains, not all lawyers make a fortune – the median annual salary for lawyers according to the Bureau of Labor Statistics was $122,960 in 2024 but many factors influence attorney earnings.
Location and experience can play an influential role when it comes to salary; lawyers in Boston tend to command higher wages due to high demand in fields like patent litigation and insurance law.
However, smaller cities still allow lawyers to earn a decent living as lawyers. Santa Cruz in California provides some of the highest salary offers; six law firms there were recently recognized with “Law Firm of the Year” awards due to their achievements.
Public Sector
No matter whether they pursue careers at big firms or go in-house, most lawyers aspire to make as much money as possible in their legal careers. Many aspiring law school graduates aim to do this by joining highly-sought after New York firms with associate pay in the six figures – something many prestigious firms will gladly offer them in exchange for joining.
But getting hired by a New York firm doesn’t guarantee a lucrative salary, nor is it the only way for attorneys to make money as attorneys. Government jobs also pay well and provide valuable opportunities to influence national policies and establish groundbreaking legal precedents.
As examples, government lawyers employed by the DOJ or SEC play an essential role in combatting white-collar crime and maintaining market integrity. Attorneys who specialize in family law can earn a substantial income, representing clients going through tough times like divorce or custody battles; such attorneys may be able to earn up to $69,480 annually. Lawyers employed by nonscheduled air transportation providers, computer and peripheral equipment manufacturing and spectator sports industries also tend to make good livings.
Private Sector
One of the highest-paying types of lawyers are those working in private business with specializations such as intellectual property, corporate finance, banking and healthcare. These attorneys typically make more money in cities where there is a concentration of businesses and law firms.
Smaller boutique firms also pay well. For example, an in-house counsel at financial services provider ING DIRECT can make up to an astonishing annual salary of $168,000!
Public service salaries remain far lower than their private-sector counterparts despite recent increases at top law firms, especially when considering that entry-level salaries for 2016 law school graduates from top 15 schools didn’t even reach $85,000 according to U.S. News & World Report. The disparity may stem from these institutions being located in major American cities where opportunities at major firms are readily available, though that alone cannot explain its existence.
