A lawyer’s choice of law practice will have a substantial effect on his or her salary. Certain specializations earn more than others, so newcomers to this field must become familiar with all types of attorneys in terms of income differences between specializations.
Many assume that corporate lawyers make the highest salaries; however, personal injury and criminal lawyers also command substantial salaries.
Big law firms
Big law firms boast enormous revenue streams that enable them to pay associates substantial salaries, which allow them to cover student loans and mortgage payments while enjoying a comfortable lifestyle. Unfortunately, this lifestyle also comes with its share of drawbacks, such as an inability to achieve work-life balance – many associates devote up to 60 hours each week working on cases while being available 24/7 for calls from clients.
To secure employment at one of these firms, first attend one of the top-ranked law schools such as Columbia, Cornell or Northwestern and participate in a summer program with one of these firms of your choosing – this will give you invaluable experience while meeting potential career mentors; additionally these programs can serve as a great opportunity to network and build relationships among attorneys. Since most large firms provide comprehensive legal services to investment vehicles, family offices and wealthy individuals as clients, this provides the ideal setting to attract the top talent available in the market.
Top-ranked schools
The top law schools in America produce top-earning graduates, but how much their earnings vary will depend on their networking abilities and relationship building with other attorneys. Low income and minority students often find that attending a top-ranked law school increases future earnings significantly; however, to maximize potential earnings they should develop their communication and networking abilities prior to enrolling.
Students interested in practicing highly competitive fields should consider enrolling at one of the top law schools, like Harvard or Yale, with proven success at providing employment. Such institutions boast of high placement and bar passage rates as well as exclusive acceptance rates that give applicants an edge when competing for jobs in this environment.
Factors which could impede student earnings include their LSAT score and GPA. Before making their application decision, students should carefully consider both costs involved with law school as well as any debt they are willing to incur before submitting an application.
Geographical location
If you want to secure a high salary in the US, obtaining a law degree is an excellent way to do it. But many factors will determine where and when you make the most money as a lawyer: workplace location, area of specialization and years spent practicing.
Typically, lawyers practicing in large cities make more than those practicing in smaller towns or rural areas due to more opportunities to land high-paying clients and increased competition for jobs at large firms.
Health care and social assistance, property, corporate law and intellectual property are the four most prevalent practice areas for attorneys. Personal injury attorneys tend to earn higher median salaries than other types of lawyers due to their reputation in the legal community; additionally they usually possess greater experience which makes them better at negotiating and closing deals.
Specialization
Your choice of law field can make or break your career. To maximize earnings potential and boost earnings potential, the best strategy is selecting a specialty with high demand and lucrative pay, such as tax, healthcare or employment law. Working at larger firms often leads to greater salaries as well as experience being gained over time.
Geographic location can also have a profound effect on your income. Large cities typically experience more legal cases, leading to an increased demand for lawyers and higher wages. You can increase your earnings further by publishing legal articles or books to establish yourself as an authority in your field, or open your own law firm allowing you to keep more of the fees you generate; though this option requires extensive networking skills as well as working longer hours than other options.
