Lawyers are unquestionably one of the most influential professionals in society, with an industry where they can explore many opportunities and face challenges in day-to-day life.
Lawyers also universally have one of the highest-paying jobs. Many of us might wonder what type of lawyers make the most money or how much a lawyer makes. It just doesn’t depend on a single factor. Many factors contribute to determining the lawyer’s pay.
Regardless of the fact that some types of lawyers make more money than others, it’s not always the case. Let’s delve into the common elements that play a major role in a lawyer’s salary.
Experience of the lawyer
Without any surprise, and just like most jobs, the pay of a lawyer can be determined by how long they’ve been working as a lawyer. The more experience a lawyer has, the more their pay will be.
In the US, an entry-level lawyer earns $70k–$90k a year, while a mid-career lawyer with 5–10 years of experience can make somewhere between $90k and $150k, and a senior lawyer’s pay with 15+ years of experience can exceed $200k.
The field of law practiced in
A lawyer’s pay can also be hugely influenced by what kind of law fields you’re working or practicing in. Lawyers who specialize in multiple areas earn more than those who don’t.
Intellectual property (patent law) lawyers remain one of the highest-paid lawyers annually, with a pay of $200k+ annually. Corporate lawyers make the most after patent lawyers, with their pay exceeding $150k+ a year on average.
Real estate lawyers, trial law lawyers, and immigration lawyers take the successive positions, with immigration lawyers often making the least money.
Geographical location
Where the lawyer lives and practices can also influence a lawyer’s pay. Metropolitan areas have high standards of living with high costs, so evidently, the lawyers in a metropolitan city are going to earn a lot more than those in rural areas.
For example, lawyers in cities like San Francisco, Seattle, and Los Angeles earn more than a lawyer practicing in a small town.
Keep in mind the pay is only compensated for the cost of living. Earning potential and cost of living have a correspondence with each other.
The law firm
The pay for a lawyer can vary depending on the specific law firm they sign up for. An entry-level lawyer at a big law firm can earn around $150k-$200k+ median salary, with mid-sized law firms offering a little less pay.
A public interest lawyer, on the other hand, makes $60k-$70k a year.
Reputation of the lawyer and the law firm
A lawyer with a successful track record can earn way better and can demand the pay they earn. When a lawyer has a history of successful cases, especially if they handled high-profile cases, this reputation can proliferate their annual salary.
The lawyer’s reputation and expertise in their specialization enable them to earn as many additional salaries as they want. A high-profile and well-respected lawyer can make from $500k a year to even millions.
The reputation of the law firm can also affect the lawyer’s pay. If a law firm is known for handling successful cases with high-profile clients who can pay higher fees as demanded, then the lawyers in that firm have a high chance of earning a lot.
Education and credentials
Lawyers who got their degree from prestigious law schools generally demand slightly higher salaries. If the lawyer has any additional qualifications and if they specialize in a certain area, they can also earn more than what an average lawyer makes.
Key takeaways
- Experienced lawyers make more money than entry-level lawyers. The more experience they have, the higher their pay can be.
- The field of law that one practices in also affects pay, with intellectual property and corporate lawyers earning the highest salaries.
- Cities with a higher cost of living offer higher pay for lawyers.
- The reputation of the lawyers and the law firm also determines the pay. A high rate of successful cases boosts up the lawyer’s and the firm’s reputation and also the pay.
- The lawyer’s education, extensive qualifications, and area of specialization all impact their pay.
