Introduction
When people think of careers in law, they often imagine high-flying salaries and a glamorous lifestyle. But what is the reality of being a lawyer? How much does the average lawyer make? In this article, we explore the range of salaries for lawyers and look at the factors that influence their earning potential.
Exploring the Range of Salaries for Lawyers
How Much Do Lawyers Make on Average?
According to the Bureau of Labor Statistics (BLS), the median annual pay for lawyers was $122,960 in May 2019. This means that half of all lawyers earned more than this amount, while half earned less. The lowest 10 percent earned less than $59,670, while the highest 10 percent earned more than $208,000.
Examining the Earning Potential of Lawyers
The BLS also notes that lawyers in the top percentile of earners had an average salary of $208,000 in 2019. However, it is important to note that these figures are for all lawyers, regardless of specialty or experience. A more experienced lawyer in a particular field may earn significantly more than the median salary, depending on their area of expertise.
The Impact of Location & Experience on Lawyer Salaries
What Factors Determine a Lawyer’s Salary?
Location and experience are two of the most important factors that determine a lawyer’s salary. According to the National Association for Law Placement (NALP), lawyers in large metropolitan areas such as New York City and Los Angeles tend to command higher salaries than those in smaller cities or rural areas. Additionally, the NALP notes that lawyers with five or more years of experience generally earn higher salaries than those with less experience.
A Comparison of Lawyer Salaries Across Different Specialties
In addition to location and experience, the type of law practiced also has an impact on salaries. According to the NALP, the following are some of the highest paying areas of law:
- Corporate law – $164,500
- Intellectual property law – $162,500
- Labor and employment law – $145,500
- Tax law – $139,500
- Criminal law – $134,500
Conclusion
Summary of Findings
In conclusion, the average salary for lawyers is $122,960 according to the Bureau of Labor Statistics. However, the actual salary of a lawyer can vary significantly depending on their experience, location and specialty. Lawyers in large metropolitan areas, those with more experience and those practicing certain types of law can expect to earn significantly more than the median salary.
Final Thoughts on Lawyer Salaries
It is important to remember that the salary of a lawyer is not the only factor to consider when deciding whether to pursue a career in law. Other factors, such as job satisfaction, work/life balance and job security should also be taken into account. Ultimately, the decision should come down to what is best for the individual.
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