Lawyers are professionals who represent clients in legal proceedings and transactions, drawing up legal documents as necessary. While some specialize in one field of law exclusively, others cover multiple practices across various specializations.
The world’s wealthiest lawyers typically specialize in either corporate or personal injury law; Wachau Tang, for instance, a personal injury attorney worth an estimated $1.8 billion stands out among them.
The average lawyer salary
Dependent upon their firm type and practice area, lawyers may earn as much as $225,000 annually. At Biglaw firms, associates are paid according to Cravath scale which ranks their class from 1-5 and ultimately determines their salary.
California offers the highest pay for attorneys, followed by District of Columbia and Rhode Island. However, when comparing salaries it’s essential to factor in cost of living considerations.
In most areas, an average lawyer salary provides enough income for comfortable living; however, making wise financial decisions and saving for emergencies and retirement are crucially important. Geographic location, practice area and firm size all affect an attorney’s earnings potential.
The highest-paid lawyers
Lawyers specializing in areas of high demand typically earn more than those working in lower demand fields, especially in large cities where lawyers may make considerably more than their counterparts in smaller locations.
Lawyers with advanced degrees often command higher salaries. Lawyers who attend top universities for their law degrees, excelling during their 1L year, can significantly boost their earnings potential. Furthermore, these attorneys should pursue niche specializations like intellectual property law and corporate law for maximum earnings potential.
Lawyers with adept client acquisition abilities can generate millions of dollars, by developing relationships with established clients or private equity firms.
Lawyers in large cities
Lawyers working in large cities enjoy lucrative salaries, though other factors play a part in determining their earnings. Specialized lawyers who specialize in multimillion-dollar mergers and acquisitions will likely make significantly more than public defenders working the same case in Manhattan, for instance.
Becoming a partner in a law firm is an honor and can significantly increase a lawyer’s income. Furthermore, larger firms typically provide stock compensation that could amount to substantial sums over time.
Lawyers in rural areas
Rural areas, where one in five Americans resides, often lack access to legal aid due to a shortage of lawyers, prosecutors and judges. These regions have earned the label of legal deserts.
Rural attorneys work for meager wages. To meet their expenses, they often need to take on multiple cases simultaneously and have limited time available for each one – especially those related to child welfare that arise out of poverty.
North Dakota and South Dakota have programs which pay attorneys who practice in rural counties for five years with an additional stipend payment.
Lawyers with civil rights experience
Civil rights attorneys help people defend against discrimination based on race, national origin, sex, age and religion. They fight to preserve privacy rights for individuals as well as freedoms such as speech and religion – as well as voting rights – affecting individuals or communities. Civil rights lawyers also help manage cases involving government employees (such as police officers) as well as helping those claiming police brutality as victims.
Civil rights attorneys are committed professionals with a passion for what they do and often specialize in representing specific groups or issues. Depending on their employer or government department affiliation, civil rights attorneys may file civil lawsuits on behalf of clients or represent them during settlement negotiations and court hearings; some may even participate in legislative activities and community engagement activities.
Lawyers with federal government experience
Federal employment offers many attractive benefits that cannot be replicated elsewhere, such as early responsibility and substantive work from day one and access to more practice areas than many private firms.
Lawyers with federal government experience typically work in litigation, advisory or regulatory roles and enjoy health care coverage and other perks like paid holidays. Furthermore, government offers competitive salaries with step increases. Employees eligible for Thrift Savings Plans contribute towards Social Security and basic annuity payments and these contributions remain portable if you leave employment with them.