If youâ€™re wondering how much do lawyers make, the answer is a little bit more complicated than it may first appear. The salary you make as a lawyer depends on many factors, including your location, field of law, educational experience and the type of work you do.
How much a lawyer makes is also affected by the type of firm where you work, your specialty and the size of your law firm. Larger firms tend to pay higher salaries because they have more attorneys and can afford to hire support staff to handle multiple cases at once.
The top paying fields for lawyers include intellectual property, medical malpractices, tax law, corporate and securities law, sports, and entertainment. Youâ€™ll have to decide if you want to specialize in one of these areas, or whether youâ€™d prefer to practice in other areas of the legal field.
Choosing a Legal Career
Youâ€™ll have to determine which type of legal career youâ€™d like to pursue before deciding what type of law school to attend. This is important because it will have an impact on your monetary rewards.
If you choose a career in the public sector, you can expect to make a higher salary than if youâ€™d go into private practice. A lawyer who works in the federal government typically earns about three times as much as one working for a state or local agency.
There are other types of jobs that can offer you a high salary, as well. For instance, if you work for a corporation, you can earn up to $200,000 a year.
Other ways that you can earn a lot of money in the legal field are to build a book of business and become a partner at a firm. If you do both, youâ€™ll be able to charge higher premiums for your services and earn more money than your colleagues at smaller law firms.
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The average annual wage for a lawyer is $144,230. That doesnâ€™t even come close to the highest salaries that are available in big-law firms, but itâ€™s more than enough for most people to live a comfortable life and cover student loan debt.
What You Need to Know About the Best Paying States for Lawyers
The best paying states for lawyers are New York, California and Massachusetts. They are also the most desirable places to work and have the most job opportunities.
In addition, these states have some of the lowest tuition costs for law schools in the nation. Thatâ€™s a plus for anyone whoâ€™s considering becoming a lawyer but isnâ€™t sure where to start.
A good financial planner can help you make the most of your finances and ensure that you have a secure future in which you can continue to live comfortably and take care of your family. You can also get advice on how to avoid debt and maximize your savings potential.
Regardless of what type of lawyer you choose to be, itâ€™s important to remember that this is a profession with high responsibilities. But, if you do your research and plan ahead, you can be confident that youâ€™ll have a very rewarding career in the legal field.