How Much Do Lawyers Earn?
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The answer to the question of how much lawyers earn is not as straight forward as you might think. As with any profession, the city you work in will affect the amount you can expect to earn. For example, an entry level deputy public defender in San Francisco earns $90,000.00 per year. However an attorney doing the same job in Madera, CA, earns closer to $45,000.00 per year.
Another factor that affects the income of a lawyer is the type of law they practice. Attorney’s who practice patent law can earn $265,000 per year. Corporate lawyers and attorneys who specialize in mergers & acquisitions often earn $750,000 a year without being a partner. Criminal defense attorneys, family law attorneys, and government lawyers general earn much less than the salaries mentioned above.
The size of the firm an attorney works for affects how much the attorney earns. One of the largest law firms in the world is DLA Piper, their first year associates start at $160,000 per year. First year associates who practice the same type of law in a small firm should expect approximately $95,000 per year. Your position within the firm also affects your salary. I have my own small firm and yet I have had years when my income was like that of a corporate lawyer. Equity partners in large firms frequently earn millions of dollars per year.
Finally another factor that consistently affects earnings is how long an attorney has been practicing. Even deputy public defenders who may start with a salary of $50,000 per year can earn $135,000 per year after they have practiced for ten years.
Here are some general figures by practice area:
Corporate law, Mergers & Acquisitions…………………………..$128,000
Real Estate, litigation, appeals……………………………………..$103,000
Personal injury & wrongful death………………………………….$93,000
General law, criminal law……………………………………………..$83,000
Family law………………………………………………………………….$78,000
These figures are according to Salary.com’s 2011 report on attorney pay and my own knowledge from friends and colleagues.
You may be tempted to say that every lawyer should leave law school and work for the largest firm that will hire them and practice corporate law, that way they can earn the most amount of money. One of the reasons every lawyer doesn’t do that is because every lawyer cannot do that. Those large firms usually hire students from top law schools and even then, some only hire from the top of the class from the top law schools. Anyone who did not attend a top law school or those who did attend a top law school but did not graduate in the top of their class, can’t go to work for those huge law firms that pay top money.
The most wealthy lawyers in the country didn’t earn their fortune practicing law, most of them would never have amassed fortunes if they had gone into corporate law and stayed there until they retired. Samuel Zell started off as a lawyer but amassed his $4.4 billion fortune in the real estate business. Robert Ziff built his $4 billion dollar net worth in hedge funds.
The primary reason a new lawyer shouldn’t chase after the highest paying job is because what matters most is passion. Those attorneys who do what they are passionate about are more likely to be successful. There is no better proof of this than Joe Jamail. Mr. Jamail is a lawyer in Texas and a billionaire. Mr. Jamail amassed his fortune practicing law, which is unusual because most attorneys who become billionaires do not do by practicing law. Mr. Jamail amassed that fortune with passion, energy, and determination. If Mr. Jamail did not enjoy the practice of law there is no way he would have been so successful.
Now that you have an idea of how much lawyers earn, you can do the next step. Get your undergraduate degree, or if you have a four year degree, you can apply to law school. If your in law school, study hard and master the material so you can be passionate about the practice of law.
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Source by Daniel K Martin
