| There are many reasons why people choose to | | | | $500,000 or even $1,000,000 or more. With the fact |
| pursue a career in law; to work in a stimulating work | | | | that private firms established as the most lucrative, |
| environment; to help other people that need the aid of | | | | what areas of law then are the best and have the |
| a talented lawyer; to attain the prestige and social | | | | highest salary and bonus potential. |
| status that having a Juris Doctor can offer. But one | | | | For a long time 'personal injury' was particularly |
| thing that almost all lawyers will agree on...yet seldom | | | | lucrative because of the incredible amounts awarded |
| admit to, is that one of the primary reasons many | | | | in damages during an extended period. With the |
| become lawyers is because of the potential financial | | | | proliferation of law schools, the overall 'lowering' of |
| rewards that a legal career can offer. The question | | | | standards of typical lawyer training and with changes |
| then becomes...just how much do lawyers make? | | | | in the legal system to put 'caps' in place for certain |
| What areas of law are the most lucrative? Finally, how | | | | types of injuries and awards, this is no longer always |
| can you position myself to most aggressively attain | | | | the case. |
| those positions that will gain personal wealth? | | | | These days some of the best areas to practice law |
| While there is no sure-fire way of guaranteeing that | | | | take into consideration 'dual expertise' or are 'niche |
| attaining a law degree will make you wealthy there are | | | | categories'. For example, Pharmaceutical law, |
| certain rules to keep in mind and certain areas of law | | | | intellectual property/patent law, corporate law, |
| to pursue that have a much greater chance of that | | | | commercial real estate, tax, regulatory compliance and |
| becoming the end result than others. One of the rules | | | | complex civil and commercial litigation. With these keep |
| is that private law firms always pay more than public | | | | in mind working in large national firms that are more |
| sector jobs. A 2001 survey found that of those | | | | likely to take on 'class action' or 'big target' cases |
| graduating from a top 20 law school, jobs in the public | | | | typically have more upside than smaller local firms. |
| averaged $50,000 while private firm salaries were | | | | Other important factors that contribute to earnings as |
| double that near $125,000. | | | | an attorney include years of experience, ability to bring |
| The next thing to keep in mind is that just like many | | | | in business, billable hours, age, gender, travel |
| Wall Street jobs, a substantial part of high paying | | | | requirements/ability, law school ranking and GPA. The |
| lawyers make their income through a bonus structure. | | | | trend in Legal salaries, especially for first and second |
| Bonuses are typically non-existent in public sector or | | | | year graduates seems to be towards two distinct |
| judicial jobs while working in corporate law positions | | | | 'ranges. These are clearly defined by the ranking and |
| can offer bonuses, but typically not nearly as much as | | | | caliber of law school. In recent data gathered by the |
| the private firms will offer. It is not unusual in a | | | | Association of Legal Career Professionals, the two |
| well-positioned private firm for the bonus to equal | | | | ranges for first year grads were between $45-$55k |
| 100% or much more than the base salary. | | | | and between $135-$145,000. |
| This potential upside carries risk of course...if the private | | | | The lower of these was for 'average' public sector |
| firm does not bring in successful cases they may cut | | | | and judicial positions and the higher for top law firms in |
| staff rapidly or even go out of business. The potential | | | | national private firms. This shows the disparity...and |
| upside, however can be very lucrative and is why | | | | importance of attending a top tier law school and for |
| positions in select private firms can be extraordinarily | | | | targeting private national firms if income is a primary |
| competitive. Partners in a 'top' law firm can pull in | | | | objective for pursuing a legal education. |