There are many reasons why people choose to pursue a career in law; to work in a stimulating work environment; to help other people that need the aid of a talented lawyer; to attain the prestige and social status that having a Juris Doctor can offer. But one thing that almost all lawyers will agree on...yet seldom admit to, is that one of the primary reasons many become lawyers is because of the potential financial rewards that a legal career can offer. The question then becomes...just how much do lawyers make? What areas of law are the most lucrative? Finally, how can you position myself to most aggressively attain those positions that will gain personal wealth?

While there is no sure-fire way of guaranteeing that attaining a law degree will make you wealthy there are certain rules to keep in mind and certain areas of law to pursue that have a much greater chance of that becoming the end result than others. One of the rules is that private law firms always pay more than public sector jobs. A 2001 survey found that of those graduating from a top 20 law school, jobs in the public averaged $50,000 while private firm salaries were double that near $125,000.

The next thing to keep in mind is that just like many Wall Street jobs, a substantial part of high paying lawyers make their income through a bonus structure. Bonuses are typically non-existent in public sector or judicial jobs while working in corporate law positions can offer bonuses, but typically not nearly as much as the private firms will offer. It is not unusual in a well-positioned private firm for the bonus to equal 100% or much more than the base salary.

This potential upside carries risk of course...if the private firm does not bring in successful cases they may cut staff rapidly or even go out of business. The potential upside, however can be very lucrative and is why positions in select private firms can be extraordinarily competitive. Partners in a 'top' law firm can pull in $500,000 or even $1,000,000 or more. With the fact that private firms established as the most lucrative, what areas of law then are the best and have the highest salary and bonus potential.

For a long time 'personal injury' was particularly lucrative because of the incredible amounts awarded in damages during an extended period. With the proliferation of law schools, the overall 'lowering' of standards of typical lawyer training and with changes in the legal system to put 'caps' in place for certain types of injuries and awards, this is no longer always the case. Know more here vehicular manslaughter https://webblawmaine.com/


These days some of the best areas to practice law take into consideration 'dual expertise' or are 'niche categories'. For example, Pharmaceutical law, intellectual property/patent law, corporate law, commercial real estate, tax, regulatory compliance and complex civil and commercial litigation. With these keep in mind working in large national firms that are more likely to take on 'class action' or 'big target' cases typically have more upside than smaller local firms.

Other important factors that contribute to earnings as an attorney include years of experience, ability to bring in business, billable hours, age, gender, travel requirements/ability, law school ranking and GPA. The trend in Legal salaries, especially for first and second year graduates seems to be towards two distinct 'ranges. These are clearly defined by the ranking and caliber of law school. In recent data gathered by the Association of Legal Career Professionals, the two ranges for first year grads were between $45-$55k and between $135-$145,000.