People typically associate lawyers with large firm attorneys making considerable income. But what exactly are lawyers paid?
There are various factors that influence how much lawyers make, such as geographical location, law school enrollment and practice area focus. Firm size also plays an influential role.
The Average
Attorneys typically earn an annual average salary of approximately $118,160 in the United States. Salaries may differ significantly based on various factors including experience, specialization, law firm and location.
First-year associates at large firms typically earn the most. Every first-year associate is paid at the same salary.
Intellectual property or medical malpractice lawyers tend to receive the highest salaries. Other lucrative fields include corporate law, mergers and acquisitions, high stakes litigation and tax law.
Federal government employees (including lawyers) typically receive pay based on the General Schedule (GS) scale determined by the Office of Personnel Management, with pay rates typically falling between GS-1 to GS-15.
The High End
The highest-paid lawyers tend to work for large law firms or specialize in specific areas, such as medical law, tax or intellectual property law – fields which demand expertise and are in short supply. New York City also attracts an abundance of high-paid attorneys whose salaries correspond with its higher cost of living.
Entry-level attorneys at large firms typically begin earning salaries of over $200,000. More experienced associates or partners in high-demand fields may make over six figures in annual salary.
Lawyer salaries depend on several factors, including industry, size and location of their firms, as well as individual experience. On average however, lawyers earn significantly more money than judges and hearing officers ($128,610), arbitrators mediators conciliators ($64,030) or court reporters simultaneous captioners ($63,560). As such it has proven itself one of the most lucrative professions available to those possessing appropriate skillsets, leading to exponential profession growth rates over many other professions.
The Middle
Based on movies like Suits and TV shows such as Law & Order: SVU and Suits, many people assume that lawyers typically command six-figure salaries. As with other professions, however, legal industry salaries can differ substantially.
One of the primary determinants of first year attorney earnings is which law firm they join, so it is crucial that when making this important career choice you consider both size and location when making your choice.
Another factor affecting salary is the type of practice. For instance, general corporate lawyers often receive higher compensation than attorneys specializing in employment or intellectual property law.
Attorneys working in the public sector tend to earn less than those working at private firms, due to government jobs often not offering bonuses similar to law firm jobs.
The Low End
Lawyers working for government or in public service often earn significantly lower salaries; these lawyers may make enough to live, but not enough to repay student loans or cover other debts incurred while attending law school.
Geographic location, industry sector and firm size all play an integral part in salary. New York City is an attractive location for many lawyers due to the world-renowned law firms it hosts that offer generous starting salaries for associates.
Biglaw firms typically rely on the Cravath scale to set entry-level salary levels for entry-level lawyers; as a result, this salary could often be significantly higher than what assistant district attorneys or public defenders can earn. Therefore, if you want to start out your legal career earning the maximum possible pay, it would be prudent to find yourself recruited by one of these larger law firms.