As in any profession, where an attorney practices has an impactful effect on their salary. Big cities tend to pay more, due to having more law firms and high-end clients competing for their services.
But which types of law practiced make up the highest revenue streams?
Hong Kong
Hong Kong may not be one of the highest-paying legal markets, but that does not diminish its potential as an opportunity for international lawyers seeking new challenges and growth prospects. Furthermore, its strategic location as a gateway into Chinese market makes Hong Kong an appealing place for foreign lawyers looking for new careers opportunities.
Hong Kong salaries are significantly lower than those found in New York and London, yet still offer comparable work/life balance. Attorneys may bill less hours annually but still produce quality work while living in one of the best cities worldwide is an added perk.
Hong Kong firms typically provide US-qualified associates with an expat package – a lump sum additional to their salary – as an inducement. Furthermore, some firms provide tuition reimbursement for school-age children of associates working there. COLA allowances have come under scrutiny recently with several top tier firms planning to phase out these payments over time.
United States
Management of finances as an attorney can be difficult. With late nights at work and weekend availability, many find it challenging to invest their earnings strategically and create a personal financial plan for themselves. This is particularly challenging for newly licensed lawyers who must contend with student loan debt as well as related expenses associated with legal work. Committing yourself fully to your specialty while selecting an optimal location can maximize earning potential and lead you to greater earnings potential.
California, Massachusetts and New York are some of the best cities for lawyers. Here, there is greater employment and higher median salaries. Plus their cost of living is more affordable. Iowa, Ohio and Mississippi can be some of the worst states for lawyers due to low median salaries and job demand – it makes making a living difficult; plus some cities even have high income taxes that make things even harder!
South Africa
Lawyers in South Africa enjoy a lucrative income; salaries depend on location and specialisation. Lawyers with established reputations who work high-profile cases often command higher fees; those working for major law firms such as Norton Rose Fulbright or DLA Piper typically make even more.
Bankruptcy attorneys assist companies and individuals through the bankruptcy process, as well as advise them on contract issues that arise. On average in South Africa these experts earn around R154,692 annually.
Contract attorneys specialize in creating and advising on contracts, as well as handling issues after signing them. In South Africa, contract attorneys typically make approximately R174,999 per year.
Immigration lawyers provide advice and assistance with matters pertaining to immigration law, such as obtaining visas and permits. They assist their clients with fulfilling immigration requirements as well as legal issues regarding marriage and adoption. On average, immigration lawyers in South Africa earn about R270,919 annually – join Regenesys Bachelor of Laws programme today and expand your legal career!
Japan
Salary is one of the cornerstones of success in Japan. Working for large companies that specialize in food, healthcare, information technology and advertising often results in higher incomes as these firms have greater market shares and diverse customer files; as well as higher annual increment rates and salary hikes more frequently.
Japanese society regards law as an honorable profession and lawyers are highly respected members. Bengoshi, Diet members, and even Emperor wear special lapel pins honoring them for their unique status in society. Legal services providers in Japan are in great demand by corporations due to their expertise in international finance and business law matters.
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