Few professions offer as much wealth and prestige as law practice; however, when selecting the most appropriate legal specialty. There are various factors that should be taken into account before selecting an area of law to specialize in.
No matter if you are currently an attorney seeking to switch careers or an incoming law school graduate attempting to select your field of focus, knowing which attorneys make the highest salaries can provide invaluable insight.
Lawyers in Big Law Firms
For optimal success as a lawyer, working in an esteemed law firm is key. Along with their competitive salaries and high-stakes cases, big firms typically represent high-profile clients and have higher-profile representation than midlevel or small firms do. Depending on your goals, working for such large firms might appeal more than midlevel or small ones that take on less glamorous cases.
Additionally, many large firms offer lucrative bonuses to attract top talent, leading to an increasingly competitive market and prompting several Am Law 200 firms to increase associate lockstep salaries and bonuses over recent years.
As such, breaking into big law is extremely challenging, and requires graduating from one of the world’s premier law schools. Even then, most would-be lawyers will struggle or no longer make significant income within five to ten years – those who do make it typically have strong connections at major law firms or operate their own practices.
Lawyers in Private Practice
An attorney’s specialty can have an enormous effect on their earning potential. Some of the more lucrative areas include corporate law, tax law and intellectual property law – with admiralty law, real estate law and medical law also among high-paying areas due to requiring specific skills for employment.
Salary considerations of lawyers also vary based on their geographic location. Los Angeles, New York and San Francisco typically generate the highest income due to proximity of clients and costs of living considerations.
Other factors affecting salary for lawyers include experience and years in practice, the type of firm they work for and its size. Some attorneys can command higher fees due to their reputation; personal injury attorneys with high profile can typically command more. Patent attorneys with expertise in intellectual property law also earn significant sums.
Lawyers in Corporate Law
Lawyers’ earning potential depends heavily upon their area of practice. Specialty areas like corporate law, tax law and intellectual property offer high salary potential.
Lawyers specializing in these areas provide expert guidance to business entities on various matters and represent clients against business partners in lawsuits.
Some lawyers in this field earn millions as corporate counsels; John Finley from Blackstone made $22.2 million last year and Kathryn King Sudol from KKR was third on the list with $18.6 million earned.
Attorneys who specialize in mergers and acquisitions or securities law typically earn high profits as corporate lawyers. Such practices usually require greater levels of knowledge and thus come with increased compensation packages; additionally, salaries in New York City tend to be up to 120% above national norms so firms must pay higher wages in order to retain top talent.
Lawyers in the Public Sector
Lawyer salaries can differ significantly based on their specialty, years of experience, the law firm or organization for which they work and geographical location. Government or nonprofit organisations usually pay lower wages compared to private practices for similar positions.
Attorneys specializing in medical malpractice, pharmaceutical law and real estate law earn some of the highest salaries in their professions. They handle cases such as drafting legal documents and offering regulatory advice while making sure healthcare institutions and pharmaceutical companies abide by all applicable laws.
Patent attorneys are highly-paid attorneys specializing in patent law. Their job entails guiding clients through the complex and risky process of patent application; usually hired by large corporations to protect their intellectual property from competitors.
