Are you currently studying law and curious about the many areas of the legal profession that command the highest or lowest salaries? Although this shouldn't be a concern when choosing the area of law in which to specialize, it is, and it's understandable that many law students give it some thought.
There are a multitude of job opportunities available in the legal sector, ranging from court messenger to trial lawyer.
Among the highest-paid legal positions are those in taxation and intellectual property.
Lawyers who represent clients in court
Trial attorneys are among the legal professions that earn the highest salaries anywhere in the world. Civil litigators are found all over the world in their thousands, but those who specialize in high-stakes, high-profile, and high-dollar cases earn the most. However, not all attorneys bring in six-figure salaries each year. The pay of many attorneys who work in the public interest and as solo practitioners are on the lower end. In 2018, a trial lawyer can expect to make a median salary of $99,000.
Attorneys Specializing in Intellectual Property
Patents, copyrights, trademarks, and other potentially lucrative ideas are only some of the types of intellectual property that are protected by laws. As a result of the ongoing development of technology, this sector of the legal industry is not only one of the most profitable but also one of the fastest expanding. The salary range for attorneys may go as high as $197,000 annually on the high end, while the typical salary is close to $137,000.
Tax Attorneys are those who specialize in tax law.
Tax lawyers deal with individual clients as well as corporations to find solutions to tax problems. They aid with estate preparation, and even with fighting the Internal Revenue Service. When someone is beginning a company or when contracts need to be created, they are often indispensable advisors. The job of tax attorneys is not as glamorous as the work of trial attorneys, but they nonetheless earn respectable salaries in this field. As of 2018, the typical wage was around $99,000, with some individuals earning as much as $200,000 annually.
Attorneys Specializing in Employment and Labor Law
Employment and labor lawyers are responsible for maintaining equilibrium and fairness in the interactions that exist between employers and workers. They represent either the employers and management or the workforce. They are well-compensated for their work. As of 2018, the annual salary of an employment lawyer is around $87,000, with some attorneys making as much as $185,000 or more. The median salary for employment lawyers is approximately $87,000.
Real Estate Attorneys
To ensure that their clients are getting the best possible prices, real estate lawyers examine all offers and contracts. They also work with the sellers to ensure that everything is carried out in an equitable manner on their end. Despite the fact that real estate attorneys may make respectable earnings, with a median compensation of $74,000 and these lawyers having the potential to earn as much as $145,000 year, roughly one in four real estate attorneys do not get benefits.
Directors of Legal Operations
Chief legal officers, or CLOs, are the individuals in charge of the legal departments of companies. They are sometimes referred to as general counsel. In most cases, the remuneration of the general counsel will increase in proportion to the size of the company. Compensation for CLOs that oversee massive, multi-national firms may approach seven-figure levels. In addition to their basic pay, chief legal officers may receive additional compensation in the form of bonuses, stock options, and other incentives that can significantly enhance the value of their overall compensation packages.
Judges
The proceedings of the courts at the federal, state, and municipal levels are presided over by judges. The yearly salaries of judges and magistrates range anywhere from $66,000 to as much as $148,000 on average. The judges who work in the federal court system get the greatest salaries, while the judges and magistrates who work in municipal courts earn the least. The majority of judges have access to good benefits, expense accounts, and have contributions made to retirement plans on their behalf, all of which contribute to the size of their overall pay packages, in addition to their excellent incomes.
Congressmen and Congresswomen
Getting involved in politics might be a good option for you if you're interested in making a difference in the lives of people throughout a whole region or nation via the process of influencing legislation. Although having a degree in law is not strictly necessary to enter politics, having one may undoubtedly be advantageous. Members of Congress take home a yearly salary of $174,000, while those holding higher posts, such as Majority Party Leader or Speaker of the House, get an annual salary of $194,000.
Professor of Legal Studies
Professors at law schools are responsible for the instruction of legal courses, in addition to doing research and publishing academic works in their respective domains. There is a significant geographical and institutional disparity in pay. According to the 2017-2018 Salary Survey conducted by the Society of American Law Teachers, wages for full professors varied from $105,000 to $204,210 per year. This list of salaries paid to faculty members at public law schools provides an up-to-date picture of professor pay.
Obtaining a post as a law school professor is a difficult endeavor. Top applicants must have a law degree from a prestigious law school, have participated in a law review, have achieved good academic standing, have had judicial clerkship experience, have had legal practice experience, and have published in scholarly publications.
The Director of Litigation Support
As a result of the profound impact technology is having on the way legal services are delivered, attorneys and other legal professionals who are also proficient in technology are seeing their salaries rise. The typical income for legal professionals working in litigation support jobs is $80,000 per year, however directors and managers of litigation support roles may demand wages that are much higher. Those who make the most money often have degrees in law or in sophisticated fields such as technology, business, or finance.
Directors of litigation support are responsible for managing the litigation support operations, e-discovery efforts, and technological resources throughout the whole company. Litigation support wages are expected to go higher as the demand for this service continues to skyrocket and there is a continued lack of skilled litigation support people to fill the available positions.
Administrator of a Legal Practice
Administrators of law firms, sometimes known as chief management officers, are responsible for overseeing the many commercial and administrative elements of operating a legal practice. It is their responsibility to oversee the non-legal areas of the practice, such as financial management and reporting; business development; personnel resources; facilities management; information technology; marketing; and practice management.
Law firm administrators at major law firms get the most money in the industry. For instance, a law firm administrator's compensation in New York City may go as high as $750,000, while in Washington, D.C., it can go as high as $650,000. Both of these cities are located in the United States.
Law firm administrators often work less hours than most big-firm attorneys, and CMO roles need less education, with the majority of CMOs holding merely a bachelor's degree or higher. Those who are interested in working in the legal field and want a job that pays well may find this to be an excellent career choice.
When looking for a job, one must always take pay into mind. However, in order for both you and your company to be successful, it is of much more significance that you be enthusiastic about the work that you perform.