Lawyers require extraordinary skills in order to excel in their fields and manage difficult situations with skill. Therefore, those at the top are rewarded for their hard work and commitment to their profession.
But which factors influence which lawyer makes the most? This article will explore several areas, such as practice area and geographic location.
Practice Area
Selecting a practice area is one of the most consequential decisions a new lawyer must make, as it will shape their career, identity in the legal community, and day-to-day work life. Law school students should explore various practice areas through clinics, courses and internships in order to identify their innate strengths and interests while learning what activities might present challenges for them.
For instance, if writing is something that gives you anxiety, family law might not be your ideal field. On the other hand, working in private sector while dealing with government agencies could make government or regulatory affairs practice appealing.
To help narrow down your choices, take a look at the Vault Practice Area Guides. They offer insight into various fields, career paths and top firms within each practice area – as well as interview Q&As with attorneys working at those firms.
Geographical Location
There are various kinds of lawyers who can make money depending on their field of expertise, education and experience. Some attorneys tend to make more than others regardless of specialty; personal injury attorneys, bankruptcy and probate law specialists tend to earn the highest salaries among legal specializations.
Geographic location can also play an integral part in lawyer salaries. Lawyers working in larger cities such as New York or Seattle often earn more than those practicing in smaller towns or rural regions; this may be because such cities often attract high-profile clients and businesses who require legal services, leading to increased attorney fees and salaries.
Additionally, states with higher living standards tend to offer higher salary levels for lawyers, making it essential that future lawyers consider where their prospective career might take place when selecting their legal specialty.
Education
Lawyers have many opportunities available to them when it comes to earning an attractive salary, from patent attorneys and intellectual property attorneys, trial attorneys and bankruptcy/probate/personal injury practices all the way through to bankruptcy/probate and personal injury litigation. Although earning potential may be high within particular fields of practice such as bankruptcy/probate or personal injury matters; finding fulfillment as a career in law involves more than simply earning potential.
Long-term earnings of lawyers depend on a number of factors, such as practice area selection, geographic location and education. Graduating from a top law school often opens doors to larger firms or specialized legal sectors; excelling during 1L year clerkship competitions or law review or moot court may also increase earnings significantly. Furthermore, building networks and developing business development skills can enable attorneys to command higher fees as partners.