Preconceptions about lawyers’ salaries often assume they make more than average, when in reality it depends on factors like specialization, practice location and employer type.
Attorneys with expertise in high-demand areas like corporate law or intellectual property often make more than general practitioners or those with less specialized knowledge. Furthermore, those working at large law firms typically enjoy higher salaries than solo practitioners or smaller firms.
Specialization
Specialization has become an increasingly popular practice, yet it comes with certain risks that must be considered. Specialization can lead to a reduction in general legal knowledge among attorneys as well as burnout due to reduced general knowledge.
Specialization can help a lawyer establish themselves as an authority in their field, leading to increased business and higher pay. Furthermore, specialization makes networking and building relationships much simpler in niche industries or areas of law – an estate planning specialist may leave business cards at local country clubs or civic clubs where wealthier clients frequent.
However, specialization can restrict an attorney’s ability to view solutions across practice areas or industries and pose problems for both clients and the profession as a whole.
Geographical location
Many attorneys choose a particular geographical area because of family ties, professional associations or other considerations. Sometimes they select it as the place where their clients are based or because it offers them the most opportunities in terms of legal centers to practice in. New York, Los Angeles, Chicago and Washington D.C are the four largest markets for lawyers in the US. Each area is well-known for its legal expertise and draws top talent. When choosing a location it is essential to consider population size as well as competition from nearby offices. Selecting a location with high population density and low competition will enable people searching for legal counsel to find you without being hidden away in an overly competitive market. This is especially important when using SEO. Cobrief provides general information only; no legal advice should be expected from it.
Firm size
Though firm size can play a factor, other considerations, including annual turnover and practice area are also significant factors in salary decisions. Furthermore, work environment and company culture should also be taken into account.
Large firms tend to have more formal cultures with clearly-outlined processes and procedures, making them attractive to lawyers who value structure; however, big law firms can also be highly competitive and stressful places if handling high-profile casework.
Large law firms tend to cost more, so it is crucial that you understand how various firm sizes vary in order to find one that best meets your career needs. Furthermore, if something doesn’t feel quite right at your current firm it may be time for change; your gut should usually tell you if something feels wrong.
Advanced degrees
Some attorneys choose the field of law because they want to help others. They may work as public defenders, personal injury attorneys or bankruptcy lawyers. Lawyers also often work for non-profit organizations and government agencies which assist disadvantaged populations.
If you are considering a career in legal, it is essential that you research all available specializations and salaries. Certain specializations offer more lucrative salaries than others, to increase earnings further it may be wise to obtain an advanced degree such as an LL.M or legal doctorate degree.
Other variables affecting salary include your law firm and practice type as well as industry. Lawyers working in high-profile cases and large firms can often make millions annually.
Industry experience
To maximize profits in the law industry, it’s critical that you gain relevant experience as soon as possible through internships, externships and volunteer work like pro bono cases or court marshalling. Part-time customer service jobs or joining university law and debating societies will also provide invaluable training opportunities.
Harrison Barnes has witnessed many instances in which attorneys fear becoming trapped within a specific practice area and believe that they do not possess transferrable skills. Yet time after time, Harrison Barnes has seen exactly the opposite occur – from those making below market salaries who later double or tripled them with new firms to senior attorneys who thought themselves “too experienced” to change only to find strong firms willing to hire them!