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Have you heard the myth that lawyers make a fortune? Actually, that depends on which area of law they specialize in and their level of experience.
Location and firm size both play an important role.
At a time when dating apps cater to cat lovers, farmers, vegans and financial services startups specialize in serving millennials, homeowners and bitcoin investors, specialization is also becoming increasingly prevalent within legal services firms of all sizes. By targeting clients from specific industries or practice areas for increased value creation and revenue growth.
Specializing also allows lawyers to gain expertise in one particular field, making them more valuable resources for clients looking for tailored legal guidance specific to their situation. This can prove extremely helpful for attorneys looking for longevity in their careers.
Although specialization should never be the primary driver for choosing one aspect of law as your field, passion should always come first when making this decision. Consider how passionately you feel about your chosen specialty and whether that passion will last throughout years of practice.
One of the key factors influencing how much a lawyer makes is firm size. While some choose to work solo and become self-employed, most choose working for larger firms or in-house positions with higher salaries that offer greater earnings potential.
Not only does firm size impact salary, but law firm specialization and experience also have an effect. The highest paid lawyers often specialize in specific legal fields like estate planning, probate, personal injury claims, bankruptcy proceedings and criminal law – this specialized knowledge gives them an edge over others who might provide generalized legal services.
Some large firms claim that their size offers numerous benefits to clients, such as personalized attention, faster service and improved research efficiency. Unfortunately, this may not always be true; for instance, clients of large plaintiff mill firms may only meet with one attorney out of several hundred handling their cases and this may not meet all their needs.
Though specialty and firm size are major determinants of lawyer pay, geographic location can also have an enormous effect. In general, larger cities tend to experience greater salaries and job demand than their smaller counterparts due to factors like concentration of law firms/businesses in an area and cost of living issues.
First-year associates in Boston can typically earn salaries exceeding $100,000 while lawyers in Danville, Illinois should anticipate earning only $71,000 annually.
Legal professionals working for large corporations in metropolitan financial or government centers typically enjoy higher earning potential; it may therefore be wise for new attorneys to select careers with greater long-term earning power.