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How much lawyers earn depends on a variety of factors. Salaries tend to be higher in larger cities or at firms specializing in high-profile cases.
Starting salaries for new lawyers in major markets such as Boston, Los Angeles, New York and Washington may reach $160,000 at elite firms that use a system known as Cravath Scale to pay associates.
Becoming a lawyer may be costly and time-consuming, but it can be extremely rewarding. With the right skills and experience, lawyers can earn high salaries that allow them to quickly pay off student loans while simultaneously saving for retirement.
Starting salaries vary considerably based on where and how you work, including size of firm and type of law practiced. Large firms tend to offer higher starting salaries than smaller firms; median entry-level associate base salary at firms of 100 lawyers or less rose from $120,000 in 2023 to $155,000 by 2025.
Of course, there are exceptions: public service attorney jobs often pay higher wages than entry-level attorneys at private firms; additionally, federal employees can expect up to 13 days of annual leave each year (which includes sick leave). You can find more information at the Office of Personnel Management’s annual leave page.
As lawyers gain more experience and become adept at practicing, their rates of practice may increase accordingly. This increase could come from continuing education courses, certifications or professional development activities; additionally delivering exceptional client service can drive further revenue increases for any law firm – satisfied clients are likely to recommend your firm and therefore pay higher fees for expert representation.
Location and field of practice also impact how much lawyers make; attorneys in major metropolitan areas or those working for government or non-profit organizations typically command higher salaries than their peers in smaller firms or private practices.
Attorneys specializing in high-demand fields like patent law or medical malpractice tend to command higher salaries than their counterparts, especially due to intellectual property being at the heart of this field. A patent lawyer would command more salary in 2023 due to their specific expertise required for it.
Many lawyers opt to work in business sectors or at large law firms, where their average annual salaries tend to fall in the higher range. On the other hand, others choose government positions or running their own practice and may make salaries that fall below national norms.
When selecting a career path, many considerations must be made. Beyond salary considerations, how you use your legal degree will ultimately impact how well it meets lifestyle demands.
Some of the most successful lawyers can earn seven figure incomes; however, those working as prosecutors, public defenders or in small town government offices typically make less. This has created a bimodal salary distribution where top associate salaries at Big Law firms remain highly competitive; by 2022 the largest law firms had raised first year associate salaries to $215,000. Midsize firms generally charge lower rates and have smaller budgets but saw similar increases – yet less dramaticly than at large firms.
Hard work at law school and throughout your career can reap significant rewards, with some lawyers making millions in this profession, especially those working for large firms and specializing in high-profile cases.
Senior attorneys oversee staff attorneys and associates, so it is crucial they possess strong people skills in order to motivate and guide junior team members. Furthermore, they should remain calm during stressful situations while adhering to legal standards.
Cravath, Swaine & Moore is one of several prominent law firms that has started raising first-year associate salaries due to an increasing number of graduates with significant student loan debt entering the workforce with rising living costs and student loan debt. Last year alone they granted first-year associates at Cravath Swaine & Moore an increase in salary of $20,000.
Many of the nation’s premier law schools do not release employment data, making it hard for prospective students to gauge what salary might be available to lawyers practicing in either private practice or government service. McEntee suggests looking at alumni salary data of each law school.