Being a lawyer requires a lot of hard work and dedication. To become a lawyer, you need to complete at least three years in a law school to earn a law degree, and that could be expensive. When it comes to being a lawyer, what do you think, How much money do lawyers make? In this article, we will see the work profile of lawyer and how much money do lawyers make?

What work does a lawyer do?

Lawyers, also called attorneys, are the professionals who went to a law school, have passed a bar exam, holds a license and now practice law. Their primary work is to advise their clients on the legal matter and also act as their client representation in court and other legal proceedings. Lawyers work with a wide client base including individuals, associations, NGOs, companies or organizations, or even the government. They sometimes work under a government against individuals and companies who have breached the law. A lawyer also works as a public defense attorney and represents people who cannot afford lawyers.

Different types of Lawyer

How much money do lawyers make depends on the kind of law they practice. A lawyer’s earning also highly dependent on whether an attorney works for a private organization or a public firm. An average annual salary of a lawyer who works under the government is 146560 dollars. Some top-paying industries for lawyers are-

1)    Medical attorneys

These are one of the highest paying lawyers. Their duty differs across organizations they work in. Most of them work with hospitals and health care organizations for as a legal advisor. Medical attorneys professional responsibilities includes working for legal rights of patients and take care of a medical facility’s adherence to laws related to medical field and assist them in dealing with lawsuits related to the same.  

2)    Intellectual property attorneys

These lawyers deal with patents, copyrights, and trademarks. They generally work for large private firms or big-tech or pharma companies.

3)    Tax Attorneys

They represent organizations dealing with federal, state, or local tax agencies. To protect assets and save taxes, these companies pay outstanding packages to the lawyers.

4)    Corporate Attorneys

This category of lawyer offers advice in mergers, buying, selling properties, acquisitions, and other business deals. They also ensures adherence of business firms to the related laws.

5)    Trial Attorneys

They make the most famous category of lawyers. They should have a solid understanding of statutory law and should have the art of pervasive speaking.

Which state offers highest pay to lawyers?

Talking about how much lawyers make, according to Bureau of Labor statistics, the average salary of a lawyer in the United States is 148,910 dollars. Like any other profession, the starting pay scale of lawyers is also low but it increase over time.
How much lawyer makes depends significantly on the place they practice, and specific metropolitan areas have high pay for lawyers. Some of the states with the highest salaries for lawyers include Washington DC, California, New York, Massachusetts, and Connecticut, where the average lawyers' wages range from about 158190 USD to 197100 USD. Some of the state offering the lowest annual salaries below 100000 USD are Montana, Mississippi, Arkansas, and Maine, where the average salaries range from 93220 USD to 98980 USD.

Is your law degree even worth it?

What do you think is picking law as a career option even worth it? Law schools definitely are a stepping stone to a successful and attractive career, but it is also essential to consider are you really passionate to become a lawyer as well as how much money do lawyers make. Is it worth that much to give up other things?
There are certain things you should consider before applying to law schools.
•    Tuition fees- the average annual fee of a law school is 28186 USD, while students attending a private law school have even higher tuition fees.
•    Considering top schools- if you want to study law in top institutions like the Ivy league, the fees would be high there, e.g., Columbia University and Harvard fees can be tight on your budget. The solid reputation of the law school is essential to understand that law degrees from lower-tier colleges may not be worth it. You probably would not get a high-paying opportunity with that.
•    Time and dedication are required- it is imperative to understand the law is not an easy career choice, nor is studying it easy. It involves a lot of commitment which comes with internal motivation. You would not want to incur a study loan before even earning the degree. It would help if you first understand whether you could give your required time and energy to law study. Your low GPA would severely impact your job opportunities after completion of your studies.
•    Choice of specialty- even before choosing the law school, you should select the field you will go into. It would help if you researched which areas are high in demand, you find exciting and also pay well.

How to manage law school debt?

The high fees of law schools lead many students to think about a source of finance, by which they can cover the tuition fees as well as ways to take law school loans. But, at times these loans could be very high and it can be challenging to manage, especially during the early stage of career. So, here are some ways to manage debts:

1.    Repayment using income- Depending on the type of loans you used to finance your education, you could become eligible for a federal income-driven repayment plan. This plan would help you manage the monthly payments.

2.    Public service loan forgiveness- You can get a federal student loan forgiven after ten years of on-time payment, if you work on an eligible public sector position.  

3.    Refinancing- if you refinance your private student loan, you can potentially find a lower interest rate or a smaller monthly re-payment installments.

4.    Employer assistance - sometimes, employers even can contribute some money for up to a year on a tax-free basis towards their employee’s student loans or the tuition fees. This would give them a tax benefit.

Whats next?

Now that you have closely understood the job profile and how much lawyers make, it is upon you to weigh your internal motivation and dedication as well as pros and cons associated with the career choice. Of course, it is a wise decision for some people to become an attorney. Still, it is essential to analyze all the related aspects before investing your time and money in this.

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How much do lawyers make?