I only want to become a lawyer for the money?
Question by punjabi guy: I only want to become a lawyer for the money?
When I’m older I want to become a lawyer, for the money. I want to do a job that makes a lot of money, what type of lawyer makes the most money? I plan on opening a private practice, as a solo practitioner will I be able to make a lot of money?
Best answer:
Answer by Jen
I have heard tax lawyers make the most on average (I heard a good tax lawyer bills out at $ 1200/hr).
However, to make that kind of money you will be working on an account for a large company, and large companies tend to go to large, established law firms. As a small private practice you are unlikely to get any such accounts and will not be able to bill out at such a high rate.
Add your own answer in the comments!
The type of law that makes the most is a corporate lawyer. The avg. starting salary for a corporate lawyer is $ 125k compared to the starting salary of $ 60,000 that a district (civil and criminal law) makes.
Here’s more on corporate lawyers at private firms (which I strongly suggest):
You make steady pay increases throughout your career and an annual bonus from $ 0k-$ 80,000 depending on the firm. After 10+ yrs of experience at a law firm, you could become a partner at the firm(top management) and make $ 150k-$ 350k+. To make more than that you would have to give up your life and devote your self to your work which i don’t recommend. You could take that route or after 10 yrs+experience you could become apart of the in-house counsel of a corporation. Here you would advise your company on the legal side of their business transactions (e.g. if GM were to merge with Ford, you would help with the contracts, advise top executives, etc.). In-house people make $ 150k-$ 700k+. Don’t get too excited…the 700k is for those working for Nike working 24/7.
Solo-practice:
This is extremely hard. I know a lot of people who plan to do this. It’s basically like opening your own business. At the beginning you have a lot of work to do. But it can be extremely rewarding in the long run. You’ll have to work longer hours, attract your own clients, and won’t have any experienced boss to make sure you’re doing things right. You’re on your own unless you have a partner or employees. Solo-practice in corporate law generally start out making less than those who work in firms, but it’s harder to find firm jobs unless you went to top 20 law school. For Solos you can make as little from $ 0k-$ 200k to start. It’s like real estate. How much you work effects how much you bring in. If you work a couple hours a day with one client you won’t make much. Any way you do it, a career in law is amazing, lucrative, and just awesome!
Don’t get too excited about the salaries though. The more experience, the larger the firm, and the better you are at your job the more you make. And people who don’t go to top 25 schools and don’t get decent or better jobs can make significantly less like $ 30k-$ 60k.
WARNING: Corporate law usually has no court cases involved. In Corp. Law you deal with clients(businesses/organizations) that want you to mediate negotiations, contracts, deals, etc. Your bonuses reflect the deals you make (e.g. if you help make a $ 500,000 deal go through, you’ll get a good bonus that year.) Corporate lawyers basically are like businessmen who have legal knowledge and advise clients based on that. If you want to actually work on “court cases” work in civil litigation or criminal law.
Heres an idea from highest to lowest for salaries:
-Highest goes to lawyers who practice corporate, real estate, tax, patent or any type of business related law
-2nd goes to injury lawyers (can make $ 0k-$ 1 million + depending on how many settlements they make)
-3rd goes to any other law (you can look up “types of law” to see them including divorce law, international law, family law, religious law, etc.
-last goes to civil, crminal, public defense, or any thing associated with the gov’t
P.S. All these high salaries only go to those who graduated from top tier law schools (top 25)and those who graduate at top of their class.
GO into patent law. They make tons of money and get all the women.
Lawyers do NOT make a lot of money!!! The reality is the economy, which has dramatically changed. Choosing a career is one of life’s most important and difficult decisions. But knowing what your expectations are, and then comparing them to the realities will help you make educated decisions.
Warning> Jobs in the field of Law are drying up fast!! This no longer is a good field to invest time and/or money into. This is a SHRINKING, crumbling, and dying vocational field. Many, many reasons.
There are more attorneys than there are legal employment positions. We simply already have way too many Legal Professionals. AND the legal profession is dramatically changing: it is in absolute CRISIS! And, every year, more and more people graduate from law school, but there are fewer and fewer jobs. Even the largest and most reputable law firms are experiencing unprecedented cutbacks. I don’t expect the situation to improve in the coming years….
The field of Law has a mystique that actually exceeds reality. The field of Law is a vastly overrated career – especially by television.< < There are many myths regarding the field of Law. Law is a more demanding profession than most people realize. It is not like what you see on TV.
Cost of law school to be lawyer, approx $ 150,000+. Be prepared to take on a LOT of debt, if becoming an attorney is your "true", ultimate goal!!!<<
Even if you do finish law school, you won't be able to find a job when you are done. Since this vocational field is shrinking (at an alarming rate), many new attorneys/lawyers are, themselves, having to work "down" as Paralegals, Legal Assistants, Legal Secretaries, Bailiffs, Court Reporters, etc, etc, to simply try to keep some of their bills paid <
Now... the law schools know this, but they won't tell you the truth >that the job market/economy is just SATURATED with way too many Legal Professionals. Instead the schools will feed you a fairytale and will LIE to you. The root of the problem is we already have too many law schools. We are STILL in a Recession, and the schools are fighting for their own survival – they will tell students anything to get to the students’ money. (Which is why they won’t tell you the truth about the job market for the field of Law.) And these schools continue to recruit and churn out even more graduates………….Remember>>> law schools are BUSINESSES – their TOP concern is making money for themselves. Law schools are cash cows.
>>>>>THE #1 MOST IMPORTANT THING (and I can’t stress this enough>>>): You ESPECIALLY have to beware of the BOGUS, INFLATED law school salary/job stats given out by >law schools< (AND by the U.S. Bureau of Labor)!!***<<<<<
If you don't believe me, then:
**Check out these websites:
http://www.nytimes.com/2011/01/09/busine…
http://www.nytimes.com/2011/07/17/busine…
http://www.nytimes.com/2011/03/05/scienc…
http://www.nytimes.com/2011/05/22/nyregi…
http://subprimejd.blogspot.com
http://finance.yahoo.com/college-educati…
http://lawandletters.blogspot.com/2007/1…
http://www.psychologytoday.com/blog/care…
http://www.abanet.org/lsd/legaled/value.…
http://lawshucks.com
(A link to a website does not constitute endorsement.)
**do a SEARCH here on Yahoo Answers to see what other posters are saying about the current status of the field of Law.
If you want a JOB when you are done with your studies, consider and look into the fields of: >>>Healthcare<<<, Information Technology, Law ENFORCEMENT, environmentalism, emergency planning, accounting, education, entertainment, utilities, home-car-commercial-industrial repairs, vice industries, clergy, and/or debt collection. I spoke to a career counselor from Jobs and Family Services, and HE told me that these areas are where the jobs are, and future job opportunities/availability….and scholarships.
Good luck.
(This is based on my current knowledge, information, belief, and life experiences. This was intended as personal opinion, and not intended to be used as legal advice. Please be careful and do your research.<<< You DID ask the question here on Y/A. I am just trying to help you.)