Legal profession is diverse, providing numerous areas of specialization. Some lawyers choose law for its financial rewards while others pursue it to help people.
Salaries for newly appointed attorneys can vary significantly, depending on factors like specialty, employer type and location. If you want to join the highest-earning ranks of new lawyers, excelling during 1L year is key – as is developing high-earning practice areas early on and networking as much as possible.
Corporate Lawyers
No matter if you’re an established practitioner or just out of law school, choosing an area of specialty that will boost your income potential can make a tremendous difference to both careers. Lawyers in high-demand fields such as corporate and intellectual property law generally earn the most.
Attorneys that specialize in business law typically advise businesses of their legal rights and obligations, from mergers to regulatory issues and compliance matters. They also handle high-stakes litigation cases that often yield six figure settlements or higher.
Other lucrative legal specialties include tax law, real estate law and immigration law – the latter of which deals with matters regarding immigration, asylum and citizenship – to name just a few. Medical malpractice and patent law can also bring significant income. Furthermore, lawyers with strong online presence such as blogging, podcasting or social media marketing can create passive income that supplements their salaries so that they have enough funds for living comfortably while being freed up to focus on cases and careers more freely.
Employment Lawyers
Attorneys can maximize their income by practicing in areas of law that specialize in specific disciplines. Selecting an area to specialize in depends on both a person’s skills and expertise.
Education and career choices also play a pivotal role in how much someone earns. Graduating from a top law school could result in higher salaries; working for an established firm also increases earnings significantly.
State can have an effect on an individual’s earnings as well, particularly lawyers practicing in major cities like New York and Washington D.C. These cities typically offer higher salaries to lawyers residing there compared to states in which they practice law.
Employment lawyers who specialize in workplace issues command some of the highest salaries, helping employers adhere to labor laws while also advising employees on their rights. Medical lawyers specializing in malpractice suits or healthcare regulations may also command sizable pay packages; while patent attorneys who protect intellectual property assets and guide clients through patent applications can often command healthy compensation packages.
Personal Injury Lawyers
Some may assume that corporate lawyers make the most money, but it’s important to remember that personal injury and criminal lawyers can also make millions in earnings due to being able to secure substantial settlements for clients who have experienced serious injuries or death.
Personal injury lawyers represent people who have experienced physical, mental or financial harm as a result of another party’s negligence. They assist injured victims with seeking compensation for losses such as hospital bills, lost wages and pain and suffering damages.
When looking for a personal injury lawyer, look for one with a track record of winning multimillion-dollar verdicts and settlements. Ben Rubinowitz from New York has amassed multiple million-dollar settlements for his clients while being recognized multiple times by Super Lawyer. Furthermore, his firm was recently featured on New York Law Journal’s list of top verdicts and settlements.
Criminal Lawyers
Many students entering law school strive to make a fortune; however, several factors impacting how much an attorney earns in their initial and long-term careers can make the difference.
An attorney’s salary can be dramatically impacted by the type of cases they take on, with criminal defense lawyers typically representing those charged with murder, assault & battery, robbery, drug charges or theft among others – these cases typically being funded by private sources as opposed to state funded public defenders who receive salary support instead of being compensated directly by them.
Civil litigation attorneys specialize in cases not related to criminal investigations, including personal injuries, employment discrimination claims and corporate disputes. Attorneys practicing in larger cities often have higher earning potential compared to attorneys practicing in rural settings.
Healthcare attorneys provide legal guidance to medical professionals such as doctors on regulatory matters and changes to laws that impact their practices, while they may also assist with lawsuits alleging medical negligence.
