There is a widespread misconception that attorneys who work for corporations get the greatest salaries. Although corporate attorneys have the potential to make millions of dollars, personal injury lawyers, criminal lawyers, and lawyers who specialise in other areas of law also have the potential to earn millions. It is possible that learning the national average wage for attorneys in the United States in 2019 was $122,960 per year would come as a surprise to you. According to the American Bar Association, the annual salary of a lawyer is, on average, $144,230. The truth is that the majority of lawyers make a rather meagre wage.
They are motivated to work in the legal industry by their enthusiasm for the law as well as their desire to assist others who are in need of assistance. The employment forecast for attorneys is favourable, but the anticipated rise in pay will be roughly the same as it is in other industries that are comparable. As a result, the majority of attorneys believe that their income over the next ten years will fall somewhere between the low end of the average pay for attorneys ($59,670) and the high end of the average salary for attorneys ($208,000).
Which Areas of the Law Offer the Highest Paying Clients for Attorneys?
Attorneys who choose to work in areas of the law that demand specialised knowledge of certain laws have the potential to earn a higher salary than attorneys who work in other areas of the law. However, specialising in a certain field of law does not ensure that an attorney will earn a higher salary than other attorneys who practise in fields of law that are in great demand. For instance, a lawyer specialising in personal injury cases may bring in a higher salary than an attorney working in the oil business. How much money an attorney may make is contingent upon the myriad of elements that play a role in determining a lawyer’s pay.
Keeping this in mind, the following is a discussion of many subspecialties of law, along with an estimate of the average annual salary for attorneys who choose to specialise in these subspecialties.
Personal Injury
Cases that fall under the umbrella of “personal harm” are quite diverse. It encompasses virtually any situation in which a person is hurt as a result of the carelessness, mistakes, or intentional misconduct of another party. Additionally, it addresses situations in which one person wrongly murders another person. Individuals who are being investigated for a crime or who have been arrested for a crime are often represented by attorneys who specialise in the practice of criminal law. There is a significant margin for wage disparity between different types of criminal cases that an attorney defends clients against because of this. For instance, a lawyer who handles murder cases is likely to earn more than a lawyer who takes cases involving less serious crimes such as shoplifting and traffic violations.
The Law of Businesses
It is possible for corporate lawyers to make millions of dollars working as general counsel for their employers. The general counsel of a business is responsible for all legal matters pertaining to the company, including corporate structure, employment law, intellectual property law, and litigation. A general counsel is often responsible for supervising a team of other attorneys as well as any outside counsel. Attorneys Who Handle Bankruptcy Matters Attorneys that handle bankruptcy cases provide assistance to people and businesses who are filing for bankruptcy relief.
They may also collaborate with the debtors in order to submit claims in the event of bankruptcy. Due to the fact that bankruptcy law is a very specialised field of law, bankruptcy attorneys who work with significant Chapter 11 business cases have the potential to make very high fees.
The Legislation Concerning Families
Another sector of law that sees a lot of activity is family law. It addresses everything pertaining to the divorce, including child custody, the division of property, and spousal maintenance payments. In addition, matrimonial contracts and paternity issues are within the purview of family law.