It’s no secret that many people settle on the career of a lawyer for the financial reward. Even though being a lawyer is very stressful and requires a large time investment, it’s still worth it for many. Besides, it can also be incredibly rewarding! But don’t forget that you’ll be paying back student loans, learning how to use software for lawyers, and constantly updating your knowledge of the law. It’s hard work, but it’s worth it!
When it comes to the average salary, it varies depending on the type of law you want to practice and where you choose to practice. The U.S. Bureau of Labor Statistics showed that in 2020, the District of Columbia was the highest-paying state for lawyers, with the annual median wage reaching $197,100. California, New York, and Massachusetts were not far behind.
Now that you’ve got an idea of where you should work, think about the type of lawyer you want to be. Here are some jobs to look at!
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Medical lawyer
Medical lawyers tend to earn the highest annual salary out of all lawyers in North America. Being a medical lawyer entails representing hospitals and pharmaceutical corporations. As a medical lawyer, you have to be well versed in medical law, medical malpractice, personal injury law, and other adjacent fields.
You can make as much as $150,000 per year as a medical lawyer. Naturally, the job is incredibly stressful, as human lives are at stake. If you’re fascinated by the medical field, this is an interesting option for you!
Intellectual Property attorney
IP attorneys work with patents, trademarks, and copyrights. IP attorneys make bank because very few people understand intellectual property laws. While many might want to protect their intellectual property from theft by applying for a patent, few know how to do it right. The legalities of intellectual property tend to be susceptible to scrutiny and full of nuance, which is the attorneys’ bread and butter.
On top of that, intellectual property has been blowing up in the past few years. Individuals and corporations have discovered that “renting out” or even selling their intellectual property is a profitable business. As a result, IP attorneys always have a large inflow of clients. Think big, like big tech and big pharma! All these huge corporations need all the help they can get. Thus, they can afford to pay IP attorneys around $140,000 annually.
Trial attorney
A trial attorney is probably what you’ve always imagined as a kid when you heard people talk about lawyers. The truth is, not all lawyers go to court with their clients. In fact, very few do that. You’ll find that most lawyers stay on the sidelines and advise their clients behind the scenes. But not trial attorneys!
The job of a trial attorney is to represent their client in civil and criminal litigations, in the court of law. That includes criminal lawyers and civil litigators. A trial attorney must have excellent communication skills, be quick on their feet, and stay cool under pressure. Because the job is so stressful, the reward is also quite high, reaching $100,000 per year.
Tax attorney
Tax attorneys are usually hired by large corporations to help them save money on taxes. Tax laws are always changing, and it takes skill and experience to adjust to their pace. Besides, nobody likes paying taxes. If an organization can find a way to give less money to the government, it will pay any money to do that! Because of that, tax attorneys are always in high demand.
In addition to their day-to-day responsibilities, tax attorneys have a lot of studying to do all year round. Because the tax laws in the US are ever-changing and very complex, there is always something new to learn. If you choose to become a tax attorney, know that your education will never end. However, you will be generously reimbursed at around $100,000 a year.
Corporate lawyer
Corporate lawyers work with big corporations and advise their clients on more than just legal disputes. Corporate lawyers have to deal with sale of assets, acquisitions, and the creation of new corporations. They also go through lots of paperwork, working with contracts and other legal documents. It’s impossible to sum up the work of a corporate lawyer in a short paragraph, as the job description will depend largely on the client and their requests.
As a corporate lawyer, you can make an average of $98,000 annually. Some corporate lawyers make a lot more, while others make a lot less. In this profession, the amount you earn depends more on you than the industry average!
What are you good at?
Money is important, and knowing the top lawyer salaries can point you in the direction of a fulfilling and comfortable future. However, if you want to be good at something, you have to enjoy it. Pay attention to the numbers, but don’t neglect your interests. If you find the field that makes you happy, all the hard work will be worth it!
