The field of law is incredibly varied, and so is the compensation for lawyers. There are many factors that play into how much a lawyer can expect to make; from where they practice to the type of clientele they take on. This article will explore the various forms of compensation lawyers receive to give you a better understanding of the earning potential in the legal field.
Many lawyers choose to become employed by a firm, either as a partner or an associate. According to the Bureau of Labor Statistics, the median salary for lawyers in the United States was $121,920 in May 2019. Of course, these salaries can vary depending on location, the size of the firm, and the type of law practiced. Partners in larger firms tend to make more money than associates, though this can depend on the type of law they practice.
It’s also common for lawyers to function as independent contractors, taking on different cases from individuals or corporations. They often charge by the hour for their services, typically between $150 and $400 an hour. Depending on the complexity of the case and the lawyer’s experience, the fees may be higher. Experienced lawyers may charge as much as $1000 an hour for their services.
In addition to their salary or fees, many lawyers receive benefits from their employers. This can include health insurance, vacation time, and other perks. Lawyers who are employed by larger firms may also be eligible for bonuses or stock options. These benefits vary depending on the employer, so it’s important to consider the benefits offered before accepting a job.
The legal field is highly competitive and the earnings potential can vary widely. For those who want to make the most money, it’s important to research the different types of lawyers and find a practice area that’s suited to their experience and interests. With the right focus, lawyers can make a very comfortable living.