How Much Money Do Lawyers Make?
How much money do lawyers make? Lawyers are considered officers of the court and are considered professionals. Lawyers have to go through a lot of special schooling to get to become qualified to practice law, and they are often compensated well as a reward for that expertise.
Lawyers play many roles in society from helping you buy your home to helping to protect your constitutional rights to putting criminals in prison. A lawyer holds a great responsibility, and they must adhere to a strict code of ethics.
Lawyers or attorneys act as both advocates and advisors to our community. As an advocate, the lawyer must represent one of the parties in a criminal or civil trial, while presenting evidence and arguing in court to support the party they represent. As an advisor, a lawyer can counsel their client about legal rights and obligations while suggesting the best courses of actions in personal and business matter.
Lawyers must decide their field of specialization and the type of law they want to practice. For example, even though every lawyer is licensed to represent a party in court, transactional attorneys instead work behind the scenes, writing contracts and doing other related tasks. Lawyers can also specialize in a number of areas of law, such as bankruptcy, international, environmental, probate, or elder law.
Required Education
Becoming a lawyer is no simple task. After graduating from high school, a lawyer must take on seven additional years of full-time study. Four of those years are spent obtaining an undergraduate degree, and the other three years are spent at law school. Lawyers must also undergo many tests to become a lawyer, including passing the Bar exam for their state and passing a professional responsibility exam. Graduating from law school is not sufficient for a lawyer to practice law or to give legal advice; however he or she must pass the Bar exam in the state in which they want to provide legal services at an attorney.
How Much Money Do Lawyers Make?
As of May of 2008, the median annual wage of a lawyer was $110,590. The 25th percentile range was $74,980 and the 75th percentile range was $163,320.
The type of law, the geographic location and who the lawyer is representing determines how much money he will make. Salary also depends on experience, just as in any other job. A lawyer with 10 to 15 years experience will usually make more while a lawyer with less experience will charge a lower hourly rate.
Choosing a Law School and Job
The type of law firm you work in also directly impacts how much money do lawyers make. Those who work in large law firms and who primarily handle corporate litigation can often make hundreds of thousands of dollars a year more than those who work in public interest. Remaining at a law firm long enough to become a partner and being promoted to partnership status can also dramatically increase your income.
If you want to be a big lawyer in a big city, going to a small law school may not get you there. The more well respected the school is, the better chance you have at getting a good job.
So, there are a lot of factors that go into determing how much money do lawyers make, and the answer will depend a lot on the decisions you make when beginning your career.