How Much Do Lawyers Really Earn?
We see it on TV all the time; high-priced lawyers presiding over big cases and making money left and right. The reality, however, is often quite different.
Yes, there is a lot of earning potential being a lawyer, but it takes years of practice and experience before you can really put your degree to good use. Let’s take a look at exactly how much you can expect to earn from your law degree.
If your career path leads you to join a private law firm straight out of college, your salary will vary greatly depending on where you plan to settle. The career path of a lawyer is not that different from the career path of a journalist: start small, build a name and work your way up. If he plans to start in a city with a population of less than 150,000-200,000, he can expect to earn less than $50,000 a year for the first few years.
If you think you have enough credentials or enough connections to get a job in a mid-size market like San Antonio or Minneapolis, your salary can go from $70,000 to $100,000. Of course, if you’re at the head of your class and ready to take on the world right from the start, you can easily earn $150,000 to $200,000 a year in places like Chicago, Los Angeles, and New York City.
While these numbers sound optimistic, you have to take into account the fact that thousands of people graduate with their law degrees every year and the competition for these jobs, even the low-paying ones in smaller cities, is extreme. Refine your resume and get your things in order before you even try to apply.
According to government statistics released just a few years ago, the salary you earn can vary greatly depending on the type of law you practice and where you choose to practice it.
For example, the median earnings of lawyers working directly for a company like Microsoft earned approximately $131,000 per year. If you’re employed by the federal government as a lawyer, you can expect to earn just under $100,000 a year.
If you provide general legal services or are self-employed as a lawyer, your income is reduced to $93,000 a year. His salary will be further reduced if he works for state or local government organizations. They tend to earn around $67,000 a year. If you find yourself working for a university or college, your income five years out of school drops to $60,000 a year.
As you can see, their fortunes are directly influenced by where they choose to practice law once they finish school. Of course, any jobless law school graduate will be quick to tell you that any and all of these jobs trump no job at all, but the promise of wealth that many law students believe is a right tends to be something they achieve within a decade. . by the way.