When it comes to practicing law, you might find it to be financially rewarding, although salaries are a whole different topic altogether. According to the labor statistics of the United States of America, the average payment for lawyers in the year of 2010 was about $112,760 every year. However, you have to remember that there is a huge disparity on the fees of the lawyers, particularly depending upon the field of your law practice, as well as where you live and your reputation in that field.
When it comes to public service lawyers, they end up making a lot less money than those that can be found in the corporate sector. In the year of 2012 alone, the entry-level salary for an average public service lawyer was about $ 50,000. For an attorney that has over 10 years of experience, a salary of about $ 78,000 for the very same position would be a legitimate estimate. For most of the prosecutors that are working with the local government, making around $ 50,000 during the first years of their work in that post is more than commendable and a good estimate on the financial features of the person involved.
However, in the same capacity, corporate lawyers end up making double the money, which is about $ 100,000 as an average income every year for a very small company and about $ 160,000 for a larger company. Of course, there is a lot more competition for most of the corporate Law jobs that you find in the market, and the competition are extremely fierce. Therefore, most of the companies can afford to be extremely choosy about the kind of candidates that they pick for their law firm. If the lawyers are from law schools such as Harvard or Stanford, they can expect to make about $ 200,000 at the very beginning. However, that amount of money is definitely going to increase with the years of experience as well as bringing a lot more clients to the table.
For some of the trial lawyers, a salary range of about $ 500,000 to $ 40 million a year is not very uncommon. Rather, there are a lot of lawyers that are multimillionaires, and continue to make a lot of money every year based upon the client retention that they have had on their company/firm.
However, another important aspect when finding out the salary of a lawyer is also the location or place of work. For example, the lawyers that can be found in San Jose make about $192,000 every year when compared to New York lawyers that make about $166,000 every year for the same post. In comparison, the lawyers found in Oklahoma City make only about $ 86,000 as it is located in the rural part of the country.
Therefore, there is a huge disparity in the salaries of lawyers, particularly in the USA. Finding out the exact amount can be a shot in the dark, but estimates will give you a good idea on the field of law that you would like to pursue.