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| *Ostroff, Fair and Company>>>Law & Legal |
A question about laywers and their salary...? |
People always had the impression that lawyers make a lot of money. Just be any type of lawyer, you'll be able to live comfortably. But when I saw a law grad's average salary it's low...in the 50's, some even 40's and 30's. Is this true? Law school is a lot of money, you invest so much to get paid back so little? Any opinions from lawyers or people practicing law will be appreciated. I was thinking of pursuing law because I'm interested in the field. when you first graduate law school, you get paid pretty low, you have to be good at your job to get paid 100,000 (or more or less). Depends which school you went to and who you know and how many hours you want to put in. It is not just one variable there are a number of factors that go into the amount you make. Some people do internships through lawschool to help, while you have others that know one of the partners of the firm through someone they meet at school and that helps. Just finishing law school is not enough, you have to finish law school and pass the bar. Without the bar exam pass all you can do is work as a paralegal or an assistant to a lawyer. There are different levels. The average is in the $50000 range -- but that is because they are still "being trained." However, many of the top graduates from the top law schools are being hired at the top law firms. Current going rate at the "best" firms is$160,000 per year (in New York, Los Angeles & some other areas) You should check with the schools you are considering, and the attorneys in the area you are considering. Keep in mind that while the salary may be low, sometimes these firms will include "loan repayment" options as a "perk" of working for the firm too. Here are some articles from Law.com that mention salary. I would sign up to get their daily newswire if you get the chance. (also, check out www.technolawyer.com -- another great resource for attorneys.) http://www.law.com/jsp/article.jsp?id=11... http://www.law.com/jsp/article.jsp?id=11... The numbers you've seen are just starting salary, meaning they pass the bar but no experience. After couple of years of experiences, the salary will start going up... Demographics is important too. What city will you be working in? If you are working in California, for instance, the Bay Area pays well, same with Southern California, but go to Sacramento, and you will notice a sizable decrease. You have to pay your dues. Prove yourself and then the raises will start, plus, if you are in civil litigation, especially insurance defense, you have to account for and track billable hours. Big firm or small firm, private industry or government/county all make a difference. And if you are a partner, then we are talking some money, but of course, I am sure you know, this all takes time. Try the salary wizard website to get a better idea. |
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