Earnings of Lawyer in USA
Becoming a lawyer is not an easy task. You have to do well in academics and then take the LSAT to get into a law school, graduate from law school, get a job and pass the bar exam. Does the salary of lawyers make up for such hard work and long hours? Here’s what you should know about how to calculate the net worth of a lawyer.
THE AVERAGE SALARY OF A LAWYER: A SYNOPSIS
Salary.com, a salary aggregating site, reports the median salary for lawyers according to six levels of the profession, from Attorney I up to Attorney VI. . At the beginning level, the median salary as of September 2022 was $100,291; at the highest level, the median salary as of September 2022 was $215,409.
According to the Bureau of Labor Statistics (BLS), the median pay in May 2021 for lawyers in the U.S. ranged from about $127,990. Which comes out to an hourly pay of $61.53, presuming a 40-hour work week. Most lawyers will tell you, though, the typical work week at a law firm tends to be longer than 40 hours.
PARAMETERS TO CALCULATE THE SALARY OF AN ATTORNEY
Salary ranges of Attorney I to VI can vary widely depending on many factors, which are as follows:-
- Quality Education,
- Certifications and Internships from recognized sources,
- Other necessary additional skills,
- The number of years spent in your profession.
- The region in which they are practicing.
Are lawyers rich In USA?
AVERAGE SALARY FROM ATTORNEY I TO VI
Following are the salary ranges(average) of Attorney I to VI as on September 2022:-
- Attorney I:- The average Attorney I salary in the United States is $100,584 but the range typically falls between $85,747 and $116,352.
- Attorney II: The average Attorney II salary in the United States is $132,469 but the range usually falls between $113,015 and $151,595.
- Attorney III: The average Attorney III salary in the United States is $163,105 but the range usually falls between $145,291 and $181,899.
- Attorney IV: The average Attorney IV salary in the United States is $183,241 but the range usually falls between $159,680 and $204,727.
- Attorney V: The average Attorney V salary in the United States is $205,620 but the range usually falls between $181,288 and $224,699.
- Attorney VI: The average Attorney VI salary in the United States is $216,084 but the range usually falls between $191,851 and $245,617.
SALARIES ON THE BASICS OF REGION
Not all jurisdictions pay equally to attorneys. In the highest-paying state, the District of Columbia an attorney’s average salary is about ($197,100) as per usnews.com.
The five highest-paying states are:-
- District of Columbia ($197,100)
- California ($171,550),
- New York ($167,110),
- Massachusetts ($165,610),
- Connecticut ($153,640) and
- Illinois ($152,980).
The five lowest-paying states are:-
- Montana ($88,600),
- Mississippi ($97,990),
- West Virginia ($98,630),
- Arkansas ($98,780) and
TYPES OF LAWYERS AND LAWYER SALARIES
- CORPORATE LAWYER: A corporate lawyer is one who works with a business or corporation. The primary purpose of a corporate lawyer is to assist the business and serve the best interests of the business or corporation for which they are working. Corporate lawyers should have business awareness as they may be asked to help make business decisions from time to time.
- CRIMINAL DEFENSE LAWYER SALARY: A criminal defense lawyer is a lawyer who is in charge of representing defendants in a court of law. Criminal defense lawyers also have to deal with a lot of other tasks such as arraignments, pretrial hearings, trials, and even sentencing hearings. Criminal defense lawyers will make numerous attempts to settle cases outside of the court through arbitration, mediation, etc. but sometimes trials are required.
- FAMILY LAWYER SALARY: A family law lawyer is a type of lawyer who handles divorces and also specializes in civil law. These lawyers often deal with divorces in the United States, which are usually governed by state laws instead of federal laws. A family lawyer must be familiar with laws in the various states in which they are licensed to practice. Usually depending on how the divorce is filed, fault or no-fault, it can take 3 to 12 months to finalize the divorce.
- IMMIGRATION LAWYER SALARY: An immigration lawyer is a special type of lawyer. They work with foreign citizens and immigrants who interact with United States immigration authorities. An immigration attorney usually will spend less time in court compared to other types of lawyers. The main goal of an immigration lawyer is to act as the middleman between foreign citizens and U.S. immigration authorities.
- INTELLECTUAL PROPERTY LAWYER SALARY: Intellectual property is a type of property that comprises intangible creations by people or businesses. Intellectual property can take years of development and require millions of dollars, so it is significant to keep safe ownership of your property once you take it before the market. This is where an intellectual property lawyer comes into the picture.
- REGULATORY LAWYER SALARY: Regulatory lawyers assist clients in dealing with complex issues, coinvolving the government. Companies face many regulatory issues while doing business and this is where a regulatory lawyer comes in. A regulatory lawyer may assist a client with various laws, rules, regulations, and permits. Companies that deal with a lot of regulation issues will most likely have a regulatory lawyer on retainer.
TIPS FOR SAVING RESPONSIBLY
The average lawyer’s salary is sufficient to live a comfortable life in most areas, but it’s still important to make sure that you are saving some of the money for emergencies and also for retirement.