The median salary for lawyers varies depending on the specific field of law in which they specialize. The median salary for lawyers also depends on the type of job they have, the size of the law firm, and the number of years of experience they have. In addition, the location of the job can affect the median salary for lawyers. In this comprehensive guide, we will discuss the median salary for lawyers and how it can be affected by various factors.
What is the Median Salary for Lawyers?
According to the Bureau of Labor Statistics, the median salary for lawyers in the United States was $122,960 in May 2019. The median salary is the midpoint in a list of salaries for all lawyers, with half of the salaries falling below the median and half of the salaries falling above the median. The median salary for lawyers is higher than the median salary for all occupations, which was $39,810 in May 2019.
Factors that Influence Lawyer Median Salary
The median salary for lawyers can be affected by a variety of factors, including the type of job they have, the size of the firm they work for, and the number of years of experience they have. Below, we will discuss some of the most influential factors that can affect the median salary for lawyers.
Type of Job
The type of job that a lawyer holds can have a significant impact on the median salary they can earn. For example, lawyers who hold jobs in corporate law, criminal law, or tax law tend to earn higher salaries than lawyers who practice in other fields. Additionally, lawyers who hold jobs in in-house counsel or government positions tend to earn higher salaries than those who practice as solo practitioners.
Size of Firm
The size of the law firm that a lawyer works for can also have a significant impact on their median salary. Lawyers who work for larger firms tend to earn higher salaries than those who work for smaller firms. This is due to the fact that larger firms typically have more resources and can afford to pay their lawyers more than smaller firms.
Number of Years of Experience
The number of years of experience that a lawyer has can also have an impact on the median salary they can earn. Generally, lawyers who have more years of experience tend to earn higher salaries than those who have fewer years of experience. This is due to the fact that lawyers with more experience are more knowledgeable and are more likely to be able to handle complex legal matters.
Location of Job
The location of the lawyer's job can also have an impact on the median salary they can earn. Generally, lawyers who work in cities with higher cost of living tend to earn higher salaries than those who work in cities with lower cost of living. This is due to the fact that lawyers in cities with higher cost of living typically have higher overhead costs and therefore need to charge their clients more.
Conclusion
The median salary for lawyers can vary depending on the specific field of law in which they specialize, the type of job they have, the size of the law firm, and the number of years of experience they have. Additionally, the location of the job can affect the median salary for lawyers. Understanding the factors that influence lawyer median salary can help lawyers make informed decisions about their career paths.
