Corporate lawyers are highly sought-after professionals, and if you are considering a legal career, you may be interested in learning more about the average salary of corporate lawyers. As you may expect, the average salary for a corporate lawyer can vary greatly depending on a number of factors, including the type of firm they work for, the size of the firm, and the geographic location of the firm.
Generally speaking, the average salary of a corporate lawyer is well above the median salary of all lawyers. According to the U.S. Bureau of Labor Statistics (BLS), the median annual wage for all lawyers in the United States was $120,910 in May 2019. By comparison, the median annual wage for corporate lawyers was much higher, at $144,230 in May 2019.
The highest-paid corporate lawyers tend to be those who work for large law firms in major metropolitan areas. These lawyers can earn salaries that top $300,000 or even more. However, the average salary for corporate lawyers at smaller law firms or in more rural areas may be significantly lower. Many corporate lawyers in these areas earn salaries of around $80,000 or less.
Factors That Impact the Average Salary of Corporate Lawyers
As with any profession, there are a number of factors that can influence the average salary of corporate lawyers. Some of the most important factors include:
- Experience: Generally speaking, the more experience a corporate lawyer has, the higher their salary will be. As lawyers gain experience, they may be able to negotiate higher salaries, or they may be offered higher salaries by law firms in the form of bonuses or other incentives.
- Type of Firm: The type of firm that a corporate lawyer works for can have a significant impact on their salary. Lawyers who work for large, well-established law firms tend to make more money than those who work for smaller or less-established firms.
- Geographic Location: The geographic location of the firm can also have an impact on the average salary of corporate lawyers. Generally speaking, lawyers in major metropolitan areas tend to make more money than those who practice in rural areas.
- Specialization: Corporate lawyers who specialize in a particular area of law, such as tax law or mergers and acquisitions, can often command higher salaries than those who practice more general corporate law.
Career Outlook for Corporate Lawyers
The job outlook for corporate lawyers is generally positive. According to the BLS, employment of lawyers is expected to grow by 6 percent between 2018 and 2028, which is about as fast as the average for all occupations. Corporate lawyers should benefit from this growth, as businesses continue to seek legal advice and representation.
In addition, the median annual wage for corporate lawyers is higher than the median annual wage for all lawyers, and the highest-paid corporate lawyers can earn salaries that are well above the national average. For those who are interested in a career as a corporate lawyer, the potential for a high salary and strong job prospects make it an attractive option.
Conclusion
The average salary of corporate lawyers can vary greatly depending on a number of factors, including experience, the type of firm they work for, the geographic location of the firm, and their area of specialization. Generally speaking, corporate lawyers working for large law firms in major metropolitan areas tend to make the most money, while those working for smaller firms or in more rural areas may make somewhat less. Overall, however, the job outlook for corporate lawyers is generally positive, and the potential for a high salary make it an attractive career choice.
