Are you looking for a lucrative, satisfying career but you are not cut out for being a doctor, engineer or pilot? So you can decide to obtain a law degree as being a lawyer is one of the highest-paid jobs in the market currently. According to the Bureau of Labor Statistics (BLS), the average lawyer’s salary is $144,230. But this will depend on various factors, such as which law school you are choosing, which law practice you will be taking up, and your experience.
So, if you’re drawn to law and a hefty paycheck, and wondering about the highest-paid lawyers? You have landed on the right blog. We will explore what type of lawyer makes the most money.
What Type of Attorney Makes the Most Money?
The law field is very diverse. It offers a multitude of specializations, each is unique and challenging. But there are certain areas that are more rewarding than others. If you are wondering what type of lawyer earns the most money. Here is the list of highest paid lawyers:
Patent Attorney
Patent lawyers are the highest-paid types of lawyer in the legal world. Patent attorneys are responsible for protecting the intellectual property rights of inventions. Usually, the job of patent attorneys is to help inventors or creators to prepare, file, draft, and submit their patent applications.
Patent law is a perfect opportunity for individuals who are interested in technology and law both. Additionally, they offer advice to businesses regarding intellectual property rights. The average salary of patent attorneys is around $202,840 per year.
Corporate Attorney
Being a corporate attorney is among the most paid law jobs. Corporate lawyers are essential for business and enterprises. They handle all issues, from mergers and acquisitions to corporate governance.
Corporate attorneys are responsible for drafting legal documents, contracts, structuring legal transactions, conducting due diligence, and ensuring that the organization follows all necessary legal compliance and follows best practices for business. Corporate lawyers’ average salary is around $148,196 per year.
Real Estate Attorney
Real estate attorneys are also on the list of the highest paid lawyer types. The major part of the real estate attorneys is to assist clients with real estate and personal property transactions. Real estate attorneys usually focus on either residential or commercial real estate.
They draft and review legal contracts, review sales documents, and ensure smooth transaction processes. The average salary for real estate attorneys is around $135,989 per year.
Trial Attorney
Trial lawyers are also a part of top-paid law fields. They are the masters of the courtroom, they handle complex cases and hearings. Trial lawyers create courtroom strategies, advocate, and fight for their clients in the court.
From investigation to appeal, they do everything possible to defend their clients in the courtroom. The average salary of trial lawyers is somewhere around $134,000 per year.
Immigration Attorney
Immigration attorneys provide legal assistance to individuals who are working, living, or studying in another country. Immigration attorneys are also among the best-paid lawyer types.
They provide guidance and advice regarding immigration matters such as visa application, citizenship assistance, deportation, green card, and employment for foreign citizens. They provide immigration consultation, prepare documents, and represent your case if needed. The average salary of an immigration lawyer is $82,479 per year.
Tax Attorney
Tax law is the highest-paid lawyer’s job in the legal industry. Tax lawyers navigate the complex tax codes and provide advice on tax-related matters. They advise individuals and businesses on minimizing their tax burdens and navigating tax issues and disputes.
They can keep you updated with new tax regimes and changing landscapes. If you like tackling complex financial issues and have a love for law, tax law can be a great option for you. The average salary of a tax attorney per year is around $97,777 per year.
Which Law Field is the Best?
When it comes to the question which law field is best, there is no specific answer to that because it depends on the individual. For instance, if you are into tax law and you end up in healthcare law, you won’t think it is the best option for you because you are not passionate enough about it. Your passion will drive your paycheck, so the best law field for you depends on your interest and passion.
What Factors Influence Lawyers’s Salary?
We have mentioned some of the highest-paid types of lawyers in the industry, but keep in mind that it can vary from place to place and according to your experience. Below are some factors that can influence lawyers’ salaries:
Experience and Years in Practice: One of the major factors that can drive a high salary is experience. Lawyers who are experienced and have been practicing for years will get paid more. So even if you don’t start well with years of experience, you will get your desired salary.
Salary Structure: Now salary structure is another factor that can influence your finances. Lawyers can receive compensation for their services in different ways, including hourly rates, retainers, or contingency fees. This salary structure can impact the overall earnings of the lawyer.
Geographic Location and Cost of Living: Location is also a crucial factor that determines the salary of the lawyer. Law firms in big cities usually pay higher salaries to their lawyers because the cost of living in such cities is usually high. But the law firms and legal organizations in smaller cities might not be paying equally, they pay less salaries according to the living standard of the area.
The Bottom Line
Above in the blog we have covered which type of lawyer makes the most money. So now you know about the highest-paid attorney type. If you are passionate about the law and are interested in the above-mentioned types of law, you can have a very comfortable life. But keep in mind, that money should not be the sole factor that you should be considering while choosing a law field.