To become a reliable lawyer does require dedication and hard work at the beginning. You can imagine, an aspiring lawyer has to complete three years of college to get a law degree at a fairly high cost.
But your investment to get that expensive law degree, worth the salary income of a lawyer who averages about $150,000
How much does a lawyer actually earn?
According to the Bureau of Labor Statistics (BLS), the average attorney’s income in the United States stands at $148,910. This is what encourages many prospective students to choose this undergraduate program.
But, as in the profession generally to get a large earner it must start from the bottom. For lawyers just starting out in a career, the lowest salary according to the BLS is about $61,490. As for lawyers who have worked for years or even decades, they can earn around $210,000. How about it, isn’t it big?
But your income as a lawyer can be higher than that number. This depends on the location and size of the law firm you work for.
What kind of industry can provide the best pay for a lawyer?
How much money a Lawyer sepends on the type of law he practices. In addition to the type of industry in which they choose to practice law whether a lawyer works in a private or public company (think government versus private firms and law firms) can also have a significant impact on income.
According to the U.S. Bureau of Labor Statistics the average annual salary for lawyers working in the federal executive branch is $146,560. On the other hand the average salary for a state attorney is $97,440.
Meanwhile, some of the highest-paying industries for lawyers include:
- Custom Design Service: $233,400.
- Computer equipment and Peripherals Manufacturing: $221,000.
- Moving Images and Videos: $218,360.
- Cable Programming and Subscription: $216,860.
- Navigation, Measurem,ent, Electromedical, and Control Instrument Manufacturing: $208,460.
Which state has, the highest paid lawyers?
The state in which you live can also play a role in the salary of lawyers and salaries in some metropolitan areas are quite high.
The states with the highest average salaries for lawyers are:
- Washington DC $197.100
- California $179.470
- New York $174.060
- Massachusetts $169.120
- Connecticut $158.190
You should also find out which part of the country has the highest annual salary if you plan to live in a big city or metropolitan area.
Currently the highest paying metropolitan areas include:
- San Jose-Sunnyvale-Santa Clara, CA $231,610
- San Francisco-Oakland-Hayward, CA $201,920
- Washington-Arlington-Alexandria, DC-VA-MD-WV $186,070
- Los Angeles-Pantai Panjang-Anaheim, CA $180,220
- New York-Newark-Jersey City, NY-NJ-PA $180.160
- Boston-Cambridge-Nashua, MA-NH $175,570
- Santa Rosa, CA $ 174.810
- Bridgeport-Stamford-Norwalk, CT $172,490
- Napa, CA $170.850
- Miami-Fort Lauderdale-West Palm Beach, FL $169.480
Also find states where lawyer salaries may be lower. The average annual income of a lawyer in the following states is less than $100,000:
- Montana: $93,220.
- Mississippi: $93.380.
- Arkansas: $94.800.
- Maine: $98.980.
What other careers can law students pursue?
After graduating from law school you have an excellent opportunity to work in other related fields. In fact some of the most suitable jobs for law degree holders include law enforcement and policy reform.
If you have flexibility in your desired career field the BLS lists the average salary as:
- Arbitrator, Mediator and Conciliator $76,440
- Bailiff $51,730
- Judge, Judge Judge and Judge $131,850
- Law Teacher, Post-Secondary $134,760
- Legal Support Worker $73,320
- Paralegal and Legal Assistant $56,610
- Political Scientist $124,100
Is a law degree worth it?
Law school can be a stepping stone to a successful and rewarding legal career. But you have to consider whether the average lawyer’s salary is worth all the sacrifices you have to make in the process.
Before applying to law school you should take the time to ask yourself some important questions before you apply. Among others:
How much is the tuition fee?
The average annual cost of law school for public students at public universities is about $28,186 according to the latest statistics from Law School Transparency. Graduate students pursuing private law studies face a higher tuition fee of $49312
Are you planning to go to a top school?
If you want to pursue a law degree at an Ivy League institution you should consider the cost of attendance. For example Columbia University tuition for the 2021-2022 academic year is $77352 and for studying at Harvard Law School is $67720.
Is the law school you are considering a good reputation?
A junior high school degree may not open the door to the high-paying opportunities that await you after graduation.
Do I have the time and dedication to succeed?
The last thing you want to do is start law school taking out a student loan and deciding to drop out before graduation. You should also consider whether you can invest time and effort to get good value. Eventually your GPA can affect your job prospects after graduation — especially in a highly competitive position.
What law major should I study?
In addition to choosing the right law school it will be helpful if you focus your law studies on the field of interest.
Managing law school fee loans
Due to the high cost of law school, many students need to find funding sources to cover tuition and other costs. One of the most common ways to do this is through law school loans. A study by the American Bar Association (ABA) found that respondents had an average debt burden of $108,000 in law school loans and $130,000 in all loans combined after graduation. It can be difficult to manage this amount of debt in the early stages of your career.
If you have difficulties with payment, you have a choice. Some ways to manage your debt include:
Payments based on income
Depending on the type of loan you use to fund your education, you may be eligible for a federal income-based payment plan, which can lower your monthly payments to an easy-to-manage level.
General Service Loan Forgiveness
If you are willing to work in a qualifying position in public service, you can have your federal student loan pardoned after 10 years of timely payment through a program known as Public Service Loan Forgiveness (PSLF).
Refinance a personal student loan can help you find a lower interest rate or lower monthly payments.
Employers can contribute up to $5,250 per year tax-free on student loans or tuition until 2025. This benefit can be provided tax-free on behalf of the employer, but it is also tax-free for employees.
It is important to consider the advantages and disadvantages of each career decision ahead, and this is true, no matter what career you decide to pursue. Becoming a lawyer has proven to be a smart career choice for many. However, you should take your time and make sure that law school is the right move for you before making a huge investment in your time and money.
Are you ready to move forward? Federal and private law school loans may be available to help you cover your educational expenses, depending on your situation. Shop and compare law school loans to find the one that suits you best.