What Is The Salary Of A Lawyer?

What Is The Salary Of A Lawyer?

Law is one of the hardest and most expensive major to take. But despite the fact of the costly education some people are still willing to have their investments on it. In return, there are now many lawyers in the world. In fact, statistically speaking, the United States of America has the largest number of lawyers in the world. United States of America has about 1,143,358 lawyers followed by Brazil and New Zealand. There are many reasons why people would love to take up law as their major course and it is no secret to anyone that being a lawyer also has a big compensation and gives a bright future as well. Thus, that is the big question for everyone, how much does a lawyer earn? Or what is the salary of a lawyer

What Is The Salary Of A Lawyer?

What Is The Salary Of A Lawyer

Being a lawyer entails a lot of knowledge and effort. Hence, there are many specializations in the law field with different ranges of salaries. The trial lawyer is paid the highest on the law field. According to the Bureau of Labor Statistics (BLS), the average salary for all lawyers is $110,590. Average lawyers earn from $74,980 to $163,320. The best trial lawyers can earn millions depending on the cases and clients they handle. Chief Legal Officers are also paid with a good amount of salary and are given some good benefits, stocks and bonuses. Being a Judge, Law School Professor, Litigation Support Director and Law Firm Administrator are also good specializations in the law industry since these fields have been said to be paid with the highest salaries as compared to the other fields. These fields are also given some benefits that other jobs don’t have.

The highest-paid lawyer in the world is Wichai Thongtan who is from Thailand. He is earning about $1.1 billion and has represented known clients in the world like the Thai Prime Minister, Thaksin Shinawatra. The second highest-paid lawyer in the world is Willie E. Gary with an annual income of $100 million. He is a prominent lawyer in the U.S.A. because he pioneered the opening and establishing of the first ever black law firm in America. There are other known lawyers who are paid with high salaries like John Branca, Joel Segal and some other more who have been earning about $500,000 to $50million annually. These lawyers gained popularity and success over the years because of the cases they handled. They have been credible and consistent with the different cases that they have handled. These lawyers have been earning money that costs an arm and a leg and may have served as an inspiration to aspiring lawyers out there.

The country which has the best and highest paid lawyers all over the world is China. Lawyers in China are paid from $40,000 to $198,000 annually. The average annual salary for lawyers in China is about $146,954. Program attorneys are paid the lowest in China with an average salary of $40,000 annually. Patent Prosecution Attorneys in China are paid the highest with an average pay of $198,000. Since the cost of living in China is not quite demanding like in other countries then the lawyers in this country can earn much higher than in other countries.

The second among the countries with the highest-paid lawyers is Germany. Lawyers in Germany have a pay ranging from $42,000 to $206,000. The average annual salary for lawyers in Germany is $113,300. Program attorneys are paid $42,000 while the highest-paid specialization in the law field is the Patent Prosecution Attorney with a salary of $206,000. The cost of living in Germany is quite higher than in China so the lawyers in Germany may earn lesser as compared to China.

Among the other countries which are ranked from third to fourth highest-paid lawyers are from France and the United Arab Emirates. Lawyers in France have an average annual income of $123, 102 while lawyers in the United Arab Emirates have an average annual income of $104, 733. Patent Prosecution attorneys are paid the highest in both France and United Arab Emirates.

The United States of America has been ranked as the 5th among the countries with highest paid lawyers. Lawyers in the USA have an annual average pay of $94,076. Some specializations that are paid on a high amount in the USA are those who are expert in the field of, Litigation Case Management, Contract Negotiation, Regulatory Compliance and Intellectual Property. These fields are considered to be high-paying specializations because these take a lot of thinking and effort to solve.

Canada has been ranked sixth with an average lawyer income of $85,970 annually. Brazil is in the 7th place with an average lawyer salary of $74.464 annually. United Kingdom is ranked as the 8th among the different countries with the highest paid lawyers. The United Kingdom has an average salary of $79,682 annually. On the other hand, Australia and Switzerland ranked 9th and 10th. Australia has $78,058 average annual income for lawyers. And last but not the least; Switzerland has an average income of $101,049 for lawyers. The said countries have high cost of living, hence, the total earnings of the lawyers from each country may vary.

In conclusion, there are many ways to earn money in the law industry. First of all, a lawyer must have good or the best knowledge and skills to be able to attract your clients. This will also give the different lawyers more chances to be hired and be known by other people. The other thing that affects a lawyer’s earnings would be their specializations. As mentioned above, there are specializations that are paid with a reasonable or high salaries, bonuses and benefits. Hence, lawyers should choose their majors and specializations carefully. Also, the country where the lawyers are working in may also affect their income. Since the pay depends on the cost of living of each country, then the salary may strictly depend on this. Well of course, above all, lawyer’s salary may also depend on each individual’s way of living, whether they are thrifty or luxurious.

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