What Do the Statistics Say about Lawyer Salary?
According to the statistics provided by the United States Bureau of Labor Statistics, the employment of lawyers will experience a projected growth of about 10 percent between the years 2012 and 2022. This rate is comparatively as fast as the average for all the other professions. Since all the levels of government as well as businesses and individuals will need legal assistance in many aspects of their services, the demand for lawyers and legal help will continue to rise.
Despite this growing requirement for legal assistance, increasing price competition over the coming years might lead law corporations and firms to redesign their project staffing so they can save on expenses. Clients will predictably look to reduce their legal expenses by demanding more affordable rates by scrutinizing invoices, the tasks which were assigned to lawyers previously, including paperwork, might be delegated to legal assistants and paralegals. The more mundane legal documentation might also be outsourced to overseas legal service providers who will offer solutions at much affordable rates.
Law firms will likely remain the largest employers of lawyers. However, several large organizations are currently enhancing their legal departments who work on an in-house basis. This is to make sure any extra costs are cut down. For several countries, the high expenses of hiring counsel lawyers from law firms along with their supporting personnel is too costly as compared to having a legal department working on an in-house basis. As a result, the demand of lawyers in settings other than the law will likely experience an increase. These settings will typically include healthcare, consulting firms, insurance departments, etc.
Those wondering how long it takes to become a lawyer can expect glad tidings ahead as they will be able to benefit from ample employment opportunities once they graduate from law school. Lawyers will remain a top requirement when it comes to the prosecution or defending of civil cases for federal government as they represent the United States, prosecute criminal trials from the federal government, as well as collect sums owed by individuals or corporations to the federal government. Nonetheless, due to the budgetary constraints, growth of employment will be moderate.
The requirement for lawyers is usually affected by the economy. During recessions, the demand for lawyers of specific niches who offer services in drafting wills, planning estates, and handling transactions regarding real estate usually takes a downfall. This lawyer career information can help students make career plans accordingly.
Job Prospects for Lawyers
Competition in law settings will predictably stay strong as more students are currently studying from law schools and graduating on a yearly basis than the amount of jobs available. The students who are currently graduating from law schools but unable to get hired for permanent lawyer positions are making the switch to the growing requirement of temporary short-term attorney jobs which staffing firms place them in. These types of services enable organizations to acquire the services of lawyers as required and offer fresh lawyers the chance to develop their practical skills.
Due to the increasing competition, a law school graduate’s will to relocate and work experience are becoming key factors. Though, it is to be kept in mind that upon moving to another state, lawyers may require passing a state bar exam in order to get licensed.
What Is the Estimated Lawyer Salary?
The median annual salary for attorneys was estimated to be around $113,530 as of May 2012. The wage in a profession at which half the workers earned more as compared to the other half which earned less is called the median wage. The bottom 10 percent earned less than around $54,310 whereas the top 10 percent earned comparatively more with a total of $187,200.
As of May 2012, the median annual salaries for attorneys working in the top five businesses were estimated to be as follows:
|Insurance and finance||$134,940|
|Federal government (postal services excluded)||134,690|
|Local government (hospitals and education excluded)||87,140|
|State government (hospitals and education excluded)||79,220|
Experienced lawyers usually have varying salaries according to the localities they are working in, size of the organizations they are working for as well as the type of services they are offering. Lawyers who are partners in law firms earn more as compared to those who own their own practices.
Lawyers are mostly offered fulltime positions, and most are required to work for extended periods. Lawyers in private practice or those who are working in large organizations mostly tend to work for longer periods as they conduct research and prepare and review paperwork.