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Tuesday, May 25, 2010

What type of lawyer makes the most money?


Answers:
That really depends. "Corporate" lawyers (meaning business lawyers who either help do deals or do large litigation matters) usually make good money starting out ($100,000 or more at mid to large sized firms in mid- to large-sized cities), are eligible for good bonuses, and will make $300,000 or more as an "equity partner" (if you can make it 7, 10, or more years with the firm, billing over 2,000 hours per year).
In this pot are intellectual property attorneys, ESPECIALLY patent attorneys. Because of their special skill (and the requirements that they be a member of the patent bar) they usually bill at a much much higher rate, and get a better rate of return (often for less work). Take the numbers I have up there and add 20%, that's patent lawyers.
Next, I would mention plaintiffs' attorneys -- especially large, class action attorneys. They often bring multi-billion dollar cases, and, if they win, they get their attorneys' fees from the class awards. One of the firms in my town handled tobacco litigation resulting in tens of millions of dollars' worth of fees for the firm, which were divided among the partners. They got rich.
Next, it becomes hit-or-miss. Personal injury attorneys who are really good and really efficient can make a lot of money based upon contingency fee arrangements. But they can also struggle. Estate planning attorneys can make $$$ as trustees, but also have to limit the hours they put in on small, personal jobs. Criminal defense attorneys who become known in their community can demand $50-100,000 PER CLIENT, which of course requires lots more work than the public defender, but can be lucrative. But I also know criminal defense attorneys who just barely make a living working off of government referrals. Same with divorce lawyers -- small time divorces is a hard way to grind out a living, but divorces with rich people who have millions in assets becomes a big business.
At the bottom are prosecutors (who can actually do quite well, but have really no chance for big bonuses or salary advances, and start at a fairly low scale) public defenders (who have a TERRIBLE salary with no advancement chance) and public interest lawyers (who work for nothing or next to nothing.)
Corporate.
COrporate, then Divorce.
Good ones.
Business law and transactions...however its very boring.
corporate lawyers

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