Mitchell Lattof | December 15, 2020 | Personal Injury
Some lawyers are wealthy, while others struggle to make ends meet. Like all professional fields, how much money a lawyer makes will depend on a variety of different things. Attorneys often specialize in particular areas of legal practice, and the area they choose has a substantial impact on their income potential.
Whatever area of legal practice an attorney chooses, some other things that will impact their financial future include:
- The geographical region where they practice
- Whether they start a solo practice or join a large firm
- Their skill and work ethic
- Where they went to law school
Read on to learn about the highest paid types of lawyers in the United States.
Corporate lawyers, often called business lawyers, specialize in all aspects of building and managing a business. From mergers and acquisitions to employment contracts, corporate lawyers are among the highest-paid attorneys in the legal field.
Some corporate attorneys work in-house for major corporations. Others work for large firms that represent some of the biggest companies in the United States. Wherever they work, corporate lawyers that are skilled negotiators with an excellent grasp of contractual law are always in high demand.
From major corporations to individuals struggling to pay their bills, bankruptcy offers a legal way out of financial hardship. Attorneys that specialize in bankruptcy can work on either side of bankruptcy. Some protect debtors and work to negotiate deals with creditors.
Other bankruptcy attorneys represent creditors, usually banks and other commercial businesses, seeking to make sure they get as much money as possible from the person or entity filing bankruptcy.
The United States tax code is a complex system of taxation spanning fifty-four titles. The code is so complex that no one seems to know precisely how long it is, and its changes are added each year.
Attorneys who specialize in tax law get paid well to track the never-ending changes in the tax code and devise a way to make taxation as favorable as possible for their clients. The old saying about “two things are certain, death and taxes” ensures job security. Surprisingly, tax attorneys also report some of the highest levels of job satisfaction in the legal field.
Tax reform seems always to be a hot political topic, so the field continually experiences increased demand. The work is less emotionally draining than areas such as criminal or family law, leaving tax attorneys the emotional reserves to have a fulfilling life outside the practice of law.
Personal Injury Lawyers
Personal injury attorneys take on insurance companies, corporations, the transportation industry, and any other entity liable for civil damages of their clients. Not all personal injury attorneys are wealthy, as an attorney may practice law for years before the one big case comes along. That said, talented personal injury attorneys often make a high six or seven-figure income.
Personal injury lawyers represent clients who are injured or otherwise suffer damages in civil lawsuits. Car accidents, slip and fall injuries, and wrongful death lawsuits are just a few of the types of cases handled by personal injury attorneys.
Medical attorneys often represent hospitals and health care clinics in devising risk management strategies and helping guide policy decisions. Other medical lawyers work as malpractice attorneys, representing individuals when a medical professional has failed to provide a standard of care, resulting in harm to the patient.
The medical field is a dynamic, fast-growing industry with almost unlimited potential for those who specialize in medical law. These attorneys may well be the highest-paid attorneys, on average, in the United States.