Knowing what profession you are going to be working in as you study in school can be a daunting proposition. For teenagers studying their way through high school and considering their college prospects, the career option that you take should ideally be the end result of your passions, interests and skills in a particular niche.
That equation will not always point to a clear and identifiable path. For many youngsters, the career you end up opting for has not even been established yet in the mainstream commerce community – so the trick is to be educated, qualified and ready to adapt.
This consideration will gradually lead to a discussion about expected salaries and what fields are more financially stable for your short, medium and long-term future. From doctors to teachers, entertainers or tradesmen and women, there is a myriad of choice out there.
Law is a specialty field that is considered one of the safest professions for long-term viability. Attorneys are never at threat of seeing their expertize dissolved or overtaken by technology, so there is genuine currency in this practice.
However, how lucrative is a life in law? Let us examine the latest statistics to help make up your mind.
First Year Expectations
The National Association for Law Placement is a body that oversees the profession to examine the trends that are occurring across firms all over the country. Once new members are qualified to have passed their bar exam and are certified as part of the legal fraternity, the average annual salary is listed at USD $160,000.
Yet it must be noted that these figures derive from larger firms that house entire departments with specialist faculties of attorneys, a facet that is not the privilege of locally-based firms around the nation.
Factors Influencing Salaries
Experts in the field have noticed that the past 10 years has seen this $160,000 figure remain stagnant. Whilst this could be in due part to a struggling global economy, there is also the involvement of mergers, acquisitions and niche specialty firms that have contributed to a dilution in terms of how much firms bill their clientele.
Other elements will include the state, city or rural area in which a practice is established. For example, lawyers based in regions such as Carmel, Indiana operate off a mean annual salary of $89,499 as of 2018, a figure that pales in comparison to the average first year package that has been broadcast.
Working as an attorney can be incredibly lucrative as a career proposition, yet the salary will be in context to the type of law that is being practiced, the brand of the firm and the location in which it is situated.