Lawyers are notoriously highly paid, yet not all attorneys enjoy equal income potential. Your salary potential depends heavily on your area of practice, type of law you practice, reputation among colleagues and more.
To help us better understand which areas of law pay the highest, let’s examine some of the highest-paying specializations.
1. Lawyers in the Public Sector
At a profession where high salaries tend to go to those with expertise in sought-after fields, selecting your specialization requires taking several factors into account. Combining skills, technology, and global knowledge effectively will increase success while expanding earning potential.
Attorneys working for government or non-profit work typically make less than their counterparts in private law firms and companies (although in larger cities there may be less of a gap), however public interest lawyers often benefit from loan forgiveness programs not available elsewhere.
Food, technology, pharmaceuticals and medical malpractice are just a few industries requiring skilled attorneys to protect their intellectual property rights. Top earners in this burgeoning sector can earn well over $200,000 each year.
2. Lawyers in the Private Sector
Lawyers typically top the list when it comes to high-earning jobs. However, their salaries depend on several factors including practice area, employer type and size and state of residence.
Legal professionals that command higher salaries typically specialize in fields requiring specialized expertise and demand, such as medical malpractice, intellectual property and tax law. Such specialization often leads to increased salaries and a solid clientele base – offering legal professionals lucrative careers.
Lawyers working in the private sector typically earn more than their public sector counterparts on average, and New York attorneys earn the highest median salary among their counterparts in Washington D.C. ($265,510/year), Massachusetts (1966230/year) and Connecticut (174520/year). New York City also boasts the highest earning potential among national average attorneys.
3. Lawyers in Specialized Practice Areas
The highest-paying lawyers tend to specialize in areas like mergers and acquisitions, corporate law, intellectual property law and high stakes litigation. Such specialists typically command higher salaries as they possess in-depth expertise within their specialty and can draw clients such as large corporations, persons with substantial net worth or others needing legal services for specific fields.
Other high-paying specializations in law include tax law, medical malpractice law, real estate law and admiralty law. Individuals specializing in these fields often experience immense pressure from clients and colleagues requiring them to carefully balance professional success with personal wellbeing.
Lawyers looking to become partners at top law firms and maximize earnings should excel in their first year of law school (1L), secure competitive clerkships and participate in a respected legal journal or moot court. In terms of practice areas, those looking for financial expertise might consider bankruptcy, finance securities taxation estate planning law – all areas which New York offers numerous renowned firms that specialize in. They typically offer competitive salaries as well as opportunities for career advancement.
4. Lawyers in the Entertainment Industry
Entertainment attorneys are among the highest-paid attorneys, working both for law firms and in-house. These specialists specialize in advising businesses and individuals regarding entertainment industry matters – advising on contracts, intellectual property filings and regulatory compliance to name just some tasks they perform.
Entertainment industry work can be both creatively rewarding and technically challenging; both factors make for an exciting yet intense practice field. Fast paced projects come with high stakes risks but their client’s passion makes the experience enjoyable.
Top lawyers in the entertainment industry earn handsome salaries due to their expertise, reputation and client relationships. Although legal chiefs in finance, insurance and media tend to dominate New York’s highest-paid lawyers list, those from entertainment are making waves in terms of paychecks as well. Entertainment lawyers often receive recognition such as Billboard’s “Top Music Lawyers,” Country Power Players or The Hollywood Reporter Power Lawyers; high earning entertainment lawyers typically serve as general counsels of large firms or companies.