How much money do lawyers make?

hlstarch

The highest-paid (year-after-year) and most presitigious positions are with large firms in the biggest cities in the country, particularly New York. Average profits per partner in the 19 most-profitable firms in the country is around $2 million.

The bread-and-butter work of these firms is financial and business transactions, particularly mergers and acquisitions, public issuance of securities (stock and debt securities) and the structuring of complex financings (project financings and the like). They also do litigation -- generally complex commercial litigation among businesses -- and there are specialists in various fields that come into play in their main practice or that are useful to their major clients (environmental, ERISA, etc.).

Exactly how the profits are split varies from firm to firm. In the typical "biglaw" model, each partner has some number of "points." The total profits of the firm are divided by the aggregate number of points, and each partner get the profit-per-point multiplied by however many points he has. There may also be a bonus pool of something like 10-20% of the profits that's taken out each year before splitting per-point, and paid out to partners for particularly arduous or valuable work done in a particular year.

How many points are assigned to a partner depends primarily on seniority (you get some more every year) and how much business (in dollars) you originate or control ("control" meaning, basically, how likely you could take it with you if you left). In more old-line firms, seniority is the predominant factor; in more hustly firms, business is. There are also adjustments for participation in firm management and things like that.

The people who make the *most* money in a particular year (but not year-after-year) are plaintiffs' lawyers who win a big case and get a huge contingency fee. However, such a lawyer (i) may have worked for years on that same case for next to nothing, (ii) would get nothing, or almost nothing, if he loses and (iii) might have such a case only rarely.

There are some high-prestige but not high-pay jobs as well, such as professor, federal judge and U.S. attorney.

Melissa

The amount lawyers make varies widely. An attorney for a nonprofit can start out under $30,000 a year, while attorneys at large law firms (250 or more attorneys) are making over $200,000 a year their third year out of law school.

The lawyers who make the most money are generally those at large firms. They usually handle corporate transactions and litigation.

The most prestigious jobs as an attorney are clerkships for appellate federal judges. These jobs don't pay as well as associate jobs at a large firm, but lead to many opportunities.

Priyanka

Employment-http://jobs-bank.in/

Doopy

thats like asking how much you would pay a lawyer. how much would you pay for your freedom? how much would bill gates pay to get out of jail?

The Colonel poundin the skinz

Defense attorneys make the most, particularly high-profile attorneys. How you get there is a combination of being extremely good over a long period of time, visibility, & luck.

Larger markets garner high-profile cases with media coverage etc....do that enough times and win, and you become attractive to the bigger name defendants.

Corporate attorneys make tons of money as well...although they are typically on "retainer" and the firm they work for keeps the lions share.

The average income for an attorney is roughly $40k per year.

Enter Your Message or Comment

User Name:
User Email:
Post a comment: