What is the Salary of Lawyers?
The average lawyer’s salary has grown faster than inflation over the past two decades. Since 2000, wages have risen 63% while inflation grew at a rate of 53%. Although the rate of increase has slowed down somewhat since the recession of 2008-09, wages for lawyers have still experienced significant growth. The fastest growth occurred between 1997 and 2002, when the average salary rose 45 percent from $72,840 to $105,890. Over the next three years, salaries are projected to increase by 9.3%.
A lawyer’s salary will vary greatly depending on his or her experience and location. The average lawyer salary in the United States was $118,160 in 2016, with the lowest 10% earning $54,910 and the highest 10% earning $208,000. The salary ranges from $60k to more than $200k, and it’s important to remember that top earners typically work in the private sector. Lawyers in venture capital and large Internet companies can earn much more than the average lawyer.
Salaries for lawyers are generally higher in some states than in others, but not all. Salaries for lawyers vary from state to state, so make sure to take into account the cost of living in the area you plan to practice law. The salary you earn is also dependent on the size of the law firm you join, and the location of the office. You can increase your salary by forming your own law firm, but this is not a wise decision unless you have the time and energy to do so.