For many aspiring lawyers and pre-law students, one of the burning questions is, “Do lawyers make good money?” While the simple answer—exemplified in movies and TV shows such as “Suits“—might be “yes,” the reality is far more nuanced.
This post delves into the realities of lawyers’ salaries, highlighting the various career stages and factors influencing their income.
How Much Money Do Lawyers Make?
Similar to any other job, salary advancements occur in steps. As you accumulate experience and advance in your career, your salary grows with each milestone you reach. The legal profession is no different.
A lawyer’s salary also varies based on many factors, including location, area of law, firm size, and bonus structure. Generally, lawyers in large metropolitan areas (New York City, Los Angeles, Chicago, etc) and in top firms often make more money than their counterparts in other markets.
Summer Associates
Summer associate positions are highly competitive, paid roles law students apply for during their 2L year. The programs can be structured differently, depending on the law firm, but most generally run nine to eleven weeks. In 2023, the median weekly salary for summer associates was $3,550, but they can run higher, especially in Big Law firms.
Starting Salaries
When you first graduate from law school and pass the bar, you’re likely starting out at an entry-level position, often referred to as an associate. Starting salaries can vary significantly based on the type of firm, geographical location, and the size of the firm.
- Big Law Firms: Large law firms, often referred to as “Big Law,” typically offer the highest starting salaries. The median base salary for first-year associates in 2024 is $225,000.
- Small to Mid-Sized Firms: These firms tend to pay less than Big Law, but still offer competitive salaries. Starting salaries might range from $60,000 to $100,000.
- Public Sector: Lawyers working in the public sector, such as public defenders or government attorneys, may start in a salary range of $50,000 to $70,000.
Based on these numbers alone, it’s possible to say that lawyers do indeed make good money, even just fresh out of law school. After gaining some experience, typically around five to ten years into your career, salaries can continue to increase significantly.
Partner Salaries
Reaching the partner level in a law firm is often considered the pinnacle of a legal career. Partners typically share in the firm’s profits, which can lead to substantial earnings.
- Equity Partners in a Frim: Equity partners in large firms can earn several million dollars annually, depending on the firm’s profitability and the partner’s contribution to the firm.
- Non-Equity Partners: Non-equity partners generally have a fixed salary far lower than what an equity partner might take home.
- Public Sector and Non-Profit: These firms and sectors generally do not have the same concept of “partner” as private firms. Senior positions might reach salaries in the $100,000 to $150,000 range.
How a High LSAT Score Increases Your Starting Salary
There is a strong correlation between high LSAT scores and higher starting salaries. According to U.S. News, graduates from the top 15 law schools in 2023 saw a median private sector starting salary of $190,000. A high LSAT score not only boosts your odds of admission to a top law school, but also increases your competitiveness for roles at prestigious firms, potentially leading to a higher salary.
Final Thoughts
The question “Do lawyers make good money?” is complex and depends on various factors, including the type of law practiced, the size and location of the firm, and the lawyer’s career stage. While starting salaries can still be impressive, there is undoubtedly significant potential for financial growth, especially for those who advance to partner positions in large firms.
As an aspiring lawyer, it’s crucial to weigh these factors and consider what type of law and work environment aligns best with your career goals and lifestyle. It’s also important to remember how your LSAT score can correlate with your starting salary as a first-year lawyer.
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