The median pay for lawyers of all areas of law is $119,000 per year.

That means that roughly half of lawyers make more than that and half make less than that.

You’re likely considering a career in law and are looking for the most lucrative areas of law to study.

In this article, we’ll go over what you’ll need to study to become a successful and high paying lawyer, and which areas of law pay the most.

Remember, law salaries can vary widely per year. Lawyers can win big cases and get large payouts or can go years without doing so. Therefore, the median salary should be thought of as only a guide.

Read on for more information about making as much money as possible as a lawyer.

What Do You Need to Become a Profitable Lawyer?

Although there are very profitable areas of law, a lawyer doesn’t necessarily specialize in these in school. Law school isn’t like med school where the prospective doctor focuses on one area for years at a time.

Instead, all lawyers go through a relatively similar education track.

Would-be lawyers all must obtain their bachelor’s degree. Some schools have pre-law programs, though this isn’t required to get accepted into law school. Some people major in political science, English, history or sociology.

They then have to sit an LSAT exam. This stands for the Law School Admissions Test. They will also apply for law school.

They will then take the first year to learn about general state law and American law. Their second and third years, they can start to focus on the law they want to practice through elective courses.

After graduation, they will take the Bar Exam, which licenses them in their state. They may also need to take continuing courses in their area of expertise in order to maintain a bar status.

Medical Lawyer/Health Law

A medical lawyer is someone who helps individuals who have been wronged through medical malpractice. They can help people who are trying to hold a person or corporation responsible for the wrongful death of a loved one.

Medical law is a combination of several types of law, but these lawyers typically only take on cases of a medical nature. They’re a little bit of a combination of health law, personal injury, and medical malpractice.

Most lawyers who specialize in this area earn north of the $119,000 salary per year.

Personal Injury Lawyer

A personal injury lawyer typically works on a contingency basis. If you’ve ever seen a lawyer advertise him or herself as a “no-win no-fee” lawyer, that’s exactly what contingency is. They will take a percentage of their client’s winnings if they win the case. In some cases, this can be quite a bit of money.

Their salary can vary widely depending on where they are employed. Those who work for non-profits usually earn the least amount of money. Personal injury lawyers who work for themselves, or in a larger high powered firm earn much more than their non-profit counterparts.

A personal injury lawyer’s salary can vary greatly, but the top earners do make quite a bit of money.

Personal injury lawyers represent individuals who have been hurt or disabled in accidents, on the job or sometimes medical malpractice.

Bond & Taylor Injury Lawyers are one such example of a firm that specializes in personal injury cases.

Patent Lawyer

Although some feel this type of law isn’t very stimulating, a patent lawyer will most often make more than the $119,000 salary per year.

A patent lawyer is responsible for assessing patents for inventions, logos and other creations as individuals apply for them. They will determine if their creation is unique enough to be protected under the law. They will also represent individuals who have had their ideas infringed upon and are going to court to sue the other party.

In some cases, patent lawyers need a very specialized skill set. This is typically true if they are judging patents on things like medical devices, technology and other new ideas that individuals wish to patent.

Corporate Law

A corporate lawyer earns well north of $119,000 a year. Depending on where he or she practices, they may earn $200,000 a year for a first-year associate.

Corporate attorneys work with large businesses to ensure that everything they do is legal. They also assist with mergers and business growth.

Corporate lawyers may be asked to consult with a corporation on an hourly basis, or they may work in-house to ensure the rules are complied with.

This type of law is very attractive at the moment, and corporate lawyers can demand excessively high fees for consultations and per hour. In some areas, they can ask for as much as $1,000 per hour. Sometimes they can ask for more.

This is a very strong area of law at the moment, but it isn’t necessarily recession proof. If the economy takes a hit, often times corporate lawyers do, too.

Which Areas of Law Should I Focus On?

When you’re thinking about law school or which areas of law to practice, you should consider your own interests over which are the most lucrative. This is because the field is always changing as the economy moves. While these areas of law are in demand now, bankruptcy and litigation become more so in demand during recessions.

Practice law for the love of it, not for the paycheck, and you’ll be satisfied. After all, there are not really any areas of law that exist that will allow you to earn a low paycheck.

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