Every aspiring lawyer and law school student who is planning to advance into some form of law firm careers is at some point curious about what the most lucrative law practice areas are. I mean, let’s face it. We aren’t in law firm careers for the sole purpose of helping others – we reap benefits ourselves! It is natural to want to make as much dinero as possible.
Hundreds of career options are available to those in the legal industry. From minimum wage salaries to incomes that reach nearly into the ten-digits, there are so many options. If you want to reach for the stars, consider these law firm careers.
What are the most lucrative law practice areas?
Law Practice Area 1: Tax Attorneys
Attorneys who work to help solve tax issues are paid well. Tax attorneys also can help with estate planning and matters with the Internal Revenue Service. Tax attorneys can make anywhere from $99,000 to as much as $190,000 each year.
Law Practice Area 2: Intellectual Property Lawyers
This field of law is rapidly growing and ever-changing. This is of the highest of the most lucrative law practice areas on this list. From copyrights and trademarks to other forms of intellectual property law protection, lawyers in this field can earn anywhere from the median pay, which is around $143,000, to upwards of $270,000 annually.
Law Practice Area 3: Law School Professor
Salaries can vary by region and institution. Salaries for law professors can begin at $115,000 and extend to $240,000, although some have reached as high as $300,000.
Law Practice Area 4: Law School Deans
In this competitive role as a law school dean, salaries top out at approximately $450,000 each year! In order to achieve this role or that of a professor, a number of qualifications exist, including judicial clerkship experience, high standing in your class, experience in law practice and published work in scholarly journals.
Law Practice Area 5: Judges
Judges can earn anywhere from $156,000 to $175,000. Those on the higher end often work in the federal court system. Local magistrates and judges earn the least.
Law Practice Area 6: Law Firm Administrator
A law firm administrator is also called a chief managing officer (CMO) and is one of many law firm careers. An administrator oversees the administrative and business aspects of managing a law firm. Financial reporting and management along with other non-legal areas of practicing law are handled by this position. Other areas include human resources, marketing, business development, and practice management.
Law firm administrators earn a median salary of an astounding $375,000. CMOs in New York have extended as high as $750,000. CMOs in Washington DC likely don’t extend beyond $650,000. As you can see, pay varies greatly by geographic regions.
Another bonus of working as a CMO is that administrators usually work less hours than large firm lawyers and require less education. Because of this, this might be the highest paying in this list of most lucrative law practice areas in the industry. As you may expect, competition is high!
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