The US Bureau of Labor Statistics estimates that employment growth for lawyers will be 10 percent by 2020. The rate of increase in employment is below that for all professions estimated at 14 percent. However, the demand for lawyers has declined to a great extent due to increasing years of trust in accounting firms and paralegals to provide most of the services previously provided by lawyers. Even if businesses use alternatives for legal advice, lawyers are still needed and can earn relatively high salaries, especially with years of experience.
Average Salary Range
The Bureau of Labor Statistics reported that as of 2011, lawyers had received an average annual fee of US $ 130,500. However, this average salary considers all lawyers, regardless of the working year. After five years of law enforcement, a licensed lawyer said he could earn $ 144,000 to $ 193,000 in large law firms. This is an increase of 3.3 percent compared to 2011.
These figures do not apply to smaller firms. Following a five-year implementation law, a licensed attorney can expect to earn between $ 115,750 and $ 168,500 annually in small businesses, $ 83,750 and $ 149,500 in small businesses, and $ 65,250 to $ 123,750 in small firms. Medium-sized firms are generally classified as having between 35 and 75 lawyers. Small and medium-sized firms have between 10 and 35 lawyers, while small firms employ 10 or fewer.
Location for Lawyer Salary
As with any profession, the place of legal practice affects wages. Lawyers in high-cost cities tend to earn more. For example, a lawyer in New York City earns 41 percent more than the average, increasing the range to $ 203,000 to $ 272,000 per year. Lawyers in Long Island, New York are also well paid and 35 percent more than the country average. Lawyers in El Paso, Texas, make 30 percent less than the average. Now, the salary range comes from $ 101,000 to $ 135,000 annually.
Representation is another factor affecting salary- sometimes even more than position. Lawyers in oil and coal production can earn more than 60 percent of the average. The same can be said for lawyers in the motor vehicle industry, which do 40 percent more than the average. Workers in private hospitals, wholesale electronics, and natural gas receive better wages than national averages.