In 2021 new trends is seen in the Law industry; one of the trends is that many law firms have been making adoption of technology to provide satisfying services to their clients, which include tracking the workflow and expenditures of their cases to showcase the transparency of their firms indirectly.
Apart from a trend of technology, Law firms are becoming more specified towards their niches due to changing consumer behavior.
As per consumers, specialized lawyers are more updated for their niche, which indirectly has a good success rate compared to other lawyers. If you are a law student or will pursue law, you need to know which are the highest paid lawyers specialization in today market.
Factors that play a vital role in getting the highest paid in your law specialization
Location: – An attorney should priory decide the location where they will practice; as per the reports of BIS for 2020, it is found that the highest pays are different among the states as well as cities, below is the list which frames the gap: –
Education: – When our team is working on the best law schools in California, the primary breakdown they found between the institutes is that more reputed law school students are getting more opportunities and preferences in jobs.
If you don’t know the valuable metrics to find an excellent law school, you should read our blog “How to choose the law school,” you will get valuable information out of it.
Law firms: – Getting hired by a reputable law firm for the newbie lawyer is the jump start factor for becoming the highest paid lawyer. You will get the opportunity to work on a variety of projects that scale up your skill proficiency. Apart from this many good connections will be built, which can act as a booster in your career.
Experience: – In every career, an experienced and good skill set is being preferred first and gets a good salary.
List of Highest Paying Fields of Law
1. Intellectual Property Lawyer
If you like to work in diverse fields, you will love the IP Lawyer job; in this law specialization, you have to protect the new inventions made by different field professions. These inventions can be a new drug for a disease, and they can be music.
IP lawyers have to go up with various proceedings and documentation preparation to protect new inventions. The maximum time of IP Lawyers is spent in the office to analyze all critical points of the invention.
Intellectual Property Lawyer Salary is $ 1,17,700, which is the average salary per the report of 2021; if IP Lawyer registers the new invention, the company provides a good reward.
In the future, the demand for IP lawyers will rise, as many people are investing in patented inventions compared to stock as their future equity. Until new inventions last, IP lawyers demand will be in the market.
2. Tax Attorney (tax law)
Tax Lawyers are best paid lawyers who act as remedial person for companies or individuals to relieve tax issues settlement with IRS. Apart from this, they need to advise their client to reduce financial burden.
If you want to get successful in the carrier of Tax Attorney, you need to have the skills (mention below) which help you to out stand your competitors in the market and raise your pay: –
- Tempt of making analysis
- Think outside the box; you need to be creative
- Have acknowledgment of accounting and mathematical skills
- Depth Research
- Writing Skill
Tax Lawyer Salary is $ 109,181; it is the average pay as per report of 2021 by Glassdoor.
Tax attorneys have multiple options to work in the private sector or with federal and state governments. Most importantly, every sector needs a tax lawyer; as a result, its employment rate is also good.
3. Corporate lawyer
In the lawyers Industry, there is always buzz about what kind of lawyer gets paid the most? , And always the answer is Corporate Lawyer,
Yes, you can take it as biter truth or reality of lawyer’s world,
Corporate Lawyers are the shield between their client and the party for closing the contracts and making negotiations on behalf of the company.
Corporate Lawyers are multitasking; in some projects, they need to go through various financials and patents of merging companies with depth analysis.
The Average Salary of a Corporate Lawyer is $ 159 188; as per Indeed Reports of 2021, if corporate lawyers make profitable negations, the company gives them bonuses.
Apart from good pay, the corporate lawyer profession is considered as most lucrative law fieldfor having leader quality and making good connections.
4. Personal Injury Lawyer
In medical history, some cases happen in which surgical operation is not successfully conducted due to doctor negligence, which affected the patient body. In such a situation patient’s family appeals for the claim from the hospital; Personal Injury Lawyer commences all the process for the claim.
It is not necessary that claims are being made on the physical injury; claims can be made for psychological effect on patient
There is a different certification (not mandatory to have) and written ethics examination in every state of the US.
Personal Injury Lawyer gets paid from the client as flat fees, hourly rate, and contingency fees; Mostly Personal Injury Lawyer sets up the particular percentage of settle compensation. It is rated as the best paying law jobs.
If you want to study in this career more, you can go for medical lawyer specialization.
5. Real Estate Attorney
Real Estate Attorney is the intermediary body between the buyer and seller. They save the buyer from fraud by checking all the property documents and preparing the legitimate agreement for making the payment process.
Apart from the domestic market, the demand for real estate attorneys is also in gas, oil, and electricity to acquire land with ease and authentic process.
Real Estate Lawyer Yearly Salary is $ 92,110. It’s got vary in states.
6. Immigration Attorney
Immigration Attorney role is to help citizens of other countries to get a work visa or study visa; they act as the intermediary body between immigrants and officials,
It is no need to explore for the clients as Many prominent companies in the US and immigrant families are searching for an Immigrant Attorney.
As an immigrant lawyer, you should have good writing and reading skills to express your thoughts on behalf of your client to the officials.
Immigration attorneys can practice privately or independently; the average salary of an Immigration attorney is $ 120,000 annually, as per the Bureau of Labour Statistics reports.
7. Divorce Attorney
We all know that Divorce affects both wives and husbands emotionally, due to which they might be going through psychological trauma; to settle the separation properly, Divorce Attorney comes into the role.
Divorce Attorney substantially as per the law prepare all the document to ease the process and make the common agreement which includes negotiating statement agreed by both the parties.
Divorce Attorney is the highest paying legal profession when it comes to an annual income of $ 105, 500.
It seems to be very glad that you are moving with the new trend. I hope The Poor School Team has fulfilled your knowledge enthusiasm for the highest paying lawyers specialization. If you have any add-on for a particular topic, you are free to contact our team; we will see to it……