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EXPECTATIONS OF LAWYER PAY VS. REALITY Everybody is aware that lawyers earn a solid living, which is one of the things that draws people to the profession and the reason why many people tend to view it as a primary career choice for those seeking financial security.

However, the majority of people are unaware of the typical salaries for lawyers, and depending on any preconceived conceptions you may have acquired, the gap between expectations and the actual scenario can be rather pronounced.

Here is a look at the facts to put an end to myths and misconceptions so that you can start along this particular path with all the knowledge you need.

IT MATTERS WHERE YOU STUDY The first thing to understand is that the school you attended will have a big impact on your potential earnings as a freshly licensed lawyer. This is due to the fact that the best law firms frequently only employ persons who have degrees from prestigious colleges, therefore the statistics are biased in their favor.

Of course, even among this select group, lawyer salaries vary ranges from $165,000 for Columbia Law School alums to $79,400 for students at the University of Houston Law Center, per a report by from Forbes .

Due to the current situation, you should unquestionably change your pay expectations based on the school you are accepted to. It is also important to keep in mind that although while your starting pay may be lower if you graduate from a lower-ranked university, you will still be able to make up for this with cheaper tuition costs.

Your pay check is impacted by your specialty. Another thing to keep in mind is that your specialty area of law will have a greater impact on your annual salary than your educational institution did.

The average starting salaries discussed thus far, for instance, were centered on corporate law employment, whereas those aspiring to become criminal lawyers can anticipate a lower median compensation of closer to $50,000 annually. Tax lawyers make an average annual salary of $100,000, with starting earnings that are half that amount.

Salary ranges of $70,000 to $90,000 can be anticipated if you want to work in real estate or family law. Of course, if you choose to work in the private sector rather than for a public institution, your pay package will be significantly larger.

There are many more areas to take into account, such as civil rights and personal injury law, although few professions have beginning wages of less than $50,000.

YOUR SALARY IS DETERMINED BY THE EMPLOYER YOU SELECT. The last point to consider regarding the reality of earning money as a lawyer is that you will be paid more if you land a job with a large firm than if you choose to work for a smaller company or even if you go it alone and run your own law office.

Although the true big players are few and far between, high-flying lawyers in the corporate sector can earn millions of dollars annually. Additionally, there is obviously a ton of competition in this field, so there is no assurance that you will even be able to get your foot in the door.

In the end, it’s critical to be realistic about your chances while you’re in law school and to be open to making concessions when it comes time to look for a job. You should be ready to confront the working world with confidence if you keep your cool.

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