Law school graduates have the potential to make six-figure salaries.
It's no secret that a typical three-year stay at a law school doesn't come with a small price tag. Although the lawyers' ability to earn high salaries has been the stuff of legend among laymen, this ability is stimulated by a healthy amount of student loans. Although law schools' price tags scare away many potential lawyers before they apply for admission, holding a juris doctorate opens doors to high-paying jobs.
Average Attorney Salaries
Many students in law school ultimately plan to practice law in a courtroom setting or as a full-time contract lawyer. Those that use their J.D. to leverage a position as a lawyer earn median wages of $113,240 as of May 2009, according to the Bureau of Labor Statistics' Occupational Outlook Handbook. Half of all practicing lawyers earn salaries between $74,980 and $163,320, as of May 2008, according to the Handbook.
Law Clerk Salaries
Rather than immediately joining the ranks of practicing lawyers, many law school graduates choose to work as law clerks, or research assistants, in aid of federal judges. The average salary for these positions is much lower than the average of lawyers' earnings, at $37,552 annually, as of December 2010, according to CB Salary. Research attorneys learn the intricacies of law at a judge's side, developing knowledge and networking. Upon leaving work as a law clerk, these graduates typically field offers from the largest firms in their area, according to Duke University.
Entry-Level and Non-Law Earnings
Holders of a J.D. may expect an average salary of $56,957 the year after they leave college, as of December 2010, according to PayScale. This figure represents all holders of juris doctorate degrees, whether they're cleared to practice law by their state's bar association or simply using their law degree outside of the profession. With five to nine years of experience in their field, all J.D. holders earn average salaries of $89,590. Those actively practicing law are likely to earn more than these broad, median figures.
By Region
A law school graduate can increase his earning potential by relocating to an area known for paying lawyers higher than average. Lawyers in the District of Columbia earn the highest average annual salaries of all practicing lawyers, with average yearly earnings of $156,750, as of May 2009, according to the Bureau of Labor Statistics Occupational Outlook Handbook. Lawyers who practice in New York, Delaware and California also earn average salaries of above $150,000 yearly.
Tags: practicing lawyers, 2009 according, 2009 according Bureau, 2010 according, according Bureau, according Bureau Labor, average salaries