The top 10% of lawyers make what? Are they out of this world in salary? Or is it an unsightly half-hearted attempt at the wealth that’ll lead you to bankruptcy in the blink of an eye with a high salary? This article will help you understand how much money the best lawyers make by crunching stats from surveys and studies.
The top 10% of lawyers in the United States make around $350,000 per year. The top 1% of attorneys make more than $1 million annually. Is that what you expected? Do you feel like this is a surprising income number? Or maybe you see it as a sign that you need to be working hard and doing whatever it takes to join this elite group (or at least achieve your goals within the top 100% of earners).
How much do the top 10% of lawyers make?
The top 10% of the legal profession are the best lawyers in the world. They have a great command over their areas of practice and are able to handle any case with ease.
The average salary of these top lawyers is $1 million per year, with some making up to $2 million. But that’s not all! The average bonus for this group is $100,000 as well as a car provided by the law firm.
It’s not all about money though, as these top attorneys also receive perks like a free gym membership, free travel, and many more benefits that make it worth working for them!
The top 10% of lawyers make $2.1 million, according to the National Association for Law Placement. The median pay for a lawyer who has been practicing for less than five years is $160,000.
The vast majority of lawyers are self-employed and work on a contingency basis. Contingency means that they collect a fee only if they win your case or collect a fee only if they do not have to pay it back.
The top 10% of lawyers make more than double the median. But not all top firms pay the same. The median salary for lawyers in the top 10% of firms is $194,000, compared to $179,000 for those in the bottom 10%. The difference owes to differences in firm size and average deals.
Firms in the top 10% have an average deal size of $13 million, compared to $8 million for firms in the bottom 10%. This suggests that they are more likely to work on high-value deals that can justify higher pay.
The median salary for lawyers who work at firms with fewer than 100 employees is $167,000, compared to $179,000 for those who work at large firms. Smaller firms also tend to offer lower salaries than larger ones do.
In other words, the top 10% of lawyers in the U.S. are making an average of $209,500, which breaks down to about $108 per hour (assuming 50 weeks a year). And that’s for all hours worked, not just billable hours. If we were to take out the bottom 90%, things would shift dramatically; that said, I don’t know how many people were shocked by these numbers anyway.
The typical salary for the top 10% of income-earners is about $4,000,000 (the upper end of the 1% club, if you will). By comparison, the average annual salary for family lawyers from all income levels is around $115,000. The bottom line: don’t go into family law for the money.