|
For years, lawyer salary information has been suspect. Not all law students find legal jobs after they graduate. They may have to start law practices, if they pass the bar. Starting any business is difficult and it is especially difficult for lawyers. They don't make much and they usually don't respond to law school surveys asking for salary information. That's fine with the law schools because they want to tell prospective students their graduates received high salaries. The $125,000 salaries cited in your link, typically go to lawyers joining medium to large law firms. Probably not more than 5 to 10 percent of the students at average law schools begin working at large law firms. (It also seems strange that $125,000 would be such a common number among law schools.)
Salary information for attorneys practicing for five, ten or more years is also difficult to rely upon. By this time, many of the attorneys are owners of the firm. They no longer receive a salary. Their compensation is based on billings. They pay the full share of social security taxes (instead of half that employees of corporations, etc. pay). They pay their own benefits such as health care and retirement. They pay overhead such as support staff and taxes. An attorney who has annual billing revenue of $125,000 would be lucky to have the salary equivalent of about half that.
In short, if you want to be a lawyer because of the money, you are going into the wrong business.
|