<p>Fill me in</p>
<p>1) by working an enormous number of hours, and
2) by either working for clients who are able to pay a ridiculous amount of money per hour or working on contingency cases that they reasonably expect to pay off big amounts (ie - contingency – you get paid if your client wins – you get a % of what they win – involves the risk that the client won’t win).</p>
<p>i don’t know how you define “a lot” – but the lawyers who make the big bucks generally are doing the above. the earnings ultimately are coming from clients who are able to pay.</p>
<p>Not all lawyers make a lot of money. But those who do, usually do in 1 of 2 ways:</p>
<p>First, people are willing to pay a lot for legal services. If somebody is wiling to pay you $300 per hour to work for them, you can make a lot of money. You can make even more if you leverage yourself by hiring asociates.</p>
<p>Second, lawyers are permitted to charge contingency fees. So for example, if I represent somebody on a claim, and I convince the other side to pay us $20,000, I’ll make 6 or 7 thousand dollars. Even if it’s only a few hours of work.</p>
<p>Edited to add: Concur with bizymom.</p>
<p>I see, interesting…So I’ve been looking rankings of law firm online at <a href=“http://thevault.com/nr/lawrankings.jsp?law2007=2&ch_id=242&top100=1[/url]”>http://thevault.com/nr/lawrankings.jsp?law2007=2&ch_id=242&top100=1</a> </p>
<p>and I have noticed many American lawyers, who are hired by these US-based firms, are practicing in other countries. This confuses me because I have always been told that if one wants to practice law in a particular country, one must attend law school in that specific country in order to be admitted to that country’s BAR association. There are a few exceptions, however, with countries like the UK, HongKong, Australia, Canada and so on. ???</p>
<p>Also, what is more profitable, working in Biglaw with big firms or start a private practice?</p>
<p>Thanks!</p>
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<p>I think it depends on what you mean by “practicing law.” I have a buddy who is admitted to the DC bar who works in the London office of a US law firm. He works on US and international projects. But I doubt he would be permitted to appear in an English court.</p>
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<p>For most attorneys, working in Biglaw. Especially if they let you stay there (a lot of firms still have an “up or out” system)</p>
<p>Another way that lawyers can make a very nice amount of money involves leaping a number of hurdles, but can be well worth it financially.</p>
<ol>
<li> Start out at biglaw – work there for four to six years, develop a reputation for excellence.</li>
<li> Go in house at a solid Fortune 500 company with great financials and upstanding business practices.</li>
<li> Reap the rewards of working at that in house job, including salary (usually lower (sometimes substantially) than that found at biglaw), profit sharing bonuses, performance bonuses, stock options, discount stock purchase programs and other benefits like discounted fees at gyms, money towards the purchase of computer and home fitness equipment, discount car purchase programs, discount mortgage programs and pension programs among others.</li>
</ol>
<p>The difficulties in achieving number 1 have been often discussed in this forum and need no explaining here. As competitive as it is to achieve number 1, achieving number 2 is much more competitive and there are many fewer opportunties, particularly for anyone without a transactional/corporate, securities, IP/patent or ERISA/benefits/labor background.</p>
<p>The wealthiest lawyers I know represent plaintiffs. Peter Angelos - owner of the Orioles - is a great example. I defended cases against him when I was a lowly junior associate. He went from handling run of the mill “slip and fall” cases to striking it rich in the early 90s when the asbestos cases were consolidated. Some of the attorneys handling asbestos and pharmaceutical cases today are very wealthy. A friend of mine made his fortune handling lead paint cases. Plenty of the rainmaking partners in large firms make a ton of money - but not the kind of money that successful plaintiff representation garners.</p>