Many assume that all attorneys are wealthy. Some lawyers indeed earn large incomes. However, others make modest salaries.

The factors that influence how much money an attorney earns are wide-ranging. One factor that may influence how wealthy a lawyer can be is the area of law they specialize in. 

For example, the following types of lawyers tend to make more than others:

Corporate Law Attorneys

Corporate lawyers help businesses grow and manage their companies. They may operate as in-house counsel, but this is not always the case. Their duties may involve assisting in the development of employment contracts, facilitating mergers, etc. Research indicates that as of this writing, the salary of a corporate lawyer is typically between $92,727 and $116,104.

Tax Attorneys

Tax attorneys can work with individuals to simplify what can be a complicated matter. However, like corporate lawyers, tax attorneys generally work with businesses. 

Tax attorneys may handle such tasks as preparing legal documents in an effort to minimize a client’s tax burden. Data from the Bureau of Labor Statistics indicates the median salary for a tax attorney may be slightly over $120,000.

Bankruptcy Lawyers

Bankruptcy lawyers can help clients avoid bankruptcy by negotiating with creditors. When this is not an option, they can assist clients who are filing for bankruptcy by preparing documents, gathering evidence to prove they qualify for bankruptcy, and helping them avoid errors in their filings. The average salary for a bankruptcy lawyer is approximately $113,000.

Personal Injury Lawyers

Personal injury is a broad term that applies to many different types of cases. Personal injury lawyers generally help clients recover compensation for their medical bills and related losses after they have been injured.

For example, suppose you were injured in a slip and fall accident because a business owner failed to address a hazard on their property in a timely manner. In that case, you could pursue compensation by filing a claim to collect from their insurance. This does not guarantee an immediate payout. Because insurance companies often try to minimize how much they pay to claimants, it is wise in these circumstances to enlist the help of a personal injury attorney. They can provide assistance by investigating the accident, gathering evidence to prove negligence, completing and filing paperwork, and negotiating with an insurer for a fair settlement.

Most personal injury attorneys charge clients using the contingency fee approach. That means they do not charge any legal fees unless they recover compensation for a client. A personal injury lawyer’s fee will usually be a percentage of the compensation they recover. Thus, the amount of money a personal injury lawyer may earn on an annual basis can vary depending on their success rate.

Medical Malpractice Lawyers

Medical malpractice overlaps with personal injury law. If a patient is injured because of a medical error, a medical malpractice attorney can help them seek compensation from the medical provider or hospital.

Proving negligence in medical malpractice cases can be challenging. It is often extremely important that claimants seek the assistance of experienced attorneys when pursuing compensation for their losses.

However, medical malpractice lawyers and medical lawyers do not always have the exact same job. Medical lawyers tend to represent physicians, hospitals, and health care clinics. For example, health care providers must often interpret how new regulations apply to their practices. A medical lawyer can help them do so.

They can also provide representation in instances when a health care provider is the target of a lawsuit. Although salaries for medical lawyers can vary, they usually earn relatively high salaries compared to other types of attorneys.

Becoming an attorney requires years of study and consistent dedication to one’s clients. Lawyers who thrive usually are not in their profession solely for the money. Regardless of the area of law they practice, a successful attorney is typically passionate about delivering the quality representation their clients deserve.

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