Where in Law do/can you make the most money?

[Patrician]

I have 4 questions,

1. Where in law do you make the most money? Which field?

2. How does the typical salary ladder look in NY on a major firm?

3. How does the typical salary ladder look in London on a major firm?

4. How does the typical salary ladder look in a major Chinese city on a major firm?

 

[DNW]

1. In the long run, I'd say corporate law, particularly M&A, makes the most money.

2. These numbers are based on a typical NYC BigLaw:

1st year: $160,000
2nd year: $170,000
3rd year: $185,000
4th year: $210,000
5th year: $230,000
6th year: $250,000
7th year: $265,000
8th year: $280,000

Why do you care?

 

[Patrician]

Originally Posted by DarkNWorn

1. In the long run, I'd say corporate law, particularly M&A, makes the most money.
2. These numbers are based on a typical NYC BigLaw:

1st year: $160,000
2nd year: $170,000
3rd year: $185,000
4th year: $210,000
5th year: $230,000
6th year: $250,000
7th year: $265,000
8th year: $280,000

Why do you care?
Murders & Executions you say. I thought so.

I want to study law and was interested in the differences in salary around the world.

When do bonuses pop up?

 

[DNW]

Originally Posted by Patrician

When do bonuses pop up?

When your firm makes a profit.

 

[SirSuturesALot]

How's the future of M&A law looking, given the new financial landscape?

 

[Patrician]

By the time I'm done in school we'll all be happy again.

 

[Lucky7]

Patrician,

You will most likely make the most money doing something you enjoy/excel in. While I was an intern at a firm that mostly did trial law I did not enjoy myself. After that, I went to a firm that specialized in land use/acquisition and enjoyed it. Money is not everything, you have to be happy what you're doing. If you do what you love, and are good at it the money will follow.

 

[bluemagic]

Are you looking for a safe, decent salary? Go government.
Are you looking for a somewhat safe, good salary? Go BIGLAW.
Are you looking for riches? Become a plaintiff's attorney and win a big case.

 

[Patrician]

Originally Posted by Lucky7

Patrician,

You will most likely make the most money doing something you enjoy/excel in. While I was an intern at a firm that mostly did trial law I did not enjoy myself. After that, I went to a firm that specialized in land use/acquisition and enjoyed it. Money is not everything, you have to be happy what you're doing. If you do what you love, and are good at it the money will follow.

Lucky me then, I'm into M&A, well by the looks of it. Btw, could someone in a very short fashion describe exactly what an attorney/lawyer does in M&A? May be considered a stupid Q but what the heck, I need to know

And yeah, what's BIGLAW? A normal private firm?

 

[romafan]

well, the biggest $$$$ earners are generally plaintiffs' trail lawyers who develop a lucarative 'niche' or specialty. Just don't end up in jail (jk)....

 

[crazyquik]

Originally Posted by Patrician

I have 4 questions,

1. Where in law do you make the most money? Which field?

2. How does the typical salary ladder look in NY on a major firm?

3. How does the typical salary ladder look in London on a major firm?

4. How does the typical salary ladder look in a major Chinese city on a major firm?

If you kick ass, you'll earn your fee.

You make money in business by buying low and selling high. Since in the law, you generally sell your time, you need to work on contingency to make an outsized amount of money. That means you are sharing (or taking all) of the risk for an event. If it falls thru you make nothing, if it works out you make a bank.

You can work out contingency fee arrangements for both litigation and transactional work. You've just got to be willing to do a half-years work and not get paid for anything to make it work out.

If you are a plaintiff's lawyer, that means that all or part of your fee is depending on winning. This could be working as a 'sore back' lawyer, or bringing patent infringment charges against Bratz dolls or Research In Motion, the maker of Blackberry devices. Anti-trust lawyers are also often paid on contingency, since a prevailing plaintiff is award three-times the actual damages. In commercial civil litigation between two businesses, where one is accused of breaching a contract, often the work is done on contingency as a percentage of the contract.

Transactional lawyers can also negotiate alternate contingency fees; such as a % of their compensation is dependant on a successful takeover, or they get to retain a % of the money saved.

Otherwise you're just selling your time, like every other lawyer out there. Then it just becomes a question of who can work the most hours.

Finally, at the 'upper levels' of 'how much can I make' it often depends on how big is your book of business. If you are just a service partner, in today's market you would probably max out in the 400-600k range. If you are an equity partner and you can make it rain (i.e. when you leave the firm, the clients travel with you to the new firm) then you can command much higher compensation.

 

[dfagdfsh]

I have an uncle who is a patent lawyer with a master's in chemisty and he's turning away work right now

 

[crazyquik]

BIGlaw, as used on the internet, is a loose term that probably includes all of the AmLaw 200, the firms with the 200 highest gross revenues. Often these 200 firms are then re-ranked by average profits per partner.

Of course, there are plenty of 5 man plaintiff's firms that make as much money per partner as AmLaw200 firms. But for every small plaintiff's firm that is pulling in 13 million dollar settlements and verdicts left and right, there are plenty of struggling small solo practioners and plaintiffs firms.

M&A will never be as heady as it was two years ago, because there is not as much cheap money and leverage sloshing around. In the shorter term, commercial bankruptcy is going to be busy, but you can never lead the market for bonuses from commercial bankruptcy. Because, well, that would just look bad. M&A lawyers spend a lot of drudgery writing up 100+ page contracts, and then occasionally they try and find loopholes to get out of them. Its much less glamourous than it sounds. IF you make partner, then you'll get to actually advise your client on potential mergers, instead of being locked in the basement doing due dilligence on the ownership of a mine in Peru.

There are a few plaintiff's firms that specialize in lawsuits on behalf of shareholders, and they will be doing a busy business over the next few years.

 

[RedLantern]

Originally Posted by Patrician

Lucky me then, I'm into M&A, well by the looks of it. Btw, could someone in a very short fashion describe exactly what an attorney/lawyer does in M&A? May be considered a stupid Q but what the heck, I need to know

And yeah, what's BIGLAW? A normal private firm?


GTFO. If you want to make bank just become "The King of Torts."

 

[teddieriley]

I have 4 questions,

1. Where in law do you make the most money? Which field?
1. Plaintiff's attorney working on contigency basis and getting a huge settlement (class action comes to mind).
2. Partner at a prestigious law firm with a significant number of equity shares - anywhere from $1 - 4 million/year.
3. In-house counsel where you are entitled to a significant number of shares of stock where the value is 50x your strike price.

2. How does the typical salary ladder look in NY on a major firm?
Lock-step, starting at 160K for 1st years up to $225-$250K for senior counsel, not including bonuses.

No clue about the other two questions.