Medical lawyers often earn the highest annual salary. This type of lawyer provides their clients with a variety of legal advice and services related to medical law. As you can see, there is a wide variation in the average salary per practice area, especially as you get to the middle of the list. The highest-paid lawyers earn much more on average than lower salaries.
For example, intellectual property lawyers have a higher than average annual salary. On the other hand, an immigration lawyer has a salary at the bottom. Quality of life isn't nice for big lawyers, but that's why they get paid “a lot of money”. As you can see, the disparity there is greater than the average salary between a patent lawyer and a divorce lawyer.
A lawyer who knows they are going to work in the public service or going into a lower-compensated field of law should explore federal loans. You don't need to be a doctor to qualify. Many lenders are expanding their mortgage loan programs for doctors to include lawyers. When you think of medical lawyers, malpractice immediately comes to mind, but these lawyers also deal with other areas of health care and personal injury law.
Protecting new advances in technology, science and art is therefore a top priority for many companies, creating a considerable need for intellectual property lawyers with specializations in those fields. As in most cases, lawyers working for nonprofits or the government tend to earn the least, while their colleagues in large law firms earn the most. Corporate lawyers, criminal defense attorneys, and attorneys representing clients who engage in lawsuit abuse by filing frivolous lawsuits. Such broad employment requirements mean that corporate lawyers must specialize in many different aspects of the law.
The good news is that lawyers can build their student loan repayment strategy around their chosen field of law. Attorneys who go to one of the top 25 law schools, plan to enter a high-paying legal field or practice, or won't work for an employer who qualifies for the PSLF, such as the government or a non-profit organization, may want to explore this option. The strict patent application process can be difficult even for experienced intellectual property lawyers, so competition for the best and most experienced intellectual property lawyers is high. The lawyer would first make sure to have federal student loans from the Direct Loan Program, then choose an income-based repayment plan and work full time for an employer who qualifies for the PSLF.
I come from a family full of lawyers and judges and most of us have done well, but in no way are we considered rich. He was one of the lawyers in charge of a class action lawsuit against New York Life Insurance and AXA, securing important settlements on behalf of Armenians for unpaid life insurance policies issued during the time of the Armenian genocide. More than 30 of his clients, including The Rolling Stones, Aerosmith, ZZ Top, Fleetwood Mac and The Doors, are in the Rock and Roll Hall of Fame more than any other entertainment lawyer. This type of lawyer represents a company that deals with federal, state, or even local tax agencies.
Again, private loans should be avoided if the PSLF is on the cards or if a lawyer believes you will graduate with double your income (or more) in law school student loans.