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Fri 28 Mar, 2008 09:06 pm
Why do many lawyers earn such high pay? Today's New York Times includes an article about the governor of Puerto Rico hiring a $700/hour lawyer and needing to set up a fund to help pay his legal costs.
Does a lawyer's work require so much more skill than that of other responsible jobs?
Having a law degree doesn't guarantee sh!t when it comes to pay.
I'm friends with three attorneys.
One is 32, just breaking 70K a year, and started at around 40K out of law school.
The other started out as a high school teacher, and now has some admin city-type job, I don't know what he makes, but he bitches that he makes less than his wife, who's a nurse, so let's call that under 70-80K...same age as above.
The third doesn't talk about income, is the same age, and drives an absolute sh!tbox(not that necessarily means anything). So no clue there, but I don't get the feeling he's knocking the cover off the ball.
I don't think a large % of lawyers are getting paid stupid money. The ones that are, probably earned it, either through career path or going to a prestigious school.
Re: High Pay for Lawyers
gollum wrote:Does a lawyer's work require so much more skill than that of other responsible jobs?
Maybe not. But, much like a heart surgeon, when you are in trouble and want to get your butt out of it you want the best person for the job and you'll willing pay whatever they ask if you think they can pull it off.
Vila is facing 10 years in prison and hundreds of thousand of dollars in fines on corruption charges. If a lawyer can get him off the charges at $700/hr. it'll still save him a bundle.
What they said.
My first law job (in Long Island, 1986), I made $21k/year. And that was the better offer. I also received an offer to work for $11k/year.
I never made more than $40k/year as an attorney although I did quit practicing in 1990.
It does depend on the specialty. Torts lawyers (like I was) are a dime a dozen. Patent attorneys are a lot rarer, and make more, etc.
High Pay for Lawyers
Criminal Defense Lawyers?
Well, when you're on trial for your life, it's worth everything you've got. Somebody famous said that.
Think of price as being a method of rationing services. Everybody wants the best. There are only so many that can be considered the best. It becomes a supply and demand situation.
What's a public defender make? I'd guess 100k? But that's not a first job out of school.
I know someone who's finishing law school that's probably over-estimating their possible income right now, but I'm sure a lot of people that become lawyers do it for more reasons than just $$. It's a great degree in an interesting & diverse(wide-open) field. It's like doctors, you don't do it for the $$....surgeons have a 5 year residency plus 2 years of working in a fellowship, so 4 years(med school) + 5 + 2 = 11 years before you're making "doctor" money.
Well I would have considered becoming a doctor or a lawyer, then I realized I'm too retarded.