What Are the Highest-Paid Types of Lawyers?

Muhammad Ramadan | December 27, 2024 | Chicago Personal Injury Blog

The Bureau of Labor Statistics reports that the median wage for lawyers in the United States as of May 2023 is $145,760. This means that half of all attorneys earned less than this amount while the other half earned more. Some lawyers earned much more than the median wage, commanding large six- or seven-figure salaries.

How much a lawyer makes is often related to what type of law they practice. Take a closer look at the types of lawyers who tend to earn the highest salaries. 

Top 4 Highest-Paid Lawyers By Practice Area

In recent years, the American Bar Association compared the salaries of attorneys in different practice areas. Four practice areas that saw the highest salaries included, in no particular order:

1. Medical Malpractice and Personal Injury Lawyers

Personal injury lawyers represent individuals who have been harmed by the negligent acts of others. For example, they assist people after car accidents and slips and falls. Medical malpractice attorneys focus on cases that involve the careless actions of doctors, hospitals, and other healthcare providers. 

Most of these lawyers work on a contingency fee basis, which means that their income is directly tied to the amount of compensation they can obtain for their clients. 

2. Corporate Lawyers

Corporations large and small need legal advice, and the lawyers who provide such advice to them can command a better-than-average salary. Issues that a corporate lawyer can assist with include business formation, contract disputes, and intellectual property (IP) matters. 

How much attorneys in this field can earn often depends on the size of the businesses they work with.

3. Bankruptcy Lawyers

Both individuals and corporations can seek relief from their debts through the U.S. Bankruptcy Code. Navigating this set of laws and procedures is complicated, and the attorneys who help people and businesses do so charge for their guidance. A bankruptcy lawyer can earn an especially high salary if they represent corporate clients.

4. Criminal Defense Lawyers

After being charged with a crime, some people will pay considerable amounts for attorneys to help get their charges reduced or dismissed. These attorneys may also take their clients’ cases to court when necessary and seek to obtain a not-guilty verdict for them. The skills of a criminal defense attorney greatly influence how high of a salary they can expect to earn.

Factors Determining a Lawyer’s Salary

While the type of law a particular attorney practices plays a role in how large their salary is, it is only one factor. 

Other things that can affect how much an attorney makes include:

• The jurisdiction in which the attorney practices
• How long the attorney has been licensed and in business
• The lawyer’s professional reputation and credentials
• Any specialized skills, education, or other degrees the lawyer possesses
• Whether the attorney litigates matters in court or is strictly transactional
• The environment in which a lawyer practices, whether in a large law firm, solo firm, or for a public entity

An attorney’s salary can also fluctuate with the needs of society. An attorney with skills that are in demand may be able to earn a higher salary than an attorney whose practice area is less commonly sought after at the moment.

Consider All Factors Before Hiring an Attorney in Chicago

It is not necessarily true that the attorneys who receive the highest salaries are the best in their fields. Nor does hiring the most expensive lawyer you can find guarantee you the outcome you desire. The cost of representation is only one of many factors you’ll need to consider before hiring a particular attorney’s services in Chicago.

The areas of law with the highest-paid attorneys reflect the current needs of society. As those needs change, you can expect to see the highest-paid types of attorneys shift as well.

Contact Our Chicago Personal Injury Law Firm For Help Today

If you’ve been injured in an accident in Chicago, Illinois, and need legal help, contact our experienced personal injury lawyers at Attorneys of Chicago Personal Injury Lawyers to schedule a free consultation today.

We proudly serve Cook County and its surrounding areas: