Top 6 Most Profitable Practice Areas of Law
The legal industry is amongst the widest and rapidly growing disciplines giving away financial sustainability, and there is no denying of the fact that every aspirant who is gearing up to pursue a career in law practice at some point wondering which areas of law practice are best paid. Although stressful and challenging, the demand for legal practitioners is skyrocketing, giving them a chance to meet new demands in a variety of industries. If you are interested in pursuing a career in law, consider exploring the below practice areas (listed in no particular order).
1. Cybersecurity Attorney
Digital privacy, internet access, and inalienable rights are just a few of the concerns that interest lawyers who have expertise in cybersecurity. The position requires a lot of work, and the salary is dependent on several factors, including education level, aptitude, and experience. The average annual pay in the US for a cyber-attorney is $107,407.
2. Health Lawyers
A healthcare lawyer can make a median salary of $122,960 and guide hospitals, health practitioners, pharmaceutical industries, insurers, and any other provider of healthcare on all issues afflicted by health care legislation, including licenses, reimbursements, risk mitigation, malpractice litigation, and typical management problems.
3. Intellectual Property Lawyer
A lawyer who handles intellectual property law, ensuring that businesses and people have ownership rights over their developed or invented works, is known as an IP attorney. The average pay might reach $193,500 per year, and they must get some certifications before practicing.
4. Judge
A judge, who bears the ultimate legislative authority, should consider all the facts and render a fair, neutral, and unbiased decision. The pay for judges largely depends on their specialization, qualifications, experience, schooling, credentials, and other parameters. The pay scales vary according to the type of judge, according to the U.S. Department of Labor. While the Chief Justice of the U.S. Supreme Court makes $267,000 a year, judges with restricted powers, like magistrates, typically make the least money.
5. Law School Professors
A law school professor, as a qualified attorney, teaches students about the law, its principles, and how to apply them in practical situations. The average yearly salary for professors working at private universities, community colleges, or private law schools might reach $122,174.
6. Tax Attorneys
Tax lawyers get even more in-demand expertise and marketable abilities as they take an active role in comprehending and dealing with the intricate state of tax rules and lawfully incorporate the various deductions, credits, and exemptions by serving as in-house lawyers for individuals, corporate entities, or the government. They also deal with tax disputes and support individuals or the financial stability of organizations and make roughly $120,910 per year.
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