How much do lawyers earn?
Asking how much lawyers earn is a generally broad question, and the answer to that will depend from one lawyer to another. For instance, Negligent Security Lawyers will earn differently from criminal lawyers. Moreover, a lawyer’s salary will also vary with experience because a senior attorney wouldn’t be paid the same as someone who has just graduated from Law School. While an average lawyer is expected to make about $10,076, others make up to $30,000 a month. Well, they say if you want to know how you have to play the game and learn from inside.
Well, some of the ways in which lawyers get paid include but aren’t limited to, the following:
- Consultation fees
The first money that a lawyer will probably make once he gets to the office is the consultation fee. While not all kind of services will attract this kind of charge, a personal injury claim will need consultation fees. It is so because it takes a lot of time and resources to determine the viability of a personal injury claim success. Remember, most lawyers bill at an hourly rate, and if they decide to give one hour-free consultation, it will cost more money. Therefore, it makes sense if someone pays consultation fees for instances like brain injury compensation cases. Consultation fees will vary from one law firm to another.
- Contingency fees
Contingency fees will mostly attract compensation cases such as personal injury, car accidents, and investment fraud. In other words, a lawyer will prefer to apply a contingency fee is he is dealing with an insurance firm on your behalf. Moreover, a reasonable lawyer will always do due diligence to establish the odds of the case succeeding. If a lawyer takes on a claim on a contingency fee, then he is almost definitely bringing the victory to your side. The contingency fee will attract about 33% to 40% of the total expected amount. For instance, a personal injury claim arising from medical malpractice will attract a contingency fee.
- Flat fees
Flat fees are charges meted on cases that are often routine. For instance, a lawyer representing you in a criminal case or a traffic offense may charge you a flat fee. Another situation that may attract a flat fee includes divorce cases.
- Hourly and retainer fees
Lastly, another popular fee that most lawyers rake in millions of dollars through is the retainer fees. Mostly, retainer fees can operate in two ways. In the first instance, a lawyer may collect the fees every month through invoices. This instant is familiar with people who need the services of a lawyer frequently. In the other instance, a lawyer may decide to collect the retainer fee before representation and put it in a separate trust account. After that, he will be billing the client from that account by deducting the hourly rates accordingly. However, retainer fees aren’t that common, and they are mostly paid to commercial lawyers who need to handle several things for a single client for more prolonged periods like even ten years. A retainer fee can be as low as $500 or even $5,000 depending on the workload.
That is basically how lawyers make their money. Don’t forget that a brilliant lawyer always invests in businesses or any other profit-generating ventures. Lawyers aren’t average, and to maintain their social status, they have to work extremely hard!