Myth: All Lawyers Are Rich

Hollywood often glamorizes lawyers as slick, well-dressed, and wealthy. But before you take the LSATs and try to live out your Legally Blonde fantasy, let’s take a closer look at the reality. The legal profession in the United States is characterized by a striking bimodal salary distribution for new lawyers, revealing a stark divide within the industry. This means some lawyers are quite rich, while others are far from it.

The lower peak of this distribution, ranging from $40,000 to $75,000, accounts for about half of the reported salaries for new lawyers. These salaries typically represent positions in public interest law, government roles, or smaller private practices. Good luck paying off $200,000 in student debt on that salary.

The higher peak, which starts at $215,000 for a first-year lawyer as of 2024, represents around 10-20% of reported salaries. This peak is associated with “Big Law” positions—the large, New York-based corporate law firms that demand 50-80 hours a week and slowly drain your soul.

The overall average salary might seem to hover a little over $100,000, which sounds great. However, only a small number of jobs actually land in this 100k region, with the average being skewed by the extremes at both ends. This salary distribution is an important factor in career planning, financial decisions, law school enrollment, and the perceived value of a law degree. It also raises concerns about access to justice and diversity within the legal profession.

While starting salaries show a clear bimodal distribution, career trajectories can vary greatly over time. Some law graduates pursue alternative careers that leverage their legal education, providing a middle ground in the salary distribution. Others transition between high-paying and more fulfilling roles, and the distribution also varies by region.

For Big Law partners at the largest firms—reached after about 8-10 years of superstar-level practice—earnings can be very secretive. When you first make partner, you’re likely making around a million dollars a year. If you bring in a lot of clients and have more equity in the firm, your earnings can rise to $5-10 million. And if you’re a “rainmaker” with a vast client base, it can go even higher, ranging from $10-30 million or more.

But here’s another secret: The richest lawyers aren’t the Big Law partners. They’re the plaintiff’s bar—the personal injury and class action lawyers. Joe Jamail, often referred to as the “King of Torts,” had an estimated net worth of $1.7 billion at the time of his death.

So, we’ve explored the myth that all lawyers are rich, and this myth is… plausible.