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lawyer texas
For lawyers who wish to work independently, establishing a new practice will probably be easiest in small towns and expanding suburban areas. In such communities, competition from larger, established law firms is likely to be less keen than in big cities, and new lawyers may find it easier to become known to potential clients.
Some lawyers are adversely affected by cyclical swings in the economy. During recessions, demand declines for some discretionary legal services, such as planning estates, drafting wills, and handling real estate transactions. Also, corporations are less likely to litigate cases when declining sales and profits result in budgetary restrictions. Some corporations and law firms will not hire new attorneys until business improves, and these establishments may even cut staff to contain costs. Several factors, however, mitigate the overall impact of recessions on lawyers; during recessions, for example, individuals and corporations face other legal problems, such as bankruptcies, foreclosures, and divorces requiring legal action.
In May 2004, the median annual earnings of all lawyers were $94,930. The middle half of the occupation earned between $64,620 and $143,620. Median annual earnings in the industries employing the largest numbers of lawyers in May 2004 were as follows:
Management of companies and enterprises
$126,250
Federal Government
108,090
Legal services
99,580
Local government
73,410
State government
70,280
Median salaries of lawyers 9 months after graduation from law school in 2004 varied by type of work, as indicated in table 1.
Salaries of experienced attorneys vary widely according to the type, size, and location of their employer. Lawyers who own their own practices usually earn less than those who are partners in law firms. Lawyers starting their own practice may need to work part time in other occupations to supplement their income until their practice is well established.
Most salaried lawyers are provided health and life insurance, and contributions are made to retirement plans on their behalf. Lawyers who practice independently are covered only if they arrange and pay for such benefits themselves.
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