In 2018, the median salary for lawyers was $120,910, with about 25% of some of the best-paid lawyers making up to $182,490.
Lawyers are some of the highest-paid professionals. With the financial investment and commitment to become a lawyer, the returns are only fair.
Besides the high salary, there are several benefits of becoming a lawyer.
If you’ve been thinking of pursuing this career, the advantages of being a lawyer will interest you. Keep reading to know some of the financial perks of becoming a lawyer.
1. High Income
Becoming a lawyer isn’t often about money. In fact, you might never become a renowned lawyer if your primary motivation is money. Passion is the driving force for lawyers.
However, high income is one of the motivating factors that make lawyers seek to grow.
With the median salary for lawyers in 2018 being $120,910, lawyers are some of the professionals with the highest wages in the United States. Some of the top attorneys in the world make millions of dollars annually.
It is important to note that the lawyers’ income isn’t standard. The salaries depend on the experience level of a lawyer, the geographic region, and the size of the employer.
Lawyers working in large firms or specialties deemed as high-demand have some of the highest salaries.
2. Loans for Lawyers
A significant number of lawyers fall under the category of self-employment, meaning that they don’t have a fixed or consistent monthly income. So, most of the traditional lenders, such as banks, are not keen on extending loans to lawyers regardless of the robust income.
Lawyers have several professional and personal needs that would require a financial boost.
Fortunately, several programs are available to provide loans for lawyers. These professionals can get home loans for lawyers with friendly terms.
Lenders consider lawyers to be low-risk, which influences the terms such as the interest rates and repayments. Attorneys are further subject to waivers even on mortgages.
What’s more, they can borrow a high amount without any hurdles.
3. Discounts and Offers for ABA Members
ABA membership gives you access to exclusive perks, deals, and discounts.
As a lawyer with ABA membership, you can save up to 40% of preferred hotels around the world. The ABA Preferred Rate Hotel programs make ABA members eligible for negotiated rates in several luxury hotels across the globe.
Members further benefit from the discounts on car rental and negotiated airfare. The American Bar Association works with companies such as Thrifty Car Rental, Hertz, and Egencia to get exclusive transport discounts.
With such financial perks, becoming a lawyer pays you well and reduces your expenses significantly.
If you’re a lawyer, buying some of the famous brands through your ABA membership will guarantee you exceptional deals. The list of discounted products is inexhaustible.
When shopping for services or some products, check to see if they are under the ABA membership.
4. ABA Retirement Plan
The retirement plan is one of the ABA member benefits that apply only to the legal community.
It delivers low-cost and high-quality retirement plans.
With this program, you can invest in the 401(k) retirement plan, which will secure your future.
The ABA retirement program allows you to save money as a solo practitioner or a law firm.
The plan enables management of tax reporting, compliance testing, and management of record-keeping from a single source.
Through the years, you’ll realize the invaluable benefits that you gain from ABA membership.
With the ABA retirement program, administering the retirement plan will be simple. Besides, the program will allow you to manage the liability of your law firm through a fiduciary oversight.
5. Concierge Services
In most large firms, lawyers work for 60 to 70 hours a week despite billing up to 50 hours.
In most cases, becoming a lawyer means long working hours, burnout, and missed family vacations. Fortunately, big firms are signing up lawyers for concierge services, which helps save time and money.
Concierge services are like a personal valet for lawyers. The concierges help lawyers to pick relevant tickets, take cars to a repair, and run dry cleaning errands, among other services. You don’t have to leave your office during peak hours to book a train.
With these perks, lawyers can have more free time. They can strategize on how to close more businesses and spend time with family.
Concierges are available 24/7, which means that lawyers are not limited based on their working hours.
6. Alternative Work Schedules
Traditionally, lawyers have been working for long hours, making it hard to have a work-life balance.
Firms are increasingly recognizing this dilemma faced by most lawyers. These companies are facilitating alternative work schedules as a valuable option for lawyers.
With alternative work schedules, lawyers don’t have to spend many hours at work, meaning that a lawyer will balance professional and personal responsibilities.
With this work schedule, a lawyer can work in a firm and still engage in solo practice.
The alternative work schedule can be a full time where a lawyer has flexible working hours, work at home arrangement, or a compressed workweek.
Conversely, the option can involve part-time working, where a lawyer deals with specified cases or job sharing. This approach to operation reduces employee turnover and increases productivity among lawyers.
7. Career Longevity
When you decide to become a lawyer, you’re sure that you will still be banking some dollars even at old age.
Law is a cerebral work, which isn’t limited to the physical ability of an individual. As such, many lawyers work well, even beyond their retirement age.
With more years, lawyers boast of more experience. Therefore, you can choose to work from home or any other remote location as you provide various legal services.
It wouldn’t be surprising to see most people preferring to work with a seemingly older lawyer due to the perceived experience.
The Financial Benefits of Becoming a Lawyer are Enticing
Besides the prestigious nature of a career in law, becoming a lawyer has several perks that most people don’t know.
From a high income to several ABA membership benefits, lawyers can have a fulfilling career because of the additional benefits they get.
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