When it comes to procuring legal services, many businesses and individuals opt for a contracting lawyer rather than a full-time law firm. This decision is typically based on cost savings and flexibility.
But what is the typical salary of a contracting lawyer, and what factors influence pay rates?
Contracting lawyers are self-employed legal professionals who provide their services on a contract basis. As such, their rates vary widely depending on a number of factors such as experience, location, and area of specialization.
According to the Bureau of Labor Statistics, the median hourly wage for lawyers in the United States in 2020 was $70.87. However, this figure is likely higher for contracting lawyers who have specialized knowledge and expertise in their respective fields.
In terms of experience, it`s common for contracting lawyers to have worked as associates or partners in law firms before branching out on their own. These individuals typically command higher rates than those who are just starting out in their legal careers.
Location is another key factor that affects contracting lawyer salaries. Rates vary depending on the cost of living in different regions. For instance, a contracting lawyer working in a major city like New York or Los Angeles will likely have higher rates than one working in a smaller town.
Lastly, area of specialization is a significant determinant of contracting lawyer pay rates. Lawyers who specialize in highly complex and technical areas of law, such as intellectual property or tax law, can command significantly higher rates than lawyers who provide more general legal services.
In summary, contracting lawyers` salaries are as variable as their clients and services. The best way to determine the salary range that is specific to your needs is to research rates in your area and consider hiring a freelance legal professional with experience in your legal area. Whatever the cost, contracting a reputable lawyer can pay off in the long run by avoiding costly legal problems and gaining peace of mind.