How Much Do Lawyers Make Per Month (2024)

Name: Average Monthly Wage for Lawyers in U.S. (1997-2023)
Creator: ConsumerShield Research Team
License: https://creativecommons.org/licenses/by-sa/4.0/

Discover how lawyer salaries have increased from 1997 to 2023, what factors affect their pay, and what to expect for future earnings.

Research Team

ConsumerShield

May 24, 2024 Read in 2 mins

Data

Average Monthly Wage for Lawyers in U.S. (1997-2023)

www.consumershield.com

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* The monthly wage was calculated by dividing the annual mean wage by 12 months.

Source: U.S. BUREAU OF LABOR STATISTICS

Research

Historical Overview of Lawyer Salary in U.S. per Month
Analysis of Salary Changes Over the Years
Recent Trends and Significant Increases
Key Factors Influencing Lawyer Monthly Salary Dynamics
Conclusion

Historical Overview of Lawyer Salary in U.S. per Month

Starting in 1997, lawyers earned an average monthly salary of $6,070. Over the years, lawyer monthly salary has steadily increased, reflecting broader economic trends, inflation, and changes within the legal sector itself. By 2023, this figure had more than doubled to $14,706 per month. Such growth points to the increasing complexity of legal services and the high level of expertise required in this field.

Analysis of Salary Changes Over the Years

From the late 1990s to the early 2000s, lawyer salary in U.S. per month increased significantly from $6,070 to $8,824. This rise was fueled by strong economic growth and a growing demand for legal services in areas like technology and corporate finance. Although the growth slowed down from 2003 to 2013, salaries still went up from $8,983 to $10,999 during this time, reflecting a more stable demand for legal services and economic adjustments.

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Recent Trends and Significant Increases

The biggest salary increases for lawyers happened in the last decade, especially after 2020. Salaries jumped from $12,409 in 2020 to $14,706 by 2023. This rise was due to inflation and the growing complexity of legal cases that need highly specialized skills.

Key Factors Influencing Lawyer Monthly Salary Dynamics

Several factors have influenced the salary trends of lawyers over the years:

Economic Conditions: The overall health of the economy directly affects lawyer salaries. When the economy is doing well, lawyers tend to earn more because there's a higher demand for legal services.
Studies and Experience: Lawyers with specialties in high-demand areas such as intellectual property, corporate law, and international law often command higher salaries due to their specialized knowledge and skills.
Geographical Variations: Lawyers in big cities or economic centers usually make more money than those in quieter, less busy areas. This difference is due to higher living costs and more businesses in these cities.

Conclusion

The steady increase in how much do lawyers make per month from 1997 to 2023 shows that law is a well-paying field that plays an important role in society. As legal issues become more complex, there's a growing need for skilled lawyers, which could lead to even higher salaries. For anyone in the legal field or thinking about a career in law, these trends highlight the need for ongoing learning and specializing in specific areas.