Salary and Career Info for Estate Lawyers
Estate attorneys work with their clients to determine how their assets should be transferred after they die. The process involves an understanding of state and federal tax laws, property, real estate, trusts and wills.
An attorney's income generally reflects experience, the size of the legal firm he or she works for and the location of the practice. No specific salary information is readily available for estate attorneys, however, the median yearly salary of lawyers was $113,530 in May 2012, according to the U.S. Bureau of Labor Statistics (www.bls.gov).
A first-year attorney's median salary ranged from $50,000 in the smallest firms to $160,000 in firms of 501 or more attorneys, according to January 2013 data from the National Association of Law Placement (www.nalp.org). The median salary for all first-year full-time lawyers who had graduated in 2011 was $60,000. PayScale.com reported that lawyers with five to nine years of experience earned salaries ranging from $54,437 to $142,667 in October 2013.
Estate attorneys interested in practicing with public interest organizations will earn significantly less. The median income for entry-level public interest work was $45,000 for law school graduates from the class of 2011, according to NALP.
Lawyers who plan to start their own practice typically earn less than their counterparts in law firms. The economy can have a direct effect on business, particularly estate attorneys. In tough times, people may forgo seeking legal advice for drafting of wills and planning estates. That cycle can affect an attorney's income.
After high school, those planning to become an estate attorney need around seven additional years of education. Aspiring attorneys must earn a bachelor's degree (which takes about four years, depending on the discipline) and another three years of law school. They must pass the bar examination in order to practice law in their state.
Law students generally spend their first year learning the fundamentals of the law. In the second and third years, they have more latitude to choose their coursework. Estate law classes include topics like asset management, estate planning, family law, taxation, real estate law, and trusts. Students can also participate in internships and law clinics specializing in estates, which earn them credits while allowing them to work with actual clients.
Some law school graduates and even practicing attorneys may decide they want more education and training. Many law schools offer certificates or master's of law degrees (LLM) in estate planning or the broader topic of taxation. Students can expect to take one to two years of additional coursework, depending on the program and the subject.
In the decade from 2010 to 2020, employment of attorneys is expected to increase by 10%, according to the U.S. Bureau of Labor Statistics. The growth will be tempered by keen competition because of the increasing numbers of law school graduates annually (www.bls.gov).
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