What kind of lawyers make the most money? Forum

[reese23]

I'm sure everyone's answer will be different. If you get into a biglaw firm, you might start out making 160k per year and then over a million per when you make partner. However, the three lawyers that I know whom make the most money are all product liability/personal injury lawyers. One just made 2.3 million this month on a personal injury case that was settled and another just made 12 million on a product liability/injury case that was settled last year.

[Kiersten1985]

It has little to do with what area you practice in. What matters is that you're the best in that area.

[Kohinoor]

I'm sure everyone's answer will be different. If you get into a biglaw firm, you might start out making 160k per year and then over a million per when you make partner. However, the three lawyers that I know whom make the most money are all product liability/personal injury lawyers. One just made 2.3 million this month on a personal injury case that was settled and another just made 12 million on a product liability/injury case that was settled last year.

Did that money go to them or the firm?

[BlueCivic]

I think public defenders

[biggamejames]

The kind that start their own businesses.

[UFMatt]

Intellectual property, but not everyone is qualified to sit for the patent bar (you need a technical background).

[Scurredsitless1]

Intellectual property.

Can you back that up? When talking the MOST money, I just don't think that can be...

[CE2JD]

Intellectual property

This is 100% false.

[MC Southstar]

Also, IP claim was false.

[dextermorgan]

Personal Injury.

Well, they can.

[CE2JD]

Actually, if you're talking about biglaw jobs, transactional IP lawyers probably make the LEAST.

[BriaTharen]

Intellectual property

This is 100% false.

I think he was talking more about the patents than the full scope of intellectual property. Patents do make a considerable amount of money due to the high demand.

[CE2JD]

Intellectual property

This is 100% false.

I think he was talking more about the patents than the full scope of intellectual property. Patents do make a considerable amount of money due to the high demand.

No. Patent litigation CAN be very lucrative. Transactional IP billing rates have gone down significantly over the past 10 years.

[Georgiana]

Intellectual property

This is 100% false.

I think he was talking more about the patents than the full scope of intellectual property. Patents do make a considerable amount of money due to the high demand.

No. Patent litigation CAN be very lucrative. Transactional IP billing hours have gone down significantly over the past 10 years.

This is credited.

Patent prosecution is becoming less about billable hours and more about flat rate so hours are going down.

IP lit is just like anything else in Biglaw it depends on the firm, your class year, and your billable hours/ability to bring in clients.

[GATORTIM]

very good ones

[Hattori Hanzo]

Sell outs who are good at what they do.

[reese23]

IP lawyers make great money starting out - around 180k b/c there currently is a shortage of IP lawyers.

The lawyers I mentioned both had their own practice. Basically both hung their own shingle after law school - like most personal injury or product liability attorneys do. Doesn't really matter what law school you attend, how you do in law school, etc. You just need to be good and get a few big cases.

The guy who made 2.3 million was 43 years old and this was his first HUGE payday case. Old lady was hit by a City bus and he settled fast for 7 million, receiving approx 30% to himself.

The one who made 11.7 million (large 40 mill settlement) on one case sued Mattel (toy maker) - kids ingesting magnets from dolls.

[UFMatt]

Also, IP claim was false.

I hope that doesn't make me Mark Fuhrman.

I'll agree that IP isn't the MOST lucrative, but I'd wager it is ONE of the most lucrative. I'm sure corporate lawyers and the like also are very well paid too. I had just wanted to throw it out there considering you'll find mixed numbers if you try to find stats on the OP's question.

[Rand M.]

[CE2JD]

People who still think there's a "shortage" of transaction IP lawyers (patent prosecutors included) are misinformed. Every patent prosecutor I've spoken with has noted the significant influx of newly minted patent prosecutors into the market as having an effect on demand, driving down what patent attorneys can charge for getting people patents. Also, off-shoring is having an impact on the bottom line of patent prosecutors. Also, R&D budgets are non-existent in this economy which = NO NEW PATENTS.

Patent litigation might be a different story...

[dextermorgan]

IP lawyers make great money starting out - around 180k b/c there currently is a shortage of IP lawyers.

The lawyers I mentioned both had their own practice. Basically both hung their own shingle after law school - like most personal injury or product liability attorneys do. Doesn't really matter what law school you attend, how you do in law school, etc. You just need to be good and get a few big cases.

The guy who made 2.3 million was 43 years old and this was his first HUGE payday case. Old lady was hit by a City bus and he settled fast for 7 million, receiving approx 30% to himself.

The one who made 11.7 million (large 40 mill settlement) on one case sued Mattel (toy maker) - kids ingesting magnets from dolls.

That's the thing with PI. Luck is a huge part of it. For every multimillionaire there are hundreds of lawyers pulling 40k per year settling dog bite cases. Of course even for them, it only takes one client coming in your door to make you rich. Most won't ever get that client though.

[APimpNamedSlickback]

the ones that work at wachtell

[j2d3]

The worst kind.

[reese23]

i agree, the PI lawyers can make HUUUUUUGE money, but it is a huge gamble at the same time. you often times work for yourself and always on strict contingency basis.

[kalvano]

Consigliere.