A new analysis from BCG Attorney Search looks at compensation per billable hour by practice area. The report gives lawyers and law students another way to compare legal careers.
A high salary does not always mean better value. Some legal jobs require many more billable hours than others. As a result, the extra pay may come with a much heavier workload.
The analysis uses sample pay and billable-hour figures. It aims to show differences between practice areas. It does not promise that every attorney will earn the same amount.
Learn more from this guide: Compensation per Billable Hour by Practice Area: Which Specialties Offer the Best Trade-Off?
Patent and IP Prosecution Ranks First
Patent and intellectual property prosecution ranks among the top practice areas in the analysis.
The specialty has reported pay of about $285,000. It also has about 2,100 billable hours each year. That equals about $136 in pay per billable hour.
The field requires strong technical skills. Therefore, attorneys with science or engineering backgrounds may find good career options in this area.
Tax Law Shows Strong Results
Tax law also ranks near the top of the list.
The analysis puts pay at about $250,000. It uses about 2,150 billable hours per year. That results in about $116 per billable hour.
Tax lawyers work on tax planning, deals, disputes, and compliance. In addition, many clients need tax help on a regular basis. This can create steady work for experienced lawyers.
High Pay Can Mean More Hours
Corporate M&A and securities law also offer strong pay.
Corporate M&A shows pay of about $275,000. However, the analysis uses about 2,400 billable hours each year.
Private equity shows a similar pattern. The work can offer high pay, but it also comes with long hours. The analysis uses about 2,450 billable hours each year.
Therefore, lawyers should look at both pay and workload when choosing a practice area.
Other Practice Areas Offer Good Value
The analysis also covers healthcare law, real estate, litigation, employment law, and family law.
Healthcare law shows about $102 per billable hour. Real estate follows at about $98. Commercial litigation comes in at about $93.
Employment law reaches about $92 per hour. Family law ranks at about $83.
These numbers show that lawyers can find different pay and workload choices across the legal market.
Why Billable Hours Matter
Salary remains an important part of any legal career decision. However, it does not tell the full story.
Two lawyers may earn similar salaries but work very different hours. Therefore, pay per billable hour can give lawyers a better view of the trade-off.
Law students can use this data when exploring practice areas. Associates can also use it when planning their next move.
Meanwhile, lateral lawyers can compare pay and workload before changing firms or practice areas. Recruiters can use the data to give candidates a clearer view of job options.
Looking Beyond Salary
The BCG Attorney Search analysis shows why lawyers should look beyond salary rankings.
Skills, client demand, billing rates, workload, and career growth can all affect the value of a practice area.
For attorneys planning their careers, the best choice may not be the job with the highest salary. Instead, it may be the practice that offers strong pay with a workload they can manage.
The full analysis offers a closer look at compensation per billable hour by practice area. It also shows the trade-offs lawyers should consider when planning their careers.
Learn more from this guide: Compensation per Billable Hour by Practice Area: Which Specialties Offer the Best Trade-Off?
See Also:
Federal or State Clerkship: Which Is the Better Bet?The post
The Best Legal Specialties for Billable-Hour Pay first appeared on
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