or are the majority of lawyers rich?

as much as they charge, they should be! granted it is skilled work (i.e. you have to go to school first) so they have to be paid more. Car mechanics offer skilled work too...as do lawn mower repair guys (me!)....so we can charge more than minimum wage.

However, are all lawyers wealthy? there seems like a lot of them in the phonebook and there can't be that many clients. or not. i have no idea.

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Ben
1987 190d 2.5Turbo

No.

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I think you make decent money but may not necessarily be wealthy. There's a lawyer we know in our town who drives an old Camry etc., and our family's lawyer drove a Passat last I knew.

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Nope. You'll really only get rich if you are high up in a practice. Personal injury lawyers only make 60-70k on average according to Google, and my assumption is that's a case to case payment basis. Corporate positions are lucrative, 100k+ but a limited number of those available...The folks I know who have been to law school are not making great money, and that's if they have been able too find jobs. It's a saturated market.


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Correct. Supply and demand determine their earning power.

Nope. My sister for example is a public defender and is paid less than the union janitorial staff that cleans her building. She gets to keep her massive law school loan on top of that.

The people who characterize all lawyers as rich are idiots. Like any profession, there are many specialities within the profession that pay differently.

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No. In fact, from what I have read, there is currently an oversupply of lawyers and jobs for recent law school graduates are hard to find.

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1982 Bluebird Wanderlodge CAT 3208--Sold 2/13

The "supply" of US lawyers exceeded "demand" in the early '90's I think.

Define; rich?

a friend of mine worked for a lawyer. She was always broke. Not because she didn't make money but because she spent it all looking the lawyer part.

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at least $1 mil net worth if they are aged 40 and above

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Ben
1987 190d 2.5Turbo

lawyer part = bmw and expensive suits and nice house? I suppose that is the case because who would want to hire a lawyer who does not at least look successful. in a way, they can't win.

fake it till you make it applies in this case I suppose but dang what a way to live though. going through life as a fake.

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Ben
1987 190d 2.5Turbo

Meh, A million won't buy what it used to.

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..I also have a 427 Cobra replica with an aluminum chassis.

age 40 and have at least 1 mil in net worth
age 50 and have at least 2.5 mil in net worth
age 60 and have at least 3 or 4 mil in net worth

that's just my guess as far as a definition of 'rich'

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Ben
1987 190d 2.5Turbo

Rich is a matter of perspective. Lots of people are rich in other people's eyes. A lot of people think I'm rich, a lot of other people think I'm a peon.


But no, not all lawyers are rich, not all doctors are rich, not all McDonald's employees are poor. It's all about how good you are at your job, how you manage your money, and your individual situation.

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