Just like the individuals, a business needs a lawyer to act on its behalf in legal and corporate matters involving a contract, business agreements, investment joint ventures and several business issues. With the complex social, political and economic diversities in our country and indeed the entire world, a business concern that does not have a lawyer to represent its interest as stated above is only waiting beside a keg of gunpowder. A type of lawyer specializing in business matters is called corporate lawyers or attorney.
Who is a corporate lawyer?
A corporate lawyer is one who specializes in company and business law. They are also commercial attorneys, and their training exposes them to differences in legal entities and the best way to leverage such differences for various purposes. In a nutshell, a corporate lawyer deals primarily in business transactions and contracts.
A corporate lawyer is also detailed in other legal practice and works closely with their clients, making sure that they minimize their exposure to undue business risks and abide by various laws binding business practice at every level of doing things.
How to become a corporate lawyer
Working with different sizes of business organizations demands intelligence, knowledge and ability to cope with the vicissitudes of dealing with all cadres of people. For this reason, corporate lawyers, like any other lawyer go through rigorous training and qualification processes and be detailed in the laws of the territory in which they practice and also be able to adjust quickly to other places in which their clients have business dealings. Thus, they must obtain a Juris Doctor from American Bar Association-accredited law school and pass bar exams to practice.
How much do corporate lawyers earn?
Corporate attorney salary varies from person to person, territory to territory. Coming from $62.93 hourly average in 2012, the U.S. Bureau of Labor Statistics projected hourly rates standard for lawyers, 2012 to 2022. The expected lowest paid is at $26.11 hourly for the 10 percent of lawyers; $80.77 projection for the 75 percent of them and projects $90 per hour for the top paid 10 percent of legal practitioners.
Giving the above general background leading to how much do lawyers make in the corporate world, it is noteworthy that corporate lawyers’ earnings vary State to State in America. We also need to know that, according to U.S Bureau of Labor Statistics, self-employed lawyers get less or more pay compared to their counterparts working in law firms and top organizations.
To get an idea of a law top job salary for a monthly and annually pay, consider the State and Territory of practice and also the minimum allowed total hours worked per day and multiply that with the level of the lawyer to determine their pay accordingly. For instance, the lowest 10% lawyers earning $ 26.11 hourly, working a minimum 8 hours daily, Monday through Friday, would receive $1044.4 weekly.
The Best and Worst Paying States for lawyers
We can see that some factors determine the average corporate attorney salary. For this reason, U.S. Bureau of Labor Statistics came up with a National Salary Data for Lawyers from where we can extract the Best and Worst Paying States for lawyers in the United States. Below is a summary of the data in average hourly rate, released May 2012:
- California, $73.79
- Delaware, $73.36
- New York, $73.01
- Connecticut, $68.95
- Montana, $35.64
- North Dakota, $42.08
- Kentucky, $43.05
- Vermont, $43.37 and
- West Virginia, $43.72
In conclusion, we need to note that corporate lawyers’ salary varies because the law practice comes with more salary-determining factors than we can assume. But, we can use the average hourly rate discussed here as general idea of how much corporate attorney make.