deuist said:
You'll make a lot more as an attorney. The starting average salary for an intellectual property associate is $120,000. Imagine making that kind of money at the age of 24. Doctors, on the other hand, may nominally make $500,000 a year, but with renting office space, hiring employees, paying for malpractice insurance, and dealing with the other expenses of being a business owner, they take home about $120,000 a year. This at the ripe age of 31.
Further, the salaries for doctors have a low standard deviation---they get paid close to the same everywhere. Some lawyers charge $500 an hour. The senior partners in some firms make $500,000-$1 million. As stated by an earlier poster, if you want money, become a lawyer.
I don't think this could be much further from the truth.
Since my girlfriend just happens to be an associate in intellectual properties/patents (excellent firm) and was editor-in-chief of the law review at her school (point: received highest relative offers) I have some decent knowledge in this respect.
Yes, if you're top 33% or so at a top-20 school or top 10% elsewhere you're probably in line for a decent salary (assuming you prove yourself worthy of an offer during your clerkship).
The best salaries vary greatly based on the city. In the south, Houston/Dallas highest first-year offers MIGHT be in the $120k range, while Baton Rouge/New Orleans are closer to $80k.
Then add a 7% raise per year and often 5-7 yr partnership tracks and you're looking at $125-$200k initially after partnership in the better firms by the time you're 30 (assuming no stopping to "smell the roses"). Senior partners obviously make more...and have more risk if the firm goes to crap (depending on type i.e. plaintiff vs. defense).
Considering medical school is an extra year then say 5 yrs of residency @ $40k/yr...compared to a high starting attorney salary of $100k...a physician would begin practicing around $400k behind an attorney with likely more debt. However, say most MD's will make more than $250k/yr for the next 10 yrs and I think an MD easily makes up the deficit within that decade. An EM physician can do a 3 yr residency and immediately make $250k or so...
What has been missed in the discussion, although
Law2Doc alluded to it, is that
attorney's graduating from average schools around the middle of their classes or below often have trouble finding ANY job.
I've known many people who started at $40k/yr and were happy to do so knowing many of their classmates couldn't find a job at all.
Any talk of salary std deviation would have to include figures all the way down to $0.
As far as I can tell, there is no regulation of law school class sizes although I believe it's starting in some places...they just keep churning out more lawyers regardless of the demand. I wonder why litigation, especially frivolous litigation is so rampant?
Ultimately, the upper-echelon law students/associates can expect excellent salaries (although they certainly work for it). Plaintiff's attorneys and those lacking integrity can probably make much more.
However, I haven't heard of that many MD's being unable to find employment...