Salary Ranges for Paralegals
The salary of a paralegal is contingent on several factors, including location, years of experience and even the type of law that the paralegal is planning to practice. The field of law continues to flourish, and paralegal positions are one of the few recession-proof jobs continuing to gain momentum in spite of a floundering economy. The Paralegal Management Association conducted an Annual Compensation Survey in 2005 that determined that paralegals earned an average salary of $49,677 per year.
Education and Salary
Education is one of the biggest factors that affects the paralegal's salary. There is a growing influx of educational programs that cater specifically to paralegal students, but prospective paralegals must be particular about where they gain paralegal knowledge. According to the Attorney Bar Association, paralegal school does pay off, and those who are certified as a paralegal or have a baccalaureate degree can expect to make thousands more per year.
Experience and Salary
One of the first things that the paralegal's salary is based off is the number of years he has been working. The starting salary for an entry level paralegal, in general, is about $35,000. After five years, this salary can increase by nearly $5,000. Paralegals who have been in the profession for 10 years have an average salary of about $50,000. In 2009, the United States Bureau of Labor Statistics reported that the top 10 percent of paralegals earned more than $67,000.
Geography and Salary
According to the PayScale Research Center, the median salary for paralegals varies based on geographic locations. Los Angeles and Philadelphia are two of the highest-paying locations. In Los Angeles, paralegals have an average salary of $58,000 and in Philadelphia the average salary is $49,000.
Considerations
A paralegal also is paid based on the area of law that they decide to enter. For example, corporate, federal and securities law are well-paying areas that give the paralegal the chance to easily net a salary in the $60,000 range, while areas of law such as personal injury and family law tend to stay in the $30,000 range. One reason for the broad difference in these salaries is that securities, government, and corporate firms tend to have significantly more capital to work with than a smaller personal injury or non-profit firm.
Benefits
It should also be noted that many paralegals have the potential to earn bonuses and overtime that can increase their salary range as well. Most companies and firms that employ paralegals also offer other benefits such as medical insurance, personal paid time off, retirement and life plans that all make the paralegal salary more attractive.
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