Doing a profession is the best way of making money. A professional like a Chartered Accountant, Lawyer, Doctor etc. can make a lot of money with their skill and knowledge. Apart from that, professionals get a special status from society and everyone treats them with complete respect.
This article will focus on lawyers and discuss various ways in which a lawyer can make money. So a lot to know, a lot to discuss and without wasting any time, let us begin.
Ways of earning money as a lawyer
There are a lot of ways from which you can earn as a lawyer. Some of them are as follows:
#1 Earn from personal consultancy fees
Consultancy fees simply mean charging for meetings and suggestions. Look, not every time a person needs a lawyer. Some people just need some recommendations and advice from a lawyer about the constitution and fundamental rights.
Since a lawyer has a vast knowledge about law and the constitution, you can charge them money by providing them with the correct information about the law, which makes them feel empowered.
#2 Become an advocate
Lawyer and advocate are almost the same things but with a minute difference. An advocate just fights a case for a client, whereas a lawyer also performs other law-related tasks.
Most of the lawyers earn a significant source of their income by becoming an advocate. An advocate makes a lot of money by charging high fees from its client.
But past record matters a lot for earning as an advocate, so for the first two to three years, focus on building a good description if you want to make a good amount as an advocate.
#3 Perform legal tasks of a company
A company has a lot of tasks to perform and some jobs need lawyer approval which is specifically mentioned in the Companies Act 2013. Now since companies earn a lot of money, you can make a lot of money by performing the legal tasks of a company and giving approval to it.
#4 Work for the government
You cannot earn a lot by working for the government, but it will help you build your own brand name. Government lawyers understand the working of the government and courts more as compared to other lawyers.
So, you can work for the government for a few years, build your brand name, become an advocate, and charge a good amount of money from your clients.
#5 Sell your course on law
Since you are a lawyer, you can sell your course and earn passively from it. Many students will pursue LLB because of its good earning source, and if you have a good brand name, you can charge a reasonable fee from the students.
But first of all, focus and spend time on improving your teaching skill. No one will pay you for your name if they do not understand your teaching, and also, the law involves a lot of cramming, so focus on teaching skills is very important if you want to earn money from it.
#6 Teach for free for building brand name
You can also teach for free. If you teach a subject like law for free, then many people will come to know about you. Many people will promote you on various social media platforms for free, which will make you famous in the market.
Afterwards, if you teach well, then a lot of students will come to study with you. After that becomes popular, you can spend 2-3 hours on free teaching and pursue an advocate. Since you teach good for free, rich people will follow you for a case and pay a lot of money.
It is the rule of nature that the one who gives to someone for free gets away more than in future. So keep donating and helping other people who cannot afford it, it will also give you personal satisfaction, and I am sure you want money for personal pleasure.
#7 Pursue a career as an employee
To earn money from the ways mentioned above, you need to bear some risk and be patient for a lot of time. I know that many people do not have enough money to sustain some months or years without earning, so it is best to pursue a career as an employee.
Some massive companies have a lot of legal work to do, so they hire some lawyers permanently for performing all the tasks.
So if you are also facing some financial problems and cannot bear the risk involved in all the methods mentioned above, you should work as an employee for a company.
Summary and conclusion
These all are some of the best ways of earning money as a lawyer and all of them have their own advantages and disadvantages. If you choose to make money from the first six ways, you have to bear the risk and need some time, but you will get a lot of money here, and no one will order you.
On the other hand, if you choose to earn money as an employee, you get cash instantly with low risk, but here you will get less money with a boss over you.
So, at last, the choice is yours, if you can bear the risk, go for the first six points otherwise prefer working as an employee.
Frequently Asked Questions
Is becoming a law teacher profitable?
Yes, becoming a law teacher is very profitable.
Should I go into the corporate sector after becoming a lawyer?
If you need money urgently, then yes you can think of going in the corporate sector and working as an employee.
What is the best way of earning as a lawyer?
Fighting cases by becoming an advocate is the best way of earning as a lawyer.