The job outlook for paralegals and law clerks is strong. However, various factors can impact this outlook and earning potential.
Salary ranges and factors influencing earnings for paralegals
According to the Bureau of Labor Statistics (BLS), the average salary for paralegals is around $59,200 per year, with the lowest 10% earning around $37,690 and the highest 10% earning more than $94,000.
However, several factors can influence the earning potential of paralegals, including the size of the law firm (or legal department if working in a corporate environment), the geographical location of the firm, the education obtained, and the amount of experience the paralegal has. In addition, the paralegal’s role and the industry in which they work may also significantly impact their pay. For instance, the BLS indicates that one of the top-paying legal industries for paralegals is finance and insurance, with the average salary ranging around $73,050.
Job prospects and growth projections for paralegals
According to the BLS, employment growth for paralegals is estimated to be around 4.2% between 2022 and 2032, with about 38,000 openings for paralegals projected each year for the next decade.
Salary ranges and job outlook for law clerks
Per the BLS, judicial law clerks earn an average of $57,490 annually. The lowest 10% make around $38,850, while the highest 10% earn $106,670. However, salary.com reports that career law clerks in the United States typically make between $98,068 and $122,582 per year. It is important to note that these salaries may vary based on the law clerk's experience, the type of law firm they work for (or job description if in a corporate law clerk role), and the firm's geographical location.