Paralegal Salaries Continue to Rise

Despite the troubled economy, paralegal salaries have consistently continued to rise and demand for qualified paralegals is still strong. In 2008, paralegal salaries averaged somewhere between $50,000 and $60,000 per year. Of course, an average is simply that, the combination of the low end and the high end and your experience and training will have a lot to do with how much your actual salary will be. Based on all the evidence, as you gain experience and assume more responsibility your salary will increase. In addition to the good news about paralegal salaries, another bright spot is the number of jobs available. While we hear daily about jobs being cut, paralegal positions have held steady.

A recent survey by the magazine Legal Assistant Today showed that not only are starting paralegal salaries continuing to climb but paralegals continue to be awarded annual raises of more than 3% per year. While 3% may not sound like a lot, in today’s economy it is very good. According to this same magazine, the top reported paralegal salary was more than $100,000 per year! Of course, paralegal salaries are high for good reason. It is a hard job that requires patience and dedication. You also need skills and education. That’s a good thing though because if you have what it takes you can be rewarded handsomely for it. If you can develop a good specialty then you can be well on your way to earning that 6-figure income.

Paralegal salaries for specialty fields such as intellectual property, tax, securities, and mergers and acquisitions are among the highest while paralegal salaries in the field of worker’s compensation, personal injury, and family law are among the lowest. This is due to the level of expertise and understanding needed to handle the every day tasks of the area of law you are focused in. Years of experience is also a significant factor in determining paralegal salaries. On average, starting paralegal salaries are in the $40,000 range while paralegal salaries for those with 5-8 years will near $60,000. The top paralegal salaries are made by paralegal managers whose salaries average $80,000.

While paralegal salaries are what draws many people to the field, we all know that money is not everything. There are other advantages to the job as well. As paralegals develop expertise and knowledge of their specialty will be given additional responsibility and authority in addition to their high paralegal salaries. Ultimately, a top paralegal will be able to work with a high degree on independence and flexibility and with minimal supervision. There are many opportunities for advancement and skills have a high level of transferability from law firm to law firm.

In the future the outlook for both paralegal jobs and paralegal salaries is good. According to the U.S. Bureau of Labor Statistics U.S employment for paralegals will grow nearly 30% through 2014. In other countries the field is expected to show similar growth. With paralegal salaries and jobs showing a bright future, there are many reasons to investigate your opportunities in this area. If you have an interest in the law and a desire to be part of the legal system then this may be the field for you.