Liquidation lawyers are paid to help people cope with the complexities of bankruptcy.
Liquidation lawyers specialize in handling bankruptcies for either businesses, families or individuals. Bankruptcy lawyers generally complete coursework in commercial law, intellectual property law, mediation and negotiating as part of their education during law school. Salaries for liquidation lawyers vary by location and employer; however, many different factors influence how bankruptcy lawyers are paid.
Average Salaries
Lawyers working in bankruptcy law generally begin their careers making somewhere in the neighborhood of about $61,000 per year as of 2011, according to LawyerCareer.net. Those who have been practicing law for several years and have an established practice in the field can expect to make around $120,000 per year. The Bureau of Labor Statistics, or BLS, indicates that the average salary for lawyers nationwide was $129,440 per year, as of May 2010.
Pay Scale
Placing the average salary of a liquidation lawyer within the larger pay scale for all lawyers nationwide can provide some additional context. According to the Bureau of Labor Statistics, lawyers made salaries that typically ranged from $54,130 to over $166,400 per year as of May 2010. High-end salaries for lawyers exceed this latter figure significantly, although the BLS does not provide an further indication of this. The only evidence is the fact that the median salary for all lawyers nationwide was $112,760, which probably indicates high-end salaries in excess of $200,000 per year.
Location
Location can often play a role in determining how much the lawyer is paid. The Bureau of Labor Statistics reports that the highest-paid lawyers worked in the District of Columbia, California, Delaware, New York and Connecticut, making average salaries in excess of $138,000 per year. Salary Expert indicates that salaries in 10 major U.S. cities ranged from $97,231 per year in Phoenix to $163,896 per year in New York City, as of 2011.
Determination of Pay
Bankruptcy lawyers can make their money a number of different ways. Those working for law firms may make a nominal salary and the rest of their money through the fees that they charge clients. Self-employed bankruptcy attorneys are paid based the basis of what their clients pay in fees. Fees can be collected in the form of a flat fee or an hourly rate. CostHelper.com notes that the going rate for a bankruptcy lawyer ranges between $100 and $300 per hour as of 2011. The website also notes that bankruptcy fees vary based on the type of bankruptcy handled by the lawyer.
