Which Legal Practice Areas have the highest average earning potential?
Choosing a practice area as a graduate can be challenging. The area of law you choose to study during your GDL or LPC impacts on which firms you can apply to in the future, as well as your long-term career prospects.
The key is to do plenty of research to determine not only which practice area fits with your interests, but which also caters to your own skillset and personal strengths. The financial rewards of each sector are also worth considering.
In our recent Audience Insight Report, 2,000 legal professionals gave insights into their annual salaries. According to this data, the top eight sectors with the highest average earning potential are:
- Energy / Environmental: £82,419
- Healthcare: £77,000
- Shipping: £76,042
- Corporate Finance / M&A: £73,654
- Media / Entertainment: £69,286
- IT / Telecoms: £67,573
- Construction: £67,368
- Banking / Financial Services: £66,256
A few are probably not too surprising, but perhaps more interesting are the sectors on the list which have experienced the biggest jumps in annual salary. When compared with the data from the report the previous year, the figures on these categories are even more impressive.
The top five practice areas experiencing the highest jumps are:
- Shipping: £54,545 to £76,042 (+39%)
- Healthcare: £56,590 to £77,000 (+36%)
- Corporate Finance/M&A: £63,513 to £73,654 (+16%)
- Medical / Clinical Negligence: £36,309 to £42,241 (+16%)
- Family/Matrimonial: £32,541 to £36,354 (+12%)
If you would like to find out more about earning potential for legal professionals and discover other industry insights, click here to view the 2018 Audience Insight Report.
Browse a variety of NQ jobs in a range of practice areas on TotallyLegal today.