Summary of Research on Paralegal Income

Over the past weeks, I have explored quite a bit of information pertaining to the potential income that can be earned by a paralegal. In summary of this blog, I would like to summarize all that I have learned from my research.

The main factors that affect a paralegal’s income are education and experience, as well as the area of law which you are employed. As far as education, it is important to obtain an associate’s degree in paralegal studies from an American Bar Association (ABA) accredited school. The ABA posts a list of accredited schools on their website at: http://www.abanet.org/legalservices/paralegals/directory/oh.html. A paralegal’s income will also increase with the additional education he or she receives, such as a Bachelor’s degree.

Becoming a certified or registered paralegal can also prove to be financially rewarding. The National Association of Legal Assistants (NALA) and the National Federation of Paralegal Associations (NFPA) offer certification programs that require paralegals to meet certain education and experience standards. There is also an examination involved with this certification. The American Alliance of Paralegals (AAPI) also offers a certification that requires education and experience, but includes no examination.

The area of law in which a paralegal works, can have a dramatic effect on the income that he or she can expect. I found that the fields yielding the highest income level include: tax, intellectual property, securities, and corporate. While the lower income levels for paralegals include the fields of workers’ compensation, personal injury, family law and administrative law. The income level for a paralegal can also be associated with the geographical area in which he or she works. The income level is much higher in larger cities because of the larger companies and law firms that offer employment to paralegals.

The most encouraging information I found in my research is the increased need for paralegals in the future. The need for paralegals and legal assistants is expected to increase by 22% in the next decade. This increase is due to companies and law firms reducing costs and becoming more efficient, by delegating many tasks to paralegals that used to be performed by attorneys. Paralegals are performing a wide variety of duties, which makes them a greater asset to employers. The future for paralegals is looking bright!

Sources: http://www.bls.gov/oco/ocos114.htm#projections_data http://www.allcriminaljusticeschools.com/criminal-justice-resources/paralegal_certification?src=trl_acjs

Occupations related to the Paralegal

There are many other occupations which are related to the paralegal field. The education level for these positions varies from high school diploma to bachelors’ degree. Here are some examples of these occupations:

Law clerks assist lawyers and judges by doing research or preparing legal documents. They often meet with clients or assist lawyers and judges in court. This position normally requires a bachelors’ degree.

Title examiners, abstractors, and searchers examine titles, search real estate records, or summarize legal and insurance information, in order to perform a variety of tasks. They also compile lists of mortgages, contracts for law firms, real estate agencies, or title insurance companies. This position normally requires only on-the-job training.

Claims adjusters, appraisers, examiners, and investigators work for property and casualty insurance companies. They handle claims including property damage, liability, or bodily injury. They also investigate the claim, negotiate with clients to reach a settlement, and make payments to claimants. Furthermore, they examine a customer’s insurance policy to ensure that it covers the loss and how much their payment should be. A college education is not required, but a degree in business or account is helpful. A legal background is also an asset to someone handling workers’ compensation and product liability cases.

These are just some of the occupations that are related to the paralegal field and may be of interest to those with a paralegal degree.

Source: http://www.bls.gov/oco/ocos114.htm#related

Any Paralegals with a Medical Background?

Average Paralegal Salaries
The average salary for paralegal jobs is $46,000. Average paralegal salaries can vary greatly due to company, location, industry, experience and benefits.

Average Salary of Jobs with Related Titles
In USD as of Oct 31, 2009
paralegal specialist
$46,000
litigation paralegal
$46,000
corporate paralegal
$52,000
legal assistant
$34,000
litigation assistant
$43,000
senior legal secretary
$51,000
real estate paralegal
$47,000
legal secretary
$43,000
legal secretary / office manager
$76,000
patent paralegal
$47,000
trademark paralegal
$47,000
junior paralegal
$36,000

There is also a certification for Nurse Paralegals, which may be an area of interest to anyone with a medical background. The nurse paralegal is considered support staff in a law firm that handles legal matters in the medical field. A nurse paralegal may also become certified and earn the professional title of Certified Legal Nurse Consultant, which expands his or her opportunities for advancement and unlimited earning capacity. The salary rate of a CLNC is calculated at a much higher consultant rate, rather than a lower paralegal rate.

http://www.legalnurse.com/lnc/art/art_patsy.html
http://www.simplyhired.com/a/salary/search/q-paralegal

Is a Bachelors' Degree not in your plan?

There are many careers one can choose that only require a two year degree. The following is a list of the top five high-paying careers that only require an associates’ degree or certificate. Are you curious which careers are on this list of in-demand jobs? If you are interested in becoming a paralegal—you are in luck!

#1 Dental Hygienist: Chosen by the Bureau of Labor Statistics as the fastest growing occupation through 2014. Requiring only an associate degree or certificate, hygienists earn average annual earnings of $58,350.

#2 Fashion Designer: Armed with a two year associate degree in fashion design or fine arts, this artistic type will create unique designs and travel locally and abroad. Annual average salary for this career is $55,840.

#3 Diagnostic Medical Sonographers: Also known as a ultrasonographers, these technicians may specialize in obstetrics and gynecology, abdominal and breast sonography, or neurosonography. An associate degree in this field would include anatomy, physics, and physiology. A strong base in math and science is necessary. Sonographers can expect to earn an annual salary of $52,490.

#4 Forensic Science Technician: This career involves collecting and analyzing physical evidence and documenting lab findings. An associate degree in applied science or science-related technology is required with a background in math and science. Annual earnings: $44,010

#5 Paralegal: Also referred to as legal assistants, paralegals assist attorneys in preparing for trial, investigating facts, identifying appropriate laws, among other related tasks. Most paralegals have a two year associate degree in paralegal studies, while some become registered or certified, requiring only a few additional months of study. Paralegals enjoy an average annual income of $39,130.

Source: http://hotjobs.yahoo.com/career-articles-five_high_paying_careers_in_two_years_or_less-261

Paralegal Income By Specialty

Income levels for paralegals vary quite a bit, according to the area of law in which they are employed. The chart above shows the highest level of income in the areas of tax, intellectual property, securities, and corporate. The lowest level of income exists in the fields of workers’ compensation, personal injury (defense), family law, and administrative. The average income for the various fields ranges from $36,200 to $67,500. This information may be of interest to recent paralegal graduates or working paralegals who are contemplating a change in the area of law, in which they are employed.

Job Opportunities: What is the outlook for Paralegals?

In these rough economic times, many college grads may wonder if the profession they have chosen to pursue will be secure. For paralegals, the future is looking bright! According to the National Employment Matrix, the need for paralegals and legal assistants is expected to rise by 22% in the next decade. This is much higher than the average for all other occupations.
One reason for this increase is because companies are attempting to reduce costs and increase efficiency by delegating many tasks to paralegals that were once performed by lawyers. Paralegals are performing a wider variety of duties, making them a great asset to companies. There is also an increased need for legal services in the areas of intellectual property, healthcare, international law, elder issues, criminal law and environmental law. Prepaid legal plans may also add to this increase.
Private law firms continue to be the largest employer of paralegals, but other types of businesses are also showing an increased need for these services. These include corporate legal departments, insurance companies, real estate and title insurance companies, and banks. Many corporations are expected to increase the use of paralegal services, in order to cut costs. As these and other companies look for new ways to increase productivity, the need for paralegal services will also increase. Below is a chart illustrating the expected growth of job opportunities in the paralegal profession:
http://www.bls.gov/oco/ocos114.htm#projections_data







http://www.bls.gov/oco/ocos114.htm#projections_data

Is there a financial incentive to becoming a Certified or Registered Paralegal?

There is no such thing as a licensed paralegal; rather, paralegals can be registered or certified. Though certification or registration is voluntary in most states, it prepares a paralegal to work in the legal profession. It may also increase the likelihood of a paralegal’s hire, promotion, or salary increase.

There are three types of paralegal certification:

· The National Association of Legal Assistants (NALA) offers a two-day examination for those paralegals who meet the education and experience standards. Those who pass the examination are designated as Certified Legal Assistants (CLA) or Certified Paralegals (CP).

· The National Federation of Paralegal Associations (NFPA) administers a four-hour Paralegal Advanced Competency Exam (PACE) to those paralegals who meet the required education and experience criteria. Paralegals who pass this exam earn the title of Registered Paralegal (RP).

· The American Alliance of Paralegals (AAPI) offers certification to those paralegals with five years of work experience, who also meets certain education requirements. There is no examination involved with this certification.

Becoming a Certified or Registered Paralegal can be financially rewarding. These types of paralegals will command a higher salary in companies that are members of NALA or NFPA. The increase of salary will also be faster than those paralegals that have not went through the certification programs.

http://www.allcriminaljusticeschools.com/criminal-justice-resources/paralegal_certification?src=trl_acjs

As one might expect, the potential income of a paralegal is higher in larger firms and in larger cities. A paralegal may perform a variety of tasks in a smaller firm. However, in a larger firm, where there are other paralegals or legal secretaries, he or she may only perform a limited number of tasks, repetitively. It would depend upon personal preference, which type of firm would be more suitable. Studies have shown that a paralegal's potential income also varies, depending on the location of the firm. Below is a chart that gives examples of the earning potential in many major cities. The paralegal that places potential income, high on his or her list of priorities, may want to consider one of these locations to advance their career.



http://www.payscale.com/research/US/Job=Paralegal/Salary/by_State

Experience & Education = Higher Income

How valuable are paralegals to attorneys?

According to BestParalegalSchools.com, the salary range for paralegals is based upon education and experience. Entry level paralegals can expect an average salary of $45,000. Comparatively, a paralegal with eight years or more experience in the legal field, can earn up to 68,000. Paralegals with experience levels between entry level and eight years, would fall somewhere between this range.
Salary is also based upon education. It is important to obtain a degree from an ABA (American Bar Assoc.) approved education program. It is recommended that paralegals complete a two-year Associates' Degree program. This degree will give an entry level paralegal the skills needed to be successful in his or her career. Education beyond an Associates' Degree and/or a high level of experience would be needed for a Paralegal Manager. Salary is also based upon the type of employer and its location.
As experience in the field is gained, the paralegal is given more responsibility by the attorney. He or she is also expected to perform routine job duties with little or no supervision. A paralegal with this type of responsibility is a great asset to the attorney; therefore, he or she is compensated monetarily. Studies show that the most substantial increase in a paralegal's income is associated with experience. The highest paid paralegals are Paralegal Managers, with an average salary of $86,000.
As you can see, a competent, experienced paralegal is very valuable to an attorney.
http://www.bestparalegalschools.com/paralegal-career/paralegal-salary.html?src=trl_paralegal
http://www.abanet.org/legalservices/paralegals/directory/home.html