A common professional career discussion is whether one should go into medicine or law. Many people consider these two careers while making their big life choices. Many people are intrigued by the prospect of attending medical or law school. Obviously, a lot of people can make up their minds quickly. For those with a natural curiosity in science or an aptitude for medicine, a career in medicine may seem like the obvious next step. In contrast, some people may not have any interest in science but might thrive in a legal environment.
However, there may be some people who enjoy both. You may assume they have the potential to excel as a lawyer or physician.
However, they ultimately decide to pursue a career in law rather than medicine. People often wonder, “What field offers the highest salaries?” How much more do physicians typically make? If not, why is it that attorneys seem to command higher salaries than other professionals? While the difference may seem subtle at first glance, it becomes immediately apparent as one examines the medians. Those debating between medical school and law school should look at the averages. It’s safe to assume that every doctor and lawyer has their own unique set of circumstances when determining compensation.
It’s also true that certain areas of medicine and law may have their own distinct norms.
However, the data reveals that doctors have a higher median income than attorneys. Some may be surprised to learn that the gap is that large. The average annual salary for a doctor is $208,000, whereas the average annual salary for a lawyer is $118,160. These figures account for doctors and attorneys at the height of their careers; they do not include entry-level professionals. And the research indicates that the lowest-paid 10% of attorneys make just $56,910 annually.
Most of the people in the bottom 10 percent are either first-year law students or those working as sole proprietors in rural areas. In what ways may this affect the way that legal firms handle their business operations? Those who have considered attending medical school or law school often come to regret their final choice. They may have made this selection without considering statistics on typical pay. The burden of student loan debt is a serious concern for recent law school grads. The American Bar Association reports that the typical new lawyer graduates with a student loan debt of $84,016 to $122,158.
Thus, many attorneys might find themselves in a tough financial position if they earn the average annual salary of $118,160 (and many do not get close to this amount early in their careers) but have approximately the same amount in student loan debt. As a result, they could keep applying for jobs at other legal firms in the vain hope of landing one that pays better. Many people still choose to become attorneys for admirable reasons like a genuine curiosity about the law or a desire to aid others in times of need. Most people won’t feel any remorse about picking law school over the medical school if these are the deciding factors. It’s a fact that many attorneys will be let down if the decision is made only on financial grounds.