There are different career prospects that you can pursue with a law degree, which would allow you to get the best out of your education.
Here is a list of lucrative paying professions for law graduates in 2022:
According to Salary Explorer, attorneys in Nigeria typically earn around 653,000 NGN per month. However, Salaries could range from 300,000 NGN to 1,040,000 NGN.
An attorney advises and represents companies and individuals in legal matters. Most law graduates opt for this option after law school as they would have the opportunity to work in a law firm or as a legal officer in varieties of industries and sectors.
However, to make the big bucks as an attorney you have to establish yourself In the lucrative aspects of the law such as Complex Litigation, tax law, Corporate Law, Intellectual Property, and Real Estate Law.
According to Zippia, the average salary of a legal consultant is estimated to be $69,000 yearly. Many organizations now require the services of an independent legal consultant to help provide professional and expert advice and guidance to a group, company, individual, or organization in the event of a complex legal situation.
A legal consultant merely provides advice depending on what their consulting focus is which can range from tech law, corporate law, employment law, medical law and real estate law. They are required to represent the group of persons in court or legal negotiations.
Compliance is another lucrative career prospect where a law degree would be useful. Compliance officers ensure that the company acts in accordance with the legal and regulatory requirements and its internal policies and by-laws. They also perform other functions like assessing financial risks and advising companies on actions or changes that should be implemented.
The 2020 Robert Half Salary Guide for Accounting and Finance Professionals estimated the midpoint salary for junior compliance officers in the United States to be $106,250 and $175,250 for chief compliance officers in 2021.
Arbitration is now becoming the popular way of resolving disputes, as most contracts that are executed today have an arbitration clause. It is also becoming popular because it is less time-consuming and cost-efficient. In this instance, lawyers are always fit for the services of an arbitrator, mediator, or conciliation as they have the required skills to navigate the complexities of legal negotiations.
In 2020, the Bureau of Labour Statistics, U.S. Department of Labour estimated the median pay of arbitrators, mediators, and conciliators to be $66,130 per year.
Top-tier management consulting firms like Boston Consulting Group, McKinsey & Company, and Bain & Company often encourage law graduates to apply to them. Management consulting is the process of helping organizations to solve issues, create value, maximize growth and improve business performance.
A Management consultant advises companies in specialized areas ranging from risk management, mergers, governance, strategic leadership, finance, and digital transformation.
A law degree will be valuable in management consulting as law ties a lot of specialities covered in management consulting such as mergers and acquisitions and human resources together. Legal studies also instil valuable critical thinking and problem-solving skills.
Human Resources Management
According to Business Research Guide, the median salary for an HR manager is estimated to be $96,130. Human resource management (HRM) is the formal system of recruiting people, training them, compensating them, developing policies relating to them, and developing strategies to retain them.
A law degree would provide a solid foundation in pursuing a career prospect in human resources, as HR involves employment laws and mitigating risks relating to the employees’ health and safety and a
Wealth Management and Investment Banking
According to Investopedia, Wealth management is an investment advisory service that combines other financial services to address the needs of affluent clients while Investment banking is the area of the financial sector that handles mergers and acquisitions (M&A), business restructuring, spinoffs, stock splits, share buybacks, initial public offerings (IPOs), and secondary stock issues or bond issues.
Investopedia also defines a wealth manager as a high-level professional who manages an affluent client’s wealth holistically, typically for one set fee, and an investment banker as an individual that offers financial services and advice to corporate entities, rather than to individuals.
A law degree will be relevant in pursuing a career prospect in wealth management and investment banking, as you would know how to circumvent banking laws and loopholes to the advantage of your investors.
According to comparably, the average Wealth Manager in the US makes $120,714. Wealth Managers make the most in San Francisco, CA at $181,744, averaging total compensation 51% greater than the US average.
According to Nigerian Price, investment bankers in Nigeria make between N300, 000 and N600, 000 per month.