Medical malpractice lawyers specialise in the minimum patient care requirements set within the national regulatory framework. If a patient hasn’t received adequate care, that person could choose to pursue court action and be represented by a medical malpractice attorney.
These professionals need the right legal education but they also specialise in healthcare practices. The highly specific knowledge that they have is also determining for the lucrative salaries that medical malpractice lawyers enjoy.
How Much does a Medical Malpractice Lawyer Earn in the US?
According to 2012 Bureau of Labour Statistics data, a medical malpractice lawyer earns the spectacular median annual salary of 130,880 dollars. The best-paid and most experienced professionals in the field can expect to make up to 187,199 dollars per year.
Beginners in this field earn a lot less than the median annual amount – 54,310 dollars per year.
Keep in mind, however, that many attorneys are paid a fee for their services. Thus, determining the full-time income of medical malpractice lawyers is a difficult task. The fees that medical malpractice lawyers can charge are usually set by the state. Typically, the amount is a percentage of the sum that the patient is going to get after the court ruling.
The fees can range from anywhere between 50 per cent of the settlement amount to 15 per cent. If you’re interested in practicing, you’ll have to check what local state regulations for legal representation taxation are.
How Much do Medical Malpractice Lawyers Earn in Canada?
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Most often, the fees will fall in the range from 20 to 40 per cent of the sum that the patient gets out of the court settlement. This, for example, is the requirement under
Several Other Factors that have an Impact on a Medical Malpractice Lawyer’s Salary
A few additional factors will have an impact on the amount that a medical malpractice attorney is going to make. For a start, the importance of location isn’t to be underestimated. The lawyers that live and work in large metropolitan areas are typically the ones that can charge higher fees.
The medical school that a lawyer has gone to will also have an impact on their reputation and respectively – on the fees that the lawyer will charge.
Many of the medical malpractice attorneys are self-employed. These professionals aren’t paid a salary. Rather, they make money on the basis of winning court cases for their clients. Such attorneys are highly motivated because their annual payments will be heavily dependent on court success.
The Cost of Becoming a Medical Malpractice Lawyer
The cost of obtaining legal education is one of the highest, especially when a reputable school is the main target. A law school cost calculator is a convenient tool that will shed some light on how much money will need to be spent on the education.
A student that plans to attend the Boston University School of Law, for example, should be prepared to spend 132,566 dollars on acquiring a degree. The cost of going to one of the country’s most reputable universities, Yale, will be much higher – 228,068 dollars.
These figures shouldn’t be underestimated. Though medical malpractice lawyers tend to earn a lot, many of these professionals also have huge loans that they need to return. If you’re considering the respective career path, keep the cost of education in mind.
According to the Bureau of Labour Statistics, employment for lawyers across all fields is expected to grow by 10 per cent until 2020. The percentage is the equivalent of 74,000 new work places.
The demand for medical malpractice attorney will probably grow at a higher rate. With an aging population that’s more prone to experience frequent hospital stays, the risk of medical negligence or malpractice increases. As a result, more people will be in need of adequate legal representation. Anyone that would like to pursue a job in the legal field should most definitely consider specialisation in the niche of medical malpractice.