Lawyers See Big Pay Growth After First 10 Years of Career
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Washington Post, Your Lifetime Earnings Are Probably Determined in Your 20s:
A new report from the Federal Reserve Bank of New York sends a … sobering message to millennials: Your first 10 years in the labor market likely shape your lifetime earning potential. …
For the average person … earnings growth stagnates after the first 10 years of a career. Average earnings growth for the 35-to-55 set is zero, the data shows. … Workers projected to earn the median lifetime amount will see pay swell 38 percent from age 25 to 55, with the strongest upswing in the first decade, the Fed study found.
ABA Journal, Lawyers See Big Pay Growth After First 10 Years of Career, a New Report Shows:
Most workers see the biggest pay increases in the first 10 years of their career, followed by years of stagnation, according to a new report. High earners, such as lawyers, doctors and engineers, are an exception. …
A PayScale study in 2011 drew similar conclusions. It found that “pay essentially goes nowhere after age 40,” when adjusted for inflation. Lawyers, however, had better pay growth than those in most professions. “Lawyers have a typical starting pay of $56,000, but this grows to be over $135,000–a total pay growth of 141 percent,” according to the post at PayScale Career News. “Furthermore, pay growth for lawyers lasts well into their 50s, which is longer .
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