Paralegal Career: An Almost Recession-Proof Profession
Many Americans today have experienced the country’s recession first-hand. Reductions in force and layoffs have been the new reality in many fields. Many talented and competent professionals have had to revisit their original career goals and seek re-training in different fields. For those with an aptitude for research and an interest in the legal field, a paralegal career might be the answer for a new career.
While compensation is not everything when it comes to selecting a satisfying profession, it is helpful to know that a paralegal career has now received the recognition that it has long deserved when it comes to salary. Those who excel in this field and move into the management arena may expect to garner salaries that are competitive with those in other professional areas. A paralegal manager or one who specializes in a specific area may expect to earn nearly twice the salary of the typical paralegal position.
On a national basis, salaries for paralegals employed by law firms have been nearing the $50,000 range. While in this recessionary economy, annual bonuses may have been suspended, whereas nearly two-thirds of law firm paralegals have received bonuses in the past. Many of these annual salary perks have been in the vicinity of $3,000.
Add to this compensation average the fact that overtime is almost a given in the legal field, and understand why a career as a paralegal continues to merit serious consideration. While the overtime rates vary wildly from firm to firm and place to place, law firms have provided overtime compensation to nearly 76% of their workforce. Those who pursue paralegal careers within corporations have a 34% chance of reaping overtime compensation benefits.
Those with knowledge or a bent toward emerging technologies can also reap the benefits of higher salaries in the paralegal area. Those who are classified as Litigation Support Managers have some of the highest salaries in the paralegal career field. It is not unusual for these specialists to earn over $90,000 annually even before annual bonuses or overtime compensation. Paralegal professions are definitely a field worth researching and pursuing.
