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Primary factors that influence paralegal salaries

If you take a look at the paralegal salaries that different professionals have in different parts of the world, you will notice that the variations can be quite high. A median starting salary is usually set at around $40,000 per year but this is not something that is always the case. In fact, there is a possibility that you can end up earning even more than $100,000 per year as a paralegal.
The big problem with the salaries is that people do not actually understand what influences the salaries. They do stay focused on the daily work done by a paralegal and the work that is done, without realising that other factors will have a huge impact. The most important ones will be highlighted below.

Location

The geographical location will have a much higher impact than what you are tempted to believe at the moment. As an example, if the paralegal works for a reputable firm in New York City, the money that is going to be made will be much higher than for a firm that is of a same size but in a Midwest location. That is because New York currently has one of the highest of the living costs in USA. If you live there, you will make more money in a natural way when compared with somewhere else.

Education

This is something that is obvious but that some people forget about. You cannot simply go to the very first paralegal courses you find and expect the highest pay after you complete the classes. You need higher education levels. Earning potential is increased when you continue the education that you have. This does include getting brand-new skills that can be used like using specialised computer programs or creating presentations with the use of Microsoft PowerPoint.

Specialisation

Those paralegals that you see earning the largest amounts of money are actually specialised. In many cases they will live in an area where the salaries are supported, they do have the highest possible education and do specialise in certain law types or in various possible skills.

Working experience

When you get out of college, you cannot expect to receive those really high salaries you aspire for. However, as time passes and there is an increase in experience, the earning potential becomes better. Your salary will automatically be higher when you spend more time in the chosen field. Just make sure that you do not confuse education with experience. Education is still important and there are many things that you can only learn while on the job.

Firm reputation

The last factor that you have to take into account is firm reputation. This will have a huge impact on earnings. Variables do exist even with this but there are many law firms that have offices in various cities from around the world. Even if they are not found in the cities that offer the high salaries you want, because of firm reputation, you might end up being paid a great salary. Do remember this as you want to work for the most reputable law firms out there.

5 Apr 2016 11:09

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About Boris Dzhingarov

Boris Dzhingarov graduated UNWE with a major in marketing. He is the CEO of ESBO ltd brand mentioning agency. He writes for several online sites such as Tech.co, Semrush.com, Tweakyourbiz.com, Socialnomics.net. Boris is the founder of MonetaryLibrary.com and cryptoext.com.




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