Most paralegal salary sources suggest a salary range between $44,000 up to or in some cases exceeding $100,000. Salary can be dictated by a variety of factors including: training, areas of expertise, and experience. As you can see from the range above financial opportunities are abound for those who pursue a career as a legal assistant.
It is extremely important to find a paralegal school that gives prospective candidates basic information regarding paralegal salary. This should include:
1. A placement rate after course completion. The investment of time and money should be rewarded with gainful employment. If a school cannot stand behind its graduates, or at the bare minimum cannot provide former students with jobs referrals, then it is a school that should be avoided.
2. Starting salary ranges of course graduates. Any legitimate paralegal course or training program should provide salary information. This information should provide prospective students with low-end and high-end salary ranges for students. AVOID SCHOOLS THAT DO NOT WILLINGLY SHARE THIS INFORMATION.
3. Insight if the school has any specialty areas of training. While any school can boast of high salaries, a legitimate school should be able to provide interested students with information about their students once they become trained professionals, and enter the workforce. A reputable school will provide students with the latest trends and insights to the paralegal profession. For instance, a paralegal in real estate will have better training in foreclosure procedures, bankruptcies, short-sales, and abandoned properties.
Expertise is mission critical when determining paralegal salary. A paralegal will get a lot of on the job experience. Over time, paralegals often find other areas of law which become a natural niche for them. This will be an area where there is a high degree of interest and understanding. In some cases, an experienced paralegal will explain concepts and procedures to attorneys who do not share the same level of understanding. The best paralegals are able to perform their job with a high degree of autonomy. This means that there is not a lot of need for collaborative work. With continued success, and the development of niche areas of expertise, a paralegal will deserve a superior salary.
A good paralegal is invaluable! In tough economic times, companies look to lower the costs of running a business. Lawyers tend to make a lot more money than paralegals. However, paralegals can perform many functions of an attorney, for a fraction of the cost. In an economy that has seen massive layoffs and persistent unemployment of nearly 9%, many paralegals have avoided layoffs and even seen salary increases.
As a rule of thumb any professional should make themselves a valuable member of an office staff, and work as a team player. Still, a superior paralegal will do the things that are necessary to become indispensable member of the office. As a key member of the staff, a paralegal salary will also include benefits, vacation time, and in some cases other perks like stock options and deferred compensation.