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tter Paid: a Medical Doctor or a Lawyer?

At first glance, it seems easy to determine that a medical doctor is paid much more than a lawyer. The Bureau of Labor Statistics gives median salaries for both doctors and lawyers, so it’s clear that the doctors’ number is higher. But median salaries are the midpoint in a list of salaries for one occupation, meaning that half of the list makes more and half makes less. Therefore, a doctor just starting out would be at the lower end of the doctors’ list, while an experienced lawyer with a good reputation would be at the higher end of the lawyers’ list, possibly with a salary greater than the doctors’. Other factors, including specialties, make a difference, too, with some types of doctors earning hundreds of thousands of dollars more than others, and the same is true for different types of lawyers. But one thing is certain; when you have to go to one or the other, they both take a lot out of y_our_ paycheck.

Median Salary Comparisons

According to the BLS, medical doctors which include both medical doctors (MDs) and doctors of osteopathic medicine (DOs) earned an annual median salary of $208,000 per year in 2016. Lawyers, according to the BLS, had an annual median salary of $118,160 in 2016, a significant difference between them of $89,840. The difference alone is more than twice the average salary in the U.S., which was $37,040 in 2016. For $89,000, you can buy a house in many parts of the country or a new Mercedes and BMW, loaded, for you and your significant other. Or, you could take a lavish vacation every single month of the year. So, if median salaries were the only items compared, you should be a doctor for sure. It’s a no-brainer.

Highs and Lows

When you look at the highest and lowest earners, though, different comparisons emerge. The lowest paid physicians typically practice family medicine and in 2015 they earned a median salary of $230,456, according to the Medical Group Management Association. The highest paid physicians are anesthesiologists, who had a median salary of $453,687 in 2015, according to the Medical Group Management Association.

The top 10 percent of lawyers earned over $208,000, according to the BLS, while the bottom 10 percent had a median salary of $56,910. Those in the bottom 10 percent are most likely either first-year lawyers or working in a small town in business for themselves. Lawyers in law firms tend to earn more than those who work alone.

What does all this add up to? Basically, there are a lot of different ways to compare salaries. For example, an anesthesiologist earning $453,687 compared with one of the lowest-paid lawyers at $56,910, is a shocking difference. But it isn’t a fair comparison because an anesthesiologist, even one just starting out, has already spent years practicing as an intern and resident and more years in the specialty. A recent law school grad can expect a job clerking for a judge or researching for more senior lawyers rather than serving as the main lawyer on a case.

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For example, family-practice physicians had median salaries of $230,456, while the top 10 percent of lawyers earned more than $208,000. Remember that median salaries are midpoints. That means there are just as many earning more than that number as there are earning less than that number. So it’s reasonable to assume there are lawyers making more than $250,000 and family practice physicians earning less than $200,000.

Prestige and Geography

The more prestigious a law firm is, the more they pay their lawyers. In 2016, New-York-City-based law firm Cravath, Swaine and Moore made headlines by raising its first-year lawyers’ salaries by $20,000 to $180,000. That’s comparable to, or more than what many family practice physicians and pediatricians earn in various parts of the U.S.

Example:

In May 2016, the mean (average) wage for family practitioners was reported as:

  • $182,840 in the Washington, District of Columbia metropolitan area (Maryland, Virginia, West Virginia) 
  • $180,460 in the Los Angeles-Glendale-Long Beach, California area 
  • $163,770 in the Phoenix-Mesa-Scottsdale, Arizona area
  • $155,420 in Oklahoma  

Bases and Bonuses

At the same time that Cravath, Swaine and Moore announced the new first-year salary, they announced salary bumps throughout the firm. An eight-year associate received a base salary of $315,000 plus a year-end bonus which is on a par with many physicians.

Example:

Physicians in other specialties earned comparable or lower salaries than the $315,000 plus bonus earned by the eight-year law associate:

  • Obstetrics/Gynecology: $330,696
  • Psychiatry: $255,543
  • Internal medicine: $247,319

Extra Information About do lawyers make more than doctors That You May Find Interested

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Who Is Better Paid: a Medical Doctor or a Lawyer?

Who Is Better Paid: a Medical Doctor or a Lawyer?

  • Author: work.chron.com

  • Rating: 5⭐ (341848 rating)

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  • Sumary: Who Is Better Paid: a Medical Doctor or a Lawyer?. Lawyers and doctors are among the most well-respected and highest-paid occupations in American society. Both require years of grueling post-secondary schooling and knowledge…

  • Matching Result: At first glance, it seems easy to determine that a medical doctor is paid much more than a lawyer. The Bureau of Labor Statistics gives median salaries for …

  • Intro: Who Is Better Paid: a Medical Doctor or a Lawyer? At first glance, it seems easy to determine that a medical doctor is paid much more than a lawyer. The Bureau of Labor Statistics gives median salaries for both doctors and lawyers, so it’s clear that the doctors’ number is higher. But median salaries are the midpoint in a list of salaries for one occupation, meaning that half of the list makes more and half makes less. Therefore, a doctor just starting out would be at the lower end of the doctors’ list, while an experienced lawyer with a good…
  • Source: https://work.chron.com/better-paid-medical-doctor-lawyer-30725.html

Who Makes More: Doctors or Lawyers? | Stange Law Firm, PC

Who Makes More: Doctors or Lawyers? | Stange Law Firm, PC

  • Author: jdsupra.com

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  • Highest Rate: 5⭐

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  • Sumary: Many people engage in a professional career debate as to whether they should become a doctor or a lawyer. These professions are two that many look at…

  • Matching Result: However, on average, the data shows that doctors make more than lawyers. To the surprise of some, the reality is that the discrepancy is not …

  • Intro: Who Makes More: Doctors or Lawyers? | JD Supra Many people engage in a professional career debate as to whether they should become a doctor or a lawyer. These professions are two that many look at when deciding their path in life.  There is something about medical or law school that attracts many individuals to contemplate one career or the other. Obviously, the decision is relatively easy for many individuals.  Some are scientifically or medically minded such that medical school is the easy choice. Others might not be scientifically minded at all, but they enjoy the law, and so law school…
  • Source: https://www.jdsupra.com/legalnews/who-makes-more-doctors-or-lawyers-70858/

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Technologists vs. Lawyers vs. Doctors: Who Earns More?

Technologists vs. Lawyers vs. Doctors: Who Earns More?

  • Author: insights.dice.com

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  • Sumary: You can earn a lot of money as a technologist, especially if you specialize in a highly sought-after skill set such as machine learning or artificial

  • Matching Result: Based on this data, it’s clear that lawyers and doctors make more than technologists, at least based on mean hourly and annual salary data.

  • Intro: Technologists vs. Lawyers vs. Doctors: Who Earns More? You can earn a lot of money as a technologist, especially if you specialize in a highly sought-after skill set such as machine learning or artificial intelligence (A.I.). But even with skills and experience, how does a technologist’s salary match up against that of a lawyer, doctor, or even someone in finance? Before we plunge into the data, it’s important to emphasize the extreme variability in salaries for technology, medicine, finance, and the legal profession. A software developer who specializes in autonomous-driving technology at Google will almost certainly make more than a…
  • Source: https://insights.dice.com/2020/10/20/technologists-vs-lawyers-vs-doctors-who-earns-more/

Is It Worth Becoming a Doctor or Lawyer? | by Talia Diaz

Is It Worth Becoming a Doctor or Lawyer? | by Talia Diaz

  • Author: themakingofamillionaire.com

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  • Sumary: Doctor and lawyer — quite possibly the 2 most widely-respected and seemingly prestigious occupations there are. But on the financial end, in particular, I suspect there may be some widespread…

  • Matching Result: I have several co-workers who are married to doctors/lawyers that straight up just make less money than the people with bachelor’s degrees at my …

  • Intro: Is It Worth Becoming a Doctor or Lawyer? – Making of a MillionaireIt might not be any more from a financial perspective.Photo by Usman Yousaf on UnsplashDoctor and lawyer — quite possibly the 2 most widely-respected and seemingly prestigious occupations there are.When you hear that someone is a doctor or lawyer, a few immediate assumptions come to mind:They must be super smartThey must have a lot of moneyAnd those assumptions might very well be true for some, or possibly most of them.But on the financial end, in particular, I suspect there may be some widespread misconception. The reality is that,…
  • Source: https://themakingofamillionaire.com/is-it-worth-becoming-a-doctor-or-lawyer-5401b27c6b30

Lawyer Vs Doctor: Who Has The Better Lifestyle? - willpeachMD

Lawyer Vs Doctor: Who Has The Better Lifestyle? – willpeachMD

  • Author: willpeachmd.com

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  • Sumary: Two of the most widely-respected and seemingly prestigious occupations are lawyer and doctor. However, which one to choose? And when it comes to lifestyle; is there a clear winner?

  • Matching Result: Do Lawyers or Doctors Earn More Money? … US Bureau of Labor (BLS) data from 2021 shows that doctors earn more money than lawyers. Doctors make $208,000 per year …

  • Intro: Who Has The Better Lifestyle? – willpeachMD Two of the most widely-respected and seemingly prestigious occupations are lawyer and doctor. However, which one to choose? And when it comes to lifestyle; is there a clear winner? This article aims to take a look at the popular debate, break down the differences between the two jobs and hopefully help guide those undecided on either of these careers. First, here’s a quick answer… Doctor Vs Lawyer: What’s Better? There is no right answer for which is the better career; lawyer vs doctor. Both occupations are equally difficult and have their own set…
  • Source: https://willpeachmd.com/lawyer-vs-doctor

Who Earns More Doctor vs Lawyer vs Accountant? (Solved ...

Who Earns More Doctor vs Lawyer vs Accountant? (Solved …

  • Author: workveteran.com

  • Rating: 5⭐ (341848 rating)

  • Highest Rate: 5⭐

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  • Sumary: Thinking about your career or just wanting to know who earns more?

  • Matching Result: Yes, Doctors do earn more than Lawyers. The median wage of a Doctor is $208,000 compared to a Lawyer $126,930 per annum. Related Article. Can …

  • Intro: Who Earns More Doctor vs Lawyer vs Accountant? (Solved and Explained) – WorkVeteran.comThinking about your career or just wanting to know who earns more?Doctors, Lawyers and Accountants are professions that have been around for centuries.So who earns more Medical Doctor vs Lawyer vs Accountant?Doctors earn more than Accounts and Lawyers. Doctors median wage of $208,000 is higher than Lawyers median wage of  $126,930 and Accountant median of $73,569 per annum. Accountant$73,569Doctor$208,000Lawyer$126,930Source:https://www.bls.gov/ooh/healthcare/mobile/physicians-and-surgeons.htmhttps://www.bls.gov/ooh/business-and-financial/mobile/accountants-and-auditors.htmhttps://www.bls.gov/ooh/legal/mobile/lawyers.htmAccording to Labor Bureau and Statistics wages for physicians and surgeons are among the highest of all occupations, with a median wage equal to or greater than $208,000 per year.Median wages…
  • Source: https://workveteran.com/doctor-lawyer-accountant/

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Frequently Asked Questions About do lawyers make more than doctors

If you have questions that need to be answered about the topic do lawyers make more than doctors, then this section may help you solve it.

Is being a lawyer or a doctor better?

Both professions are equally challenging and have their own set of benefits and drawbacks, so there is no clear winner between becoming a lawyer or a doctor. b>Doctors have higher earnings on average, but lawyers reach a higher earning capacity faster (training for fewer years).

Which is harder, law school or medical school?

It really depends on you, how you learn, and your natural abilities and aptitude for being a student. For example, one student may say that law school is more difficult than medical school.

Are doctors and lawyers more revered?

Best and most prestigious careers worldwide Doctors came in first on the list of the most prestigious careers worldwide, followed by lawyers and engineers.

Which legal profession pays the highest fees?

The following categories of attorneys receive the highest salaries:

  • Medical Lawyers.
  • Intellectual Property (IP) Attorneys.
  • Trial Attorneys.
  • Tax Attorneys.

5 days ago

Which is more difficult, being a lawyer or a doctor?

Doctors learn harder and need more technical knowledge. Lawyers need more social skills and writing skills, which doctors don`t really do. You can study natural sciences and go to law school. You can study social sciences/humanities and go to medical school (as long as you take the required science courses).

Should I study law or medicine?

Modern medicine is based on scientific theory, which doctors then apply to patient care, whereas law is traditionally a more academic subject. Whether a student studies medicine or law at university will all depend on their individual interests, aptitudes, and aspirations.

Why are lawyers superior to physicians?

Doctors are a very important group of professionals in every society because they protect people’s health and lives. On the other hand, it is undeniable that lawyers are very important in the society because they help to protect people’s rights.

What position holds the most power in the world?

Every company, no matter how big or small, has a chief executive officer (CEO) who manages its corporate affairs. CEOs make important corporate decisions, manage resources, and oversee all managerial operations.

Are lawyers paid in the millions?

Can a Lawyer Make a Million Dollars a Year? Yes, you can make a million dollars a year; it all depends on your mindset and strategy, optimization, and working with the highest-paying clients.

Are lawyers regarded as wealthy?

The average lawyer salary, according to the Bureau of Labor Statistics, is around $30,490; however, averages can be deceptive since they are skewed higher by the outliers on the top earning multiple millions each year; the median lawyer salary is much lower at $14,970.

What kind of work do most millionaires do?

79% of millionaires did not receive any inheritance from their parents or other family members, and the top five professions for millionaires are engineer, accountant, teacher, manager, and attorney.

What profession will make you a billionaire?

Indeed, holding an executive position within a company is a step in the right direction when it comes to accumulating wealth. Executive roles can range from CEO, CFO, CMO, CTO, and COO. While these roles are different in nature, they are all classified as billionaire jobs.

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