Do you want to get into the law profession? Whether you are fresh out of college or are looking to explore new interests, some states are better than others. Lawyers work in different capacities. Depending on your specialty, you may be in a corporate or private office.
However, starting your law firm is the most challenging bit. With so many complications, you don’t want to add the burden of being in an unconducive location on your plate.
Here are a few of the best states to start your law firm.
1. Alabama Has Strong Job Growth for lawyers
This state is adaptable and perfect for the industry. The market is always adapting, and the current growth rate for the industry is six percent.
Slow-developing states are considered as the worst states for lawyers. Alabama was one of them when its economy depended on steel and coal.
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However, things have changed. It now depends on aeronautics, technology, healthcare, banking, and automotive industries. This shift has had a significant impact on the legal market.
Many law firms now specialize in real estate, corporate, tax, financial services, and bankruptcy. As other industries continue growing, they fuel the development of the legal market.
2. Illinois Has Generous Salaries
This is one of the best states for lawyers. Illinois lawyers have some of the best salaries. Their earnings have been growing steadily in the last five years. From 2014 to 2018, lawyers’ earnings increased by 22.70 percent. The mean income in 2018 was $152,980.
In addition, the cost of living in Illinois is decent. You will have an easy time settling in and starting your firm. In 2017, the medium home value was about $195,300. Most Illinois lawyers are in Chicago. Therefore, it would be a fantastic location for your firm.
3. California Has Many Lawyer-Friendly Cities
Many Californian cities are lawyer-friendly. Francisco is at the top of the list. The median salary for lawyers in this city is $168,990. Therefore, you are likely to earn enough to offset the cost of living even when your law firm is still new.
As you accumulate experience and understand the area, your earnings will improve. California’s legal industry is expanding fast, and there are plenty of opportunities for both new and experienced lawyers.
San Jose is a fantastic city for lawyers as well. The cost of living is pretty low, and the median salary is about $207,130. You can enjoy a lot of financial flexibility when growing your business.
Since large tech companies surround the city, you will have many opportunities to explore tech law.
4. Florida Has a High Demand for Lawyers
Consider starting your law firm in Florida. Miami is one of your best Florida cities to check out. The population is growing fast, and the economy is stable enough to fuel the legal sector.
Miami has a high, ever-growing demand for litigators specializing in bankruptcy and real estate. The law firms in Miami experience surges in activity during active economic periods.
The city has a lot of interest in international arbitration, securities, and private equity. However, the industry is diverse, and there is room for every kind of lawyer.
In addition to the opportunities, you will enjoy the beautiful climate, no state income tax, and low cost of living.
Do you look forward to starting a law firm? Its location could determine whether it succeeds. Even with the best training and experience, thriving in the wrong environment can be challenging.
The best states have a fast-growing legal market. The cost of living is low, and there are plenty of growth opportunities. These states include Alabama, California, Florida, and Illinois.