The legal field is a competitive one, and it can be difficult to find an alternative profession that offers the same level of prestige.
However, there are many other professions that law graduates can explore. One option is to become a lawyer in another country with a lower cost of living, such as Canada or Australia. Another option is to pursue an alternative career in the legal field such as becoming a paralegal or working in insurance defense.
It is important for law graduates to identify their strengths and weaknesses and choose the right career path accordingly. In this post, we will be looking in at some alternative career paths and jobs for lawyers.
Alternative Jobs for Law Graduates
A law degree is a versatile commodity in today’s job market. Graduates of law schools can work in areas such as business, health care, government, and the judiciary. When looking for jobs, remember to reach out to alumni who work in the field you’re interested in and ask them about their experience.
#1. Paralegal
The paralegal is an important and valuable member of the legal team. The paralegal provides a range of services to the attorneys, such as drafting letters, researching legal issues, preparing exhibits for court, and more.
A paralegal is a person who helps lawyers with their work. Paralegals are usually not lawyers but they provide assistance to the attorneys by doing research and other tasks.
Paralegals are not entitled to represent clients in court but they can draft pleadings and other documents, conduct legal research, and prepare cases for trial.
The average salary for a paralegal is $43,452 per year.
#2. Investigator
An investigator is a person who investigates crimes, accidents, or other incidents. They are also called detectives, private investigators, or criminal investigators.
Investigations can be used for various purposes. Law enforcement agencies might use investigations to find criminals in order to arrest them and bring them to justice.
Private citizens might use investigations to find information about a crime or a missing person in order to help the police. And private companies might use investigations for a variety of reasons including preventing fraud and protecting their trade secrets.
The national average base pay for Investigators in the US is $53k.
#3. Fund manager
Lawyers are in high demand, but many of them are not as happy with their jobs. The work is often stressful and demanding, and there is a large risk of burnout.
A career in fund management might be a good alternative for lawyers who want to make a change.
An alternative career for lawyers is fund management. Lawyers can use the skills they learned in law school for this job, such as analytical skills, critical thinking, and problem-solving abilities to manage funds for investors.
The National average salary for fund managers in the USA in 2022 is $61,987 per year.
#4. Mediators
Lawyers can make a career change and become a mediator. Mediators are trained to resolve conflicts between people or organizations. They help parties reach an agreement that is mutually beneficial and acceptable.
They want to have productive discussions and reach an affordable and timely deal. Additionally, mediators provide information on the mediation process, conduct interviews with both parties, act as a go-between for communication, and address any concerns each side may have.
This could be a great alternative for lawyers who want to pursue a different career path.
The National average salary for mediators is $63,023 per year.
#5. Realtor
Lawyers are a well-known and respected group in the legal field. But for some, the law is not enough. They may want to explore other career options that are either less demanding or more fulfilling. One of these careers is real estate.
A lawyer who wants to become a realtor will need to earn a license from the state’s Department of Real Estate (DRE). This can be done by taking courses, passing an exam, and paying the fee.
The DRE also offers reciprocity for those who have already earned their license in another state, so it is possible for lawyers with experience in that field to transition into this one without taking any additional courses or exams.
The National average salary for realtors is $97,263 per year.
#6. Real estate agent
Real estate agents are a great alternative for lawyers who want to change their careers. They will get to work with people and help them find the home of their dreams. They will also get the chance to explore and learn about the different neighborhoods in a city.
People who are interested in this career should be good at communicating, have strong people skills, be creative, have excellent negotiation skills and enjoy working with numbers.
The National average salary for real estate agents is $104K.
#7. Asset Managers
Alternative careers for lawyers can be found in the investment industry. Asset managers are professionals who manage a portfolio of investments and make decisions about how to allocate funds. They assess the risk, return, and volatility of each investment and then combine investments to produce a diverse portfolio.
Asset managers are required to have an understanding of financial markets, economics, and accounting. A degree in finance or business administration is usually required as well as experience in asset management or financial planning.
The base average salary for Asset Managers is $79838 per year in the United States.
#8. Management consultant
Management consulting is a career that does not require any specific advanced degree. It is a profession for those who love to solve problems and offer solutions.
Experts in the field of management consulting attempt to find workable solutions to difficult problems for businesses. For the sake of their customer’s financial and operational stability, they devise solutions.
They are responsible for a wide range of tasks, including reviewing financial records, consulting with customers, assessing the effectiveness of the management team, and examining the organizational structure.
In the US, the National average salary for a management consultant stands at $99,141 per year.
#10. Private equity associate
A private equity associate is a lawyer who has been recruited by an investment firm to work as an in-house lawyer. They provide legal advice on investments and transactions.
Investment bankers with expertise in private equity do a wide range of related tasks. Fundraising, tracking portfolio firms, and reading secret information memos are just a few of their many duties.
The base pay for Private equity associates in the USA is $90,474 per year
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