Bankruptcy Lawyers
Overview
Introduction
Bankruptcy is a legal process in which a person, business, or other organization receives permission to not pay certain debts or to pay a lesser amount than what is owed. Bankruptcy lawyers assist their clients in obtaining protection from creditors under existing bankruptcy laws and help them with financial reorganization and debt repayment.
Quick Facts
Median Salary
Employment Prospects
Minimum Education Level
Experience
Skills
Personality Traits
Earnings
The U.S. Department of Labor reports that in 2018 the median salary for all lawyers was $120,910 with the lowest 10 percent earning $58,220 and the highest 10 percent earning $208,000. According to its Legal 2018 Robert Half Salary Guide published by the specialized staffing firm, first-year legal associates at U.S. law firms earned $70,250 to $160,250, and lawyers with four to nine years exper...
Work Environment
Bankruptcy lawyers spend much of their time in law offices, courtrooms, law libraries, and the offices and homes of clients. Lawyers often work long hours, spending evenings and weekends preparing cases and materials and working with clients. Those who are employed by law firms must work grueling schedules to advance in the firm. Those who own their own firms must also work very hard to build a...
Outlook
Employment for lawyers is expected to grow about as fast as the average for all occupations through 2028, according to the Occupational Outlook Handbook. Job opportunities for bankruptcy lawyers should be fairly good, but not as strong in the past as the national unemployment rate decreases and consumers focus on paying off existing debt. Although the number of personal bankruptcy fili...
