Wealth Management Lawyers


Overview

Wealth Management Lawyers

Introduction

Wealth management lawyers provide a variety of legal services to wealth management (WM) firms—ranging from assistance with setting up trusts, to advice on regulatory compliance and tax and real estate issues, and representing their employer during litigation and dispute resolution. Some WM lawyers work for law firms that provide legal services to WM firms. Others are employed directly by high-net-worth individuals. The top attorneys at wealth management firms or banks with WM divisions are known as chief legal officers or 

Quick Facts


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Median Salary

$199,000

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Employment Prospects

Good

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Minimum Education Level

Law Degree


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Experience

Three to five years of experience with a major law firm, bank, se


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Skills

Financial


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Personality Traits

Hands On

Earnings

In 2019, in-house corporate lawyers with zero to three years of experience earned salaries that ranged from $67,750 to $176,500 (depending on the size of their employer), according to national staffing firm Robert Half Legal’s 2020 Salary Guide Legal. Those with four to nine years of experience earned between $80,750 and $199,000, and lawyers with 10 or more years on the job had earnin...

Work Environment

Wealth management lawyers spend much of their work day in the office, conducting legal research, studying and interpreting new government regulations, and attending meetings with partners and members of the risk management, compliance, portfolio management, and other departments. Litigation is a fact of life in the business world, and lawyers occasionally represent their clients in court and at...

Outlook

Employment for lawyers is expected to grow by 4 percent through 2029, as fast as the average for all occupations, according to the Occupational Outlook Handbook. Increasing government regulation has supported demand for lawyers to help wealth management partners navigate these often complex rules.

The Department of Labor notes that "although law firms will continue to be among t...