Salary
Average Salary: $113,530
Expected Lifetime Earnings: $4,740,000
Yes, money certainly does matter here. Most people are in this thing because of the money.
The average for this industry is in the $100,000 range (source), but the upside is way higher than that figure, which takes into account all the small-town entertainment lawyers representing the interests of Jo-Bob and Aimee-Lynn, who have designs on being the next country megastars, even though they'll probably never make it much further than their local karaoke bar.
The top entertainment lawyers in Hollywood are raking in millions each year. And they're probably letting their broke clients crash in their guest house on occasion.
Assuming you do all the right things in law school, you should be able to find an entry-level job within nine months. You'll earn around $68,000 annually, with an extra $40,000 tacked on if you work for a private firm (source).
Don't worry about trying to save it. You won't have the time for frivolous spending (or a life). Your take is directly related to who and how many clients you bring in; your firm will make about 2.5% of a client's gross income, and you'll get some smaller percentage of that (source).
Yeah, it's a tiny percentage, but it can still be very nice money. Just figure that a typical lawyer can handle thirty or so clients, so even if you're only making 1.25% on each of them, and your clients are making millions, it can add up in a hurry.
After a few years, you will probably be promoted to a mid-level position. You'll make between $75,000 and $90,000 annually, and don't forget the private-firm caveat (source). Even though you'll be doing better than a third of the nation's working force, never settle. If you work hard enough and get a big break—and live in the right part of the country—you could earn upwards of $100,000 annually. Represent a few movie stars and you're looking at $500,000 or more.
Being in bigger cities will obviously offer you more opportunities for success. Hollywood hopefuls flock to Los Angeles, California, not Broken Bow, Nebraska. Working in cities like New York, Atlanta, Seattle, and San Antonio could raise your annual take from $75,000 to $150,000 (source). That means someone in Vegas could be doing the same work as someone in Salt Lake but earning twice as much.
Your preferred category of entertainment law will also affect your geographic location. As you can imagine, L.A. is best for TV, and movies while Nashville is ideal for music. Do your research, and you should come to the right decision.
Of course, if you live and work in less-populated areas, you might have a lower cost of living. You also might be happier being surrounded by green trees and fresh air instead of gray buildings and smoky fog. However, you won't make nearly as much money. So, basically, it comes down to your priorities and the type of person you are. Some people love waking up to the hustle, bustle, and honking of city streets, while others would prefer a rooster's cock-a-doodle-doo. We'll try not to judge either of you.
One final factor that will help determine your salary is how you charge clients for your services. Options include the following:
- You can bill on an hourly basis for work completed, but don't take your sweet time just so you can charge more. Even actors have common sense. For a point of reference, new lawyers generally charge $125 per hour while established attorneys have rates as high as $450. Yeah, that can add up to a lot of cash.
- You can charge a percentage of the income resulting from a contract you negotiated. You helped Kristen Bell lock down her role in Frozen, and now you're raking in the dough.
- You can choose a flat rate per contract, because you're just that productive.
- If you have steady clients, you can charge a retainer, which is a set fee per month.
- Finally, you can use value billing by setting a fee based on the size of the deal and your contribution to it. This is a popular option, as long as you actually produce valuable work.