Is California (specifically the Silicon Valley) to blame? Probably the most in demand area for lawyers is Intellectual Property (IP) litigation, more specifically, patent litigators. According to The American Lawyer, law firms are offering signing bonuses, partnerships and other expensive perks to attorneys with patent litigation experience.
Why? Simply stated, there is more work than experienced lawyers can handle in this field….and the billing rates are among the highest in the profession.
The median cost to move a patent case through trial is $5 million dollars. And that’s up from $2 million in 1996. Average profit per partner at one IP law firm in 2005 was $1.5 million.
Try not to get burned in this area of law!