What do patent attorneys make
The boom in innovation has led to an increased interest in acquiring patents for inventions. Research and development are at an all-time high across the world, and the growth pace of technological gadgets, and software solutions, for instance, evidence this.
As a consequence, the demand for patent attorneys has skyrocketed bringing about a myriad of opportunities for those in the sector as well as handsome earnings. The overall average salary for patent lawyers is $137,250, with the median salary falling in the same range at $134,993.
However, as with any other career, income is influenced by a variety of factors and only by taking these factors in consideration can a clear income picture be painted.
Private law firms
Patent attorneys working in private firms earn $165,000 annually. This an average figure as the particular amount depends on in-firm position. Overall, those working in private firms earn the most. There are performance based bonuses which also have a big influence on the total sum. Top performing lawyers manage to take home anything between $165,000 to $ 302,611. The median for top performers is $234,461.
Clearly, there is good money in patent law, and the fact that there is room to improve and earn more makes a job in the sector all the more alluring. As a case in point, patent attorneys that rise to become partners in their firms take home up to $415,000. It can take anywhere between ten and thirty years to get to such a position.
Experience
Even if as a patent attorney one does not get to the ultimate position which is partnership, with experience, the salary increases significantly. If coupled with stellar performance, an attorney can consistently take home over $300,000.
Attorneys working in non-legal companies
Inventive and innovation centered companies tend to have a big patent workload. The majority of these firms opt for an in-house patent team as opposed to outsourcing which can sometimes be costlier. Patent lawyers working in these firms earn a median salary of $185,000.
Working in-house has the downside of a limited career growth path. Becoming a partner, for example, is not in the offing. At best, one can become a department head and earn $255,000. The upsides, however, are several including the ability to work short hours, get company stock at a discount and enhanced interaction with non-legal minds.
Solo-practitioners
Patent lawyers who opt for solo practice can expect a salary of $165,000. This is the path those with an entrepreneurship inclination go for with the ultimate target of building a thriving law firm. With this approach, the chances of getting a higher monetary equivalent for effort expended is elevated.
Furthermore, there is the advantage of being in charge of one’s schedule. By offering top-notch services and embracing patience and sound marketing maneuvers, a solo-practitioner can jump a few rungs and join the partner’s club quicker than other attorneys. Most lawyers choose this path after getting a few years of experience under their belt in employment.
Working for the USPTO
The United Stated Patent and Trademark Office is responsible for issuing patents and trademarks. Obviously, the state organization requires top talent in patent law, and technical subjects to accomplish its duties.
As a patent examiner, the salary ranges between $51,969 and $160,550 depending on the position. The job comes with the typical perks of a federal job such as security of tenure. There is a lot of room for growth considering the USPTO’s size and mandate. Lawyers with a background in engineering and other scientific fields stand the best chance of landing a job in the USPTO.
Why patent law pays well
Patent law is an amalgamation of various fields with law as core. This is because patents come in all shapes, forms and dimensions; hence, calling for prowess, or at the very least familiarity with the niche in which a proposed application lies to properly judge it as worthy of a patent or not.
As such, working in the field requires extra training besides the typical legal training. For an attorney to get a practicing license, he/she must pass the state bar exam as well as the USPTO exam which can get quite technical. In a nutshell, workers in this field are highly educated which, is reflected in the earnings.
Job description
If working for the USPTO, work revolves around evaluating patent applications to determine their merit. For those in other organizations, the main goal is to draft patent applications with the highest likelihood of success while also offering consultation services. In case of minor issues, patent lawyers liaise with examiners to iron things out. They are also responsible for patent related litigation.
The patent field is lucrative, and the projected growth rate is also something to smile about. The educational requirements of getting into the field are a bit prohibitive, but if overcome, one can look forward to a financially secure life, provided financial shrewdness is embraced. Discover more on patents on pandapatent.com.