Lawyer Annual Salary and Other Accounting Facts

If we have already established that a Chartered Accountant or a Lawyer is entitled to receive a fixed salary by the law then why is there a need of a Lawyer Annual Salary? The reason is very simple, a Lawyer is required to undertake all sorts of diverse legal services which include corporate, tax, litigation support, expert witness services, insurance underwriting, real estate planning and development, family law, and even immigration law. This implies that a lawyer has to be very versatile in the corporate field to be able to deliver various corporate solutions.

Before we proceed further, let us know more about the concept of Lawyer Chart. The lawyer chart is also known as a barrister chart or a solicitor chart. In fact, the concept of a Lawyer Chart was first introduced during the English reign of Queen Elizabeth II. Her government had set up a number of legal posts, which included the post of a barrister general, a recorder of courts, and a lord advocate. As per the law, any person holding such positions are required to receive a fixed lawyer’s salary for their performance.

Nowadays, a lawyer enjoys a wide range of career opportunities and earning capacity. A typical lawyer today earns around thirty thousand pounds per annum. This is considerably lower than the annual salary offered by the Cabinet Office. Nevertheless, it is still very good enough to earn a nice annual salary.

In this article, we will discuss how much a lawyer would earn if he/she were to be a chartered accountant? As we understand the difference between a Lawyer and a Chartered Accountant, we would be able to understand the salary structure of the two professions. We would also come to know the importance of a Chartered Accountant’s salary. It is high time to understand how important the role of a Chartered Accountant is.

A Chartered Accountant is the chief economic advisor of a firm. He/She calculates and interprets the financial records of a firm and prepares reports for the management. A lawyer is paid to study and prepare various legal documents and arguments before the courts. A Chartered Accountant would have to prepare such documents and arguments on behalf of his client before the court. There are various types of accountants available in the market; therefore, a Lawyer has to choose from different types of accountants available.

The statutory accountant and the company accountant are the two main types of accountants available today. The statutory accountants calculate and predict the annual revenue and liabilities of a firm. The company accountants prepare and maintain the financial records of the company and perform statistical analysis. Generally, a Lawyer has to choose from three main categories of accountant salary structures statutory, business and self-employed. Let us see in detail how each of these salary structures work.

A statutory accountant is paid on an annual basis as per the statutory law. The size of the firms increases with the increase in the lawyer’s annual salary. Thus, a medium sized firm may require a high annual salary while a small firm could need a lower annual salary as the lawyer’s annual turnover is less in such case. A lawyer with many years of experience can command a high annual salary irrespective of the size of the firm.

The business accountant performs all the arithmetic works and financial documentation required for the compliance with the accounting norms. He prepares all the documents related to the business and prepares the annual report. In order to be appointed as the Company Accountant, a person needs to have some accounting knowledge. There are various companies that hire accountants on a regular basis so that they can do the paperwork and submit the annual reports. Hence, a lawyer can become very rich by becoming the Company Accountant.

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