Who are the richest lawyers in America? Last week, Forbes magazine published their annual list of The Forbes 400: The Richest People in America. On that list are 37 people who hold law degrees, many of whom actually practiced law during a portion of their careers. Notably, it appears that of the lawyers on the 400 wealthiest people list, most of them did not gain their wealth by practicing law. However, Houston attorney Joe Jamail of Jamail & Kolius did accumulate his wealth through practicing law, and at 84 years of age is worth an estimated $1.4 billion. An article on law.com discusses some of the other lawyers on the list.
Why do you think so few lawyers on the Forbes list actually made their billions through the practice of law? Are there limits to how much one can make in the practice of law, or are there too many lawyers taking a slice of the pie? What enables lawyers like Joe Jamail to become a billionaire as a trial lawyer, while many lawyers and law firms are struggling financially? Share your thoughts in the comments section below, or discuss the issue in our Forum.
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