The Salary Range for a Transactional Paralegal
Paralegals offer support to lawyers in filing paperwork and preparing lawyers for the various court appearances required to care for their clients. Transactional paralegals specifically assist in composing the various contracts and agreements a lawyer may create for clients including wills, real estate transactions and estate planning. Transactional paralegal jobs are usually more plentiful during an economical upturn and are one of the first positions to be scaled back during a recession due to their higher income and discretionary services, the Bureau of Labor Statistics says.
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Salary Range
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In 2010, the bureau reported the salary range for all paralegals, including transactional paralegals, was between $29,460 and $74,870 per year or $14.16 to $36 per hour. The median or 50th percentile income that year was $46,680 a year or $22.44 per hour. The mean or average salary reported at $49,640 a year or $23.87 hourly.
Average Salary
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In 2010, the middle 50 percent of all paralegals took home between $36,230 and $59,910 per year or between $17.42 and $28.80 per hour according to the bureau. The average transactional paralegal can expect to average an income in the upper end of that range. According "Paralegal Today," transactional paralegals typically earn on the higher end of a paralegal's pay scale.
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Industry Comparisons
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Due to the nature of the work, transactional paralegals typically work in real estate or intellectual property industries. The average pay for a paralegal changes by the employer's industry. For example, paralegals employed directly in legal services earned a mean $47,690 per year in 2010 while those who worked in the management of companies and enterprises averaged $58,440 a year, according to the BLS. Paralegals who worked in the what the bureau called the "lessors of nonfinancial intangible assets, except copyrighted works" industry, such as protecting trademarks and the like, earned an annual mean of $56,270.
Location Variation
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Location also affected the average salary of a transactional paralegal. The state with the highest employment in 2010 was California where the average salary was $59,790 annually in 2010. Paralegals in New York took home $56,920 per year on average; $41,650 annually on average in North Carolina; and a mean $36,230 annually in West Virginia. Paralegals in the District of Columbia took home the highest mean with $65,740 per year.
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