Salary of a Franchise Lawyer
if you are interested in buying a franchise, you may hire a lawyer to assist you with the purchase. A franchise is a business where an individual pays a fee to a company and then is allowed to use the name of the business for a set period of time and also receives advice and assistance from the company. A franchise lawyer can help with this process. The salary of franchise lawyers is higher than regular lawyers' due to their specialized knowledge.
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Qualifications
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To become a franchise attorney, an individual must obtain a four-year college degree, then take the Law School Admission Test and forward the results to various law schools for admittance. Once admitted, the individual spends three years in law school and takes a state bar examination following graduation. Once admitted to a state bar, the individual can practice franchise law. It helps to have experience working with contracts.
Salary
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The Bureau of Labor Statistics cites the median annual salary for lawyers as $110,590. Franchise lawyers earnings fall at the higher end of the salary for lawyers since they work in private firms or are sole practitioners. The median annual salary for franchise lawyers in companies was $145,770. This is in comparison to lawyers who work in the state government and only average a median annual salary of $78,540.
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Job Duties
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A franchise lawyer's duties consist of reviewing the franchise contract and explaining its components to the individual considering investing in the franchise. Franchise contracts are long and complicated. Franchise attorneys can answer questions and help to avoid problems before the contract is signed. Once the franchise contract is signed by all parties, it is difficult to make any changes without proceeding into mediation or litigation. It is also important for an individual to have his own lawyer and not rely on the attorney for the franchise.
Job Outlook
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The job outlook for franchise attorneys will continue to grow due to the continuing growth of franchises. Popular franchises continue to be good investments for individuals because they are seen as safer investments. Individuals investing will need legal advice before signing the final contracts. Even with the continued growth, franchise attorney positions will continue to be competitive due to the increasing number of students graduating from law school. There are more individuals graduating from law school than openings for lawyers.
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References
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