The Average Net Worth of People With and Without a Law Degree

It’s easy to equate a law degree with a high salary or net worth, but that’s not always the case. After all, not everyone gets a job in their field. Even those who do might not start out earning top dollar, or they might have a good deal of debt keeping their overall net worth low.

Wondering what the average net worth of people with and without a law degree is? Here are some things to know.

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Typical Salary With and Without a Law Degree

Before getting to net worth, which is influenced by a variety of factors, it’s important to look at income. According to the U.S. Bureau of Labor Statistics (BLS), here’s the median income for full-time workers in America based on level of education (Q1 2025):

Less than a high school diploma: $743 weekly or $38,636 annuallyHigh school diploma only: $953 weekly or $49,556 annuallySome college or an associate degree: $1,096 weekly or $56,992 annuallyBachelor’s degree or higher: $1,754 weekly or $91,208 annually

These figures include those with and without a law degree. As per 2024 BLS data, here’s the median annual income of those in the legal profession based on level of education:

Associate’s degree (paralegals and legal assistants): $61,010Bachelor’s degree (arbitrators, conciliators and mediators): $67,710Postsecondary non-degree award (simultaneous captioners and court reporters): $67,310Doctoral or professional degree (hearing officers and judges): $135,160Doctoral or professional degree (lawyers): $151,160

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Average Net Worth Based on Education

White-collar jobs often come with high salaries, which can translate to high net worth — but not always. A person’s net worth is the value of their assets minus any liabilities.

Take a person with a law degree. According to the Education Data Initiative, the typical law school graduate has $130,000 in total student debt. Someone who’s just graduated with that kind of debt has a negative net worth — unless they have other assets, like real estate or money in savings, to offset it.

Keeping that in mind, here’s people’s average net worth based on educational background. Data comes from the most recent Federal Reserve Survey of Consumer Finances, published at the end of 2023.

No high school diploma: $175,600High school diploma: $413,300Some college education: $541,100College degree: $2,003,400

Notably, the average net worth includes everyone’s net worth, including multimillionaires and billionaires. The median net worth is significantly lower:

No high school diploma: $38,100High school diploma: $106,800Some college education: $136,500College degree: $464,600

Age and other factors also influence net worth. Here’s the average net worth based on age range:

Under 35: $183,50035 to 44: $549,60045 to 54: $975,80055 to 64: $1,566,90065 to 74: $1,794,60075 and up: $1,624,100

Real-Life Examples of Net Worth

So, how does this apply to the real world? Here are some high-profile examples of people’s net worth (with a law degree), according to Forbes data:

Jerry Reinsdorf ($2.3 billion)Judy Scheindlin ($580 million)Charles Munger ($2.2 billion)

And here are some high-profile examples of people without a law degree — or without a degree at all:

Rachael Ray ($30 million)Evan Williams ($2 billion)Bill Gates ($117.2 billion)

Notably, not everyone with — or without — a law degree is going to have a net worth like these individuals. After all, these are outliers. But it does go to show that your financial potential may go well beyond the degree.

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This article originally appeared on GOBankingRates.com: The Average Net Worth of People With and Without a Law Degree

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