A family lawyer in Australia is on average earning $160,000 a year, compared to $130,000 for a corporate lawyer, according to a report released on Thursday by the Australian Securities and Investments Commission (ASIC).
The report also found that the average salary for a family lawyer is about $160k, while the average corporate lawyer salary is about a dollar and a half less than the average.
“The average corporate income is about 3.5 times the average income of a family attorney, meaning that a family or corporate lawyer can make as much as twice as much money as a family law or civil litigator,” the report said.
The report, titled Corporate Law, Family Law, Corporate Lawyers and the ‘Pay Gap’, is based on annual salaries of Australia’s top corporate lawyers.
It is based upon a salary survey conducted by the Federal Court of Australia in 2013.
According to the report, the average annual salary for the top 10% of corporate lawyers in Australia was $160.09 million, which equates to $13.07 per hour, or $16,000 per year.
The average salary of a corporate attorney in Australia, which includes a salary of $160 million, is $9.38 per hour.
“This is a far cry from the $100,000-plus salaries that some high-profile family law and corporate lawyers earned,” ASIC chief executive Andrew Pallas said.
“As the global market for corporate law grows, the pay gap between the top earners and those on the lower rungs of the ladder is growing as well.”
The median income of corporate lawyer earners in Australia stood at $85,924 in 2014, up from $71,838 in 2013, the report found.
The median income for families was $73,898.
The median annual salary of corporate law or family lawyers is $90,064.
In terms of the median annual income of family lawyers, it is $88,000, which is about 2.7 times the median income that a corporate law and family lawyer can expect to earn.
The data for the “middle income” category is based only on annual salary data, not salary increases, which ASIC said are the most reliable and accurate way to measure income inequality.
“A significant proportion of the gap in median incomes between the lowest-paid and highest-paid lawyers in the country is the result of higher compensation for family law practitioners and lower compensation for corporate lawyers,” ASIC said.
It said the average hourly pay for a senior family lawyer was $94,000 in 2014.
The Australian Competition and Consumer Commission (ACCC) said that while it was “fairly common for a top-level corporate lawyer to earn a lot more than a top‑level family lawyer”, there were differences in terms of how much a particular family lawyer makes.
“There is a lot of variation in how much each family lawyer earns.
They are different occupations, and it varies depending on the location they practice,” ACCC spokeswoman Jennifer Daley said.
As well as the average salaries of corporate and family lawyers in Australian jurisdictions, the ACCC also released data from Australia’s other major jurisdictions.
In Victoria, the median salary of an Australian corporate lawyer was about $93,000.
In Queensland, it was about the same.
In New South Wales, the middle income group earned $72,000 and the highest-income group earned about $94 of that.
The ABS’ annual report on Australian pay showed that in the year to March 2017, the number of family law professionals who were paid $1 million or more per annum rose from 14,902 to 15,532.
In the same period, the proportion of corporate clients who were not paid for at least 10 hours per week increased from 22.4% to 23.6%.
The average weekly earnings of family and corporate law lawyers in New South and Queensland increased by about $300 over the same time period.
In Western Australia, the share of family legal professionals who earned more than $200,000 rose from 23.1% to 24.3%.
In Western Sydney, the annual median salary for family lawyers was $99,000 while for corporate and corporate clients it was $88.50 per hour for a median salary that was $98,800.
In Adelaide, the figures for corporate clients were similar, with a median annual compensation of $84,000 as opposed to $88 million for family and family law lawyers.
The salary data was released as the Australian Competition & Consumer Commission, which oversees the retail industry, has warned that the rise in pay inequality has put pressure on the consumer.
“We’ve heard about the increase in income inequality, the cost of living, and other concerns in the market, but there’s a need for some balance,” ASIC chairman Michael McCormack said.
“There’s no doubt the cost-of-living and other pressures are a problem for some families, but